Description of Activities

Description: The Commission resolved to approve without conditions the acquisition by NewCo of the entire business of Lampac (Pty) Ltd t/a Packaging World (“Packaging World”), and in turn for Corvest 15 (Pty) Ltd and Alito Fund 2 (Pty) Ltd  to acquire in equal portions shareholding in NewCo, with the remainder of the shareholding to be held by the founder of Packaging World and certain senior managers. 

Acquiring group: The primary acquiring undertaking is NewCo, a South African newly incorporated entity to be controlled by the above-mentioned entities.  Corvest 15 is ultimately controlled by FirstRand Limited, while AF2 is jointly controlled by Alito Fund 2 (Pty) Ltd (“AF1”) and Corvest 15. NewCo is a newly established entity whose purpose is for this transaction. Corvest is a private equity company that participates predominantly in management buy-outs and buy-ins, leveraged buy-outs and buy-ins, and funded BEE transactions. Alito Fund is an investment holding company. In Namibia, the acquiring group is active via its interest in FirstRand Namibia, which is active in banking, investment management, and wealth management (inclusive of money market unit trusts and financial transaction service advice, limited wills and estate planning and administration, short-term insurance, and short-term and long-term insurance broking). 

Target undertaking: The primary target undertaking is the entire business of Packaging World, a South African entity. Packaging World offers a fully integrated suite of flexible plastic packaging solutions, providing products that are lightweight, easily adaptable, and often multilayered flexible packages made from films, foils, paper, and laminates. Packaging World’s products fall into three primary categories: Reels, Bags, and Pouches.  Packaging World has no physical presence in Namibia, and its products are exported. 

 Relevant market: The Commission concluded that it is not necessary to definitively define the relevant product market due to the lack of any competitive overlap in products or services. 

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

Merger Determination No.6 of 2025_