AVI buys Green Cross for R382.5m
Consumer group AVI (AVI) has bought footwear manufacturer Green Cross for R382.5 million as the company bolsters its premium branded footwear and apparel portfolio following acquisition of Spitz in 2005.
An additional R35 million will be payable subject to certain profit hurdles being achieved in Green Cross' financial year ending February 2013.
AVI said the deal, to be funded from existing cash resources, was aligned to its strategy of growing premium brands.
The transaction is subject to the fulfilment of certain conditions, including regulatory approvals.