30 April 2014
THE BUSINESS TOOL KIT t/a PACKIT PACKAGING
The KayDav Group Ltd and The Business Tool Kit trading as Packit Packaging wish to announce that an offer has been signed for KayDav to acquire Packit Packaging as a going concern.
The sale remains subject to a number of suspensive conditions including a financial and operational due diligence. Should the deal be approved the Effective Date for the takeover will be 1 July 2014.
Hugh Bosman in his capacity as Managing Director of Packit will be staying with the business till 2015. Importantly Barry Boonzaier as General Manager, along with a number of other key staff members, has committed to staying on in the business. No employee jobs will be negatively affected and the business will continue to be run as an independent unit.
KayDav is in the timber board industry and the fit and culture of the businesses is very good. KayDav understands the purchase of goods, both local and imported, for distribution to customers. It has a people-oriented culture where customer service is critical and valued. For KayDav this acquisition is part of its diversification and growth plans. For Packit this will mean access to more working capital so as to better service customer requirements and to fund exciting growth strategies.
For our customers and suppliers it will be very much business as usual and we wish to thank all our stakeholders for their loyal support. We look forward to this continuing for many years to come.