The Twinsaver Group, a maker and distributor of branded tissue products, has bought Sylko, which makes disposable and recyclable household foils, paper and plastic tableware, food wraps and baking accessories, for an undisclosed sum.

The investment, which is still subject to regulatory approval, follows Twinsaver’s recent acquisition of Validus Medical, a manufacturer of hygienic disposable products, and also a R580m investment into Twinsaver’s production capacity.

"It is an absolute privilege welcoming Sylko, a business that has successfully established its products in homes across SA and subSaharan Africa, to the Twinsaver Group," Twinsaver CEO Garth Towell said on Wednesday.

"We are confident that our investments will help accelerate the substantial growth and diversification journey we are on."

Towell said Twinsaver, which came about after investment firm Ethos bought Nampak’s tissue division in 2015, remained focused on the potential for growth in SA’s pulp and paper manufacturing sector — worth more than R28bn annually.

Michael Attwood, chief operating officer of Sylko, said on Wednesday that the 70-year old family-run company was delighted to find an investor that shared its ambitions. Attwood will become the company’s new CEO.

"The current management team will continue to run the day-to-day operations to ensure continuity and stability across the business. We value the talent and expertise at Sylko and look forward to the opportunities for growth as a result of the acquisition," he said.

The acquisition will enable investment into technology and innovation, to further boost Sylko’s market share. With the existing business focused on household products, it will also provide an opportunity for expansion into the commercial sector.

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