HARARE – Zimbabwe’s competition regulator is nearing a decision on the proposed takeover of Dendairy (Private) Limited by Vamara, a company within the ETG–Parrogate Group, which also owns the popular ZimGold range of consumer brands, according to NewZwire.
According to filings before the Competition and Tariff Commission (CTC), the transaction is being spearheaded by Vamara in partnership with 3DZ Capital, an investment vehicle owned by Dendairy director Daryl Archbald. The CTC is currently assessing the deal to determine its impact on competition within Zimbabwe’s dairy and broader agri-processing sector.
If approved, the transaction would mark another significant expansion of ETG–Parrogate’s footprint in Zimbabwe, further consolidating the group’s presence across consumer goods, agriculture and manufacturing value chains.
A Strategic Shift for Dendairy
Dendairy has previously explored strategic partnerships to scale its operations. In 2021, the Kwekwe-based dairy processor entered merger talks with Dairibord Holdings, Zimbabwe’s largest dairy producer. However, negotiations ultimately collapsed after the two parties failed to agree on the post-merger structure of the business.
At the time, Archbald said any deal would have needed to significantly expand Dendairy’s Kwekwe operations while ensuring continued active involvement by existing management in the combined entity. Had the merger succeeded, it would have brought together two of Zimbabwe’s three largest dairy processors, reshaping the competitive landscape of the sector.
ETG’s Growing Zimbabwe Portfolio
ETG has steadily deepened its investments in Zimbabwe in recent years, positioning itself as a major player in agro-processing and manufacturing. In 2019, the group acquired struggling textile manufacturer David Whitehead Textiles and has since invested more than US$20 million to revive the firm and strengthen its cotton supply chain.
With ETG’s backing, Dendairy is now eyeing diversification beyond milk processing into stockfeed and fertiliser production, signalling a shift toward a more integrated agri-business model that aligns with the group’s broader regional strategy.
Background to Dendairy
Dendairy was founded in 2004 by the Coetzee family and has grown into one of Zimbabwe’s leading dairy processors. In 2015, the company attracted a 27% equity investment from Scandinavian private equity firm Spear Capital, providing growth capital to expand production and distribution.
Regulatory Decision Awaited
The Competition and Tariff Commission’s assessment will determine whether the takeover proceeds and under what conditions. Market watchers say approval would accelerate consolidation in Zimbabwe’s food processing sector at a time when scale, capital and supply-chain integration are becoming increasingly critical for competitiveness.
A final decision from the regulator is expected in the coming weeks.
