Clover Industries
| Company type | Public (formerly) |
|---|---|
| Industry | Food and beverage |
| Predecessor | Natal Creamery Ltd |
| Founded | 1898 |
| Fate | Acquired by Milco consortium; delisted from Johannesburg Stock Exchange |
| Headquarters | South Africa |
Area served | South Africa and selected African regions |
| Products | Dairy products, non-alcoholic drinks, refrigerated and shelf-stable consumer goods |
| Parent | Milco (consortium led by Israel’s Central Bottling Company) |
Clover Industries Limited (referred to as the "Group" or "Clover") is a prominent branded food and beverage enterprise that was previously traded on the Johannesburg Stock Exchange. The company was removed from the exchange following its acquisition by Milco, a consortium led by Israel’s Central Bottling Company.
History
The foundation of Clover dates back to 1898 when dairy farmers from the Natal Midlands convened with the goal of establishing a butter production facility, resulting in the creation of Natal Creamery Ltd, operating under cooperative principles.
1899 – Joseph Baynes inaugurates the first butter factory in Natal on Nel's Rust farm. Due to regulatory limitations, Natal Creamery Ltd is registered under the Natal Companies Act with H Blaker serving as chairman.
1901–1906 – Initial collaborations for milk distribution in Durban dissolve; subsequently, milk supply extends to Pietermaritzburg and Johannesburg. In 1906, Natal Creamery Ltd acquires Johannesburg Milk Supply Company Ltd.
1923–1934 – The company registers under the Co-operative Societies Act and by 1932 operates across 32 locations nationwide. In 1934, it transitions entirely into a cooperative structure and adopts the name National Co-operative Dairies Ltd.
1994–1998 – The establishment of Clover S.A. (Pty) Ltd takes place, alongside joint ventures with Compagnie Gervais Danone, including the formation of Danone Clover (Pty) Ltd.
2003–2004 – National Co-operative Dairies Ltd undergoes conversion from a cooperative to a public company, rebranding as Clover Industries Ltd. The unbundling of Clover Holdings Ltd positions Clover Industries as the holding entity for Clover S.A. (Pty) Ltd, recognized as South Africa’s largest dairy producer and leading branded consumer goods manufacturer.
2005–2007 – Hosken Consolidated Investments Ltd acquires a substantial BBBEE stake initially at 25.1%, later increasing to 34.9%. Clover expands its holdings by purchasing additional shares from Danone in Clover Danone Beverages Ltd, which is subsequently renamed Clover Beverages Ltd.
2008–2010 – Danone Clover secures majority ownership in Mayo Dairy. By 2010, Clover divests its interest in Danone Clover and undertakes capital restructuring: lifting restrictions on milk producer shareholding, repurchasing shares from Hosken Consolidated Investments, and converting preference shares into debt instruments. In December 2010, Clover Industries returns to the JSE main board listing.
2011–2014 – Completes acquisition of minority interests in Clover Beverages and consolidates non-alcoholic beverage operations within Clover SA. Acquires Real Juice Co. Holdings along with minority stakes in Botswana and Manhattan subsidiaries. Establishes the Clover Waters joint venture with Nestlé (70%/30%), enhancing its value-added beverage portfolio with brands such as Nestlé Purelife and Nestea, targeting markets across sub-Saharan Africa. Launches functional dairy products through the Clover Futurelife joint venture.
2019 – Following acquisition by Milco, Clover withdraws from trading on the JSE.
Controversy
Prior to the $354 million transaction transferring a 59.5% stake to Milco—a consortium spearheaded by the Central Bottling Company (CBC)—the takeover encountered opposition from groups including BDS, the Palestine Solidarity Alliance, Palestine Solidarity Campaign, and South African Jews for a Free Palestine. BDS South Africa representative Tisetso Magama highlighted that CBC “operates within Israel’s illegal settlements in the occupied Palestinian West Bank and Syrian Golan Heights”, drawing attention to CBC’s ownership of a regional distribution hub within the illegal Israeli Atarot settlement industrial zone, a vineyard near Mount Shifon in the Golan Heights, a dairy farm, and offices located in the unlawful Israeli settlement of Shadmot Mehola in the Jordan Valley—activities alleged to contravene international law.
Brimstone Investments initially part of this consortium withdrew from the arrangement amid these controversies.
A number of South African labor unions—including the General Industries Workers Union and Food and Allied Workers Union, representing Clover employees—alongside their federation, South African Federation of Trade Unions, as well as Palestinian solidarity organizations, criticized the Competition Tribunal’s approval of Milco’s acquisition. Their concerns included potential job losses during challenging economic conditions, accusations of manipulative and anti-competitive conduct by CBC (noted within Israel), and violations involving international law and human rights frameworks such as breaches of UN resolutions and the Geneva Conventions.
Business
Currently, Clover functions as a consumer goods company with a strong presence in South Africa and selected African regions, concentrating on:
• Manufacturing dairy products alongside non-alcoholic drinks;
• Supplying both refrigerated and shelf-stable consumer items;
• Marketing and merchandising fast-moving consumer goods.
Originally established as a co-operative, Clover transitioned into a public company in 2003. A major capital restructuring took place on 31 May 2010, which strengthened corporate governance by merging economic interests and voting rights into ordinary shares. This reorganization separated ordinary shares from milk supply agreements, enabling investment from non-dairy producers and enhancing Clover’s ability to secure equity funding—overcoming previous limitations caused by restricted capital availability that hindered expansion.