RCL FOODS (JSE: RCL), one of africa/" class="gpi-ilink">South Africa’s largest food manufacturers, has signed a binding agreement to acquire local pet food and pet care company Martin & Martin for R695 million (approximately US$41 million), the company announced on August 4, 2026. The acquisition adds wet food, biscuits, treats and pet care products to RCL FOODS’ previously dry-food-only pet portfolio, alongside well-known South African brands Bob Martin, Husky, Pamper and Beeno.
Martin & Martin generated net assets of R54.5 million, profit after tax of R23.3 million, and EBITDA of R75.2 million as of December 31, 2024 — implying a transaction multiple of approximately 9.3x EBITDA, in line with mid-market South African consumer goods transactions. The company will continue to operate from its existing facilities with no job losses anticipated as part of the deal.
The acquisition comes one month after RCL FOODS recalled certain batches of pet food following the theft of condemned dry products that had been sent to a waste-management site but were then sold into the informal market. The Martin & Martin combination brings wet-food manufacturing capacity that complements the dry-food quality controls RCL has been strengthening, while extending the group’s value-added branded component.
For RCL FOODS, the deal accelerates participation in the fastest-growing segments of the southern African pet food market, where pet ownership is expanding alongside rising middle-class disposable income. For international pet food manufacturers, ingredient suppliers, and contract producers, the transaction signals another round of regional consolidation in southern Africa that may trigger additional cross-border pet food M&A through 2026-2027. The acquisition remains subject to customary conditions including approval from South African competition authorities.
