Vasari's Chairman Buys Majority Stake In TNB
News: Vivian Imerman, the chairman of investment firm Vasari, has purchased a majority stake in South African spirits firm TNB to expand its portfolio in Africa and Asia. Vasari initially plans to make an investment of close to ZAR200mn (US$17.9mn) in TNB, which it will then use as a platform to launch new brands in the South African market. This is Vasari's first investment in a spirits firm since it exited Whyte & MacKay to United Breweries in 2007. The financial terms of the deal were not disclosed. At present, TNB distributes its products in South Africa through 12 distribution outlets, which cover more than 90% of the local retail spirits market.