Our investment approach is characterised by the ability to network, accelerate and scale with a firm focus on driving development and shared value

Incubev investment 2

Investment Philosophy

IncuBev endeavours to invest in businesses that are able to deliver world-class quality consumer packaged goods, at the right price, in the right format to consumers. The company has the experience and credibility to create a distinctive, integrated business model that attracts and inspires key partners.

IncuBev places strong emphasis on :

  • Leading technologies and innovation
  • Health and safety
  • Ethics and corporate governance
  • Regulatory compliance
  • Quality
  • Global best practice

Investment Principles

IncuBev’s business is underpinned by:


Ensuring that every investment delivers enduring social and economic value


Creating opportunities for sustainable employment across the entire value chain - particularly for local retailers and distributors of our products


Empowering women and the youth is at the heart of our business


Taking a long-term view in developing sustainable and self-sustaining communities

Investment Scope

Our active pipeline includes investments in the following countries:

About MilCo

IncuBev aligns with strategic partners possessing deep and distinct capabilities in the beverage and dairy industries to identify and purchase undervalued businesses and work with the existing management to accelerate growth and realise sustained economic and social benefits.

IncuBev and its partners within MilCo have deep, global leadership and executive level expertise within the food and beverage industries, spanning decades. These combined and complementary skills extend across multiple spheres including strategy, investment, finance, marketing and skills development.

IncuBev MilCo Partners


IBBL is a directly owned subsidiary of the Central Bottling Company (CBC) Group. CBC is a privately-owned international food and beverage group, whose subsidiary companies serve over 160 million consumers worldwide. CBC is Israel's leading manufacturer and distributor of beverages, and, through its foreign subsidiaries, also has manufacturing and distribution operations in Turkey, Romania, and Uzbekistan. CBC is the owner of the Tara Dairy, Israel's second largest milk processing dairy, producing and distributing its own brands as well as products under the Müller brand (it operates the license for the Müller brand in Romania). CBC also owns Gat Foods, a “grove to table” juice operation with trading relationships in over 70 countries including all BRICS members. In addition, CBC works closely with its international franchisors, including The Coca-Cola Company, Carlsberg, AB Inbev, the Müller Group, Granini and Diageo.


Brimstone is a black owned and controlled investment holding company with an investment portfolio focused primarily on the food, healthcare and property sectors. The company was incorporated in South Africa in 1995 and listed on the JSE in 1998. Brimstone has over 2 500 individual shareholders and 31 NGO shareholders who have in excess of 3.5 million beneficiaries. Brimstone currently employs more than 3 500 employees in its subsidiaries and in excess of 24 000 in its associates and investments.

Brimstone has a 23-year track record of creating and unlocking shareholder value while concluding value adding deals in a sustainable way. The company is defined by its bona fide empowerment credentials, its commitment to economic transformation and by its ability to enhance Net Asset Value and pay regular dividends to its diverse group of shareholders. In addition to demonstrating its ability to prosper in tough economic conditions, Brimstone remains well positioned to pursue value-enhancing transactions based on cash generative quality assets.

For more visit:  www.brimstone.co.za


Ploughshare is a privately owned, independent investment company, forming part of a broader international investment group with investments and expertise in retail, distribution and beverages. Ploughshare and its affiliates currently invest in businesses that have extensive experience in operating and running large businesses in Southern Africa and long-standing relationships in the consumer goods industry and retail secto

MilCo Transactions

MilCo has announced its cash offer to acquire all the issued shares of Clover Industries Limited (“Clover”) for R25.00 per share.

More about Clover

Clover is a leading and competitive branded consumer goods and products group operating in South Africa and select African countries, reaching a wide range of consumers with a range of quality value-added dairy and non-dairy products.

Clover has one of the largest ambient and chilled distribution networks in Southern Africa.

The company’s segments include:

  • Dairy fluids
  • Dairy concentrated products
  • Ingredients
  • Non-alcoholic beverages
  • Fermented products and other products

Operational Footprint:

Clover has operations across sub-Saharan Africa, predominantly in South Africa and Botswana, with distribution facilities in Namibia, Lesotho and Swaziland.

At a glance:

Operations in 4 countries

14 Factories

46 810 Delivery points

24 Distribution centres

8 044 Employees

120 Years of experience

Listed on the JSE for 8 years

Range of 29 product categories

37 Brands

950 Trademarks registered

For more visit: https://www.clover.co.za/