Billionaire family’s company gets green light to buy nut butter brand

The Competition Commission has approved PSG’s acquisition of ButtaNutt, an alternative milk and nut butter brand owned by Pioneer Foods.

On Wednesday, 26 February 2025, the commission announced that the transaction had been approved with some conditions.

PSG is ultimately controlled by a family trust. It was founded in 1995 by Jannie Mouton and Chris Otto.

Since then, PSG has grown to become one of the country’s biggest companies. One of its most notable investments was Capitec.

Capitec founder Michiel le Roux said PSG and Mouton’s active involvement in the beginning years of Capitec was crucial to the bank’s success.

Today, the Jannie Mouton Familie Trust and its subsidiaries own 5.9 million Capitec shares worth around R18.5 billion, which equates to 5.1% of the company. 

PSG delisted from the JSE in September 2022 but continues to operate as an unlisted investment holding company with an investment portfolio worth more than R5 billion.

Its current investments operate across a diverse range of industries which include energy, education, retirement lifestyle villages and automotive retail.

PSG invests predominantly in early-stage South African businesses with high growth potential and aims to build businesses alongside management.

Some of its current investments include Stadio, Energy Partners, Evergreen, Rubicon, Optimi, Carter, Zeder, PSG Capital, and  Spirit Capital.

Now, PSG is looking to expand this list with its acquisition of ButtaNutt, which is currently controlled by Pioneer Foods.

Pioneer Foods was acquired by PepsiCo in 2020.

The Competition Commission explained that ButtaNutt is primarily engaged in the production of nut butters – including peanut, macadamia, almond, cashew and pecan butters – and plant-based dairy alternatives.

ButtaNutt also produces and sells dairy-free yoghurt alternatives, rusks, chocolate-coated macadamia nuts, and dried fruit snacks.

The commission does not believe the proposed transaction will substantially lessen or prevent competition in any market.

However, to address public interest concerns, PSG committed to increasing the distributions made by its B-BBEE educational trust to historically disadvantaged persons. 

“The proposed transaction does not raise further significant public interest concerns,” the commission said.