Release from Iceland Glacial
Icelandic Glacial Raises $13.5 million, forms Strategic Alliance with Bidvest of South Africa
by Icelandic Glacial Water on Wednesday, June 22, 2011 at 5:09pm
ÖLFUS, Iceland (June 22, 2011)— Icelandic Water Holdings ehf, makers of the award-winning, CarbonNeutral® natural spring water from Iceland, Icelandic Glacial, announced today that it has formed a strategic alliance with The Bidvest Group Limited, the Johannesburg-listed industrial investment company. Bidvest will invest $13.5m into Icelandic Water Holdings initially for a stake of 14.59% with the right to raise their interest to 20% in the future. Bidvest CEO, Brian Joffe, will take a seat on the Board and it is expected that Bidvest will take a leading role in the distribution of Icelandic Glacial into new markets.
“These are exciting times for Icelandic Water Holdings,” remarked Jon Olafsson, chairman and co-founder of Icelandic Glacial. “We are delighted to welcome Bidvest as a partner in our business. Their investment will enable us to broaden the range of products which we offer and the international reach of Bidvest’s distribution operations will greatly assist our entry into new territories.”
“We believe Icelandic Glacial has huge potential in the international marketplace which we know well,” remarked Brian Joffe, CEO of Bidvest, “We are delighted to be able to support this strategic business during a key stage in its development.”