The Man from Del Monte plans a £500m resources cash shell
A SOUTH African businessman dubbed the Man from Del Monte wants to create a stock market cash shell to buy resources or consumer goods companies.
Vivian Imerman is leading the investment team for acquisition vehicle Sacoven.
The firm intends to target oil, mining or consumer goods firms worth between £200m and £500m, according to documents filed with the stock exchange.
It would also consider smaller firms or a deal to take a stake of less than 100 per cent providing it has “sufficient influence to enable it to implement its strategic plans”.
It expects to raise £3m initially through a listing on the Alternative Investment Market and then more cash once a target has been identified and the terms of a deal agreed.
Sacoven has appointed Liberum Capital, the independent broking house, as an adviser.
In recent years Nat Rothschild has also created two listed companies through stock market cash shells.
Imerman is not listed as a director of Sacoven but will lead an investment team of eight people.
He was dubbed The Man From Del Monte after he sold his stake in the fruit company for £396m, as well as banking a fortune on the sale of whisky giant Whyte & Mackay. His high profile status was bolstered when he married Lisa Tchenguiz, sister of entrepreneurs Vincent and Robert, although the couple later divorced acrimoniously.
Nobody from Sacoven could be contacted yesterday.