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COMPETITION TRIBUNAL OF SOUTH AFRICA
Case no: LM191Feb21
SPE Mid-Market Fund I Partnership (represented by the general partner, SPE Mid-
Market Fund I General Partner Proprietary Limited) (Primary Acquiring Firm)
and
Absolute Pets Proprietary Limited (Primary Target Firm)
Heard on: 24 February 2021
Order Issued on: 24 February 2021
REASONS FOR DECISION
[1] On 24 February 2021, the Competition Tribunal unconditionally approved a large
merger between SPE Mid-Market Fund I Partnership (represented by the general
partner, SPE Mid-Market Fund I General Partner (Pty) Ltd) (“SPE Fund”) and Absolute
Pets (Pty) Ltd (“Absolute Pets”).
[2] The transaction involves an acquisition by SPE Fund of 80.11% of the entire issued
share capital of Absolute Pets, such that SPE Fund will solely control Absolute Pets
post-merger.
[3] The SPE Fund controls the Cavalier Group of Companies (Pty) Ltd (“Cavalier Group”)
and is ultimately controlled by Sanlam Limited (“Sanlam” or “the Sanlam Group”). The
Sanlam Group is a leading South African financial services group, specialising in long-
term insurance, financial planning, retirement planning, trusts, wills and short-term
insurance, among others.
[4] Absolute Pets 1 is a specialist retailer in the South African pet care industry. Absolute
Pets controls Hay North Pets (Pty) Ltd (“Hay North Pets”) (51%).
[5] The Competition Commission found no horizontal or vertical overlaps in the activities
of the merger parties.
[6] The merger also raises no public interest concerns.
[7] No third party raised any concern.
1 Controlled by Infinitus Holdings (Pty) Ltd (“Infinitus”) (86.25%).
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[8] We concluded that the proposed transaction is unlikely to substantially prevent or
lessen competition in any relevant market, or to have a negative impact on the public
interest.
08 March 2021
Mr Enver Daniels Date
Ms Mondo Mazwai and Mr Halton Cheadle concurring
Tribunal Case Manager: C Mathonsi
For the Merging Parties: T Theron and R van Rensburg
For the Commission: R Molotsi and G Mutizwa