South Africa: ButtaNutt secures a 54% equity investment from PSG Group
ButtaNutt, the South African plant-based dairy alternatives, has secured a 54% equity investment from PSG Group. The transaction, effective May 2025, represents a noteworthy vote of confidence in local entrepreneurship and homegrown innovation.
The remaining shareholding is retained by the founding management team, led by Founder and CEO, Antoine van Heerden.
ButtaNutt, which is based in Paarl, Western Cape, has grown from a single-product startup to a well-known name in the local food innovation landscape. With a focus on natural, minimally processed products, its range of nut butters and dairy alternatives has found favour with South African consumers looking for healthy and delicious food choices.
PSG Group is a South African investment company known for backing entrepreneurial businesses with long-term growth potential. PSG Group delisted from the Johannesburg Stock Exchange in 2022 and, as an unlisted investment holding company, continues to serve as an incubator to identify and help build businesses of tomorrow.'
The investment by PSG Group includes growth capital to support ButtaNutt's expansion. ButtaNutt currently produces double the plant-based milk volumes compared to the prior year. This significant increase in capacity was made possible by the commissioning of a processing and packaging facility in 2024, following a strategic investment from PepsiCo in 2022.
This capacity expansion has also driven job creation. The team now employs 135 staff compared to 102 prior to moving to the new Paarl facility in 2022.
Dries Mellet, director at PSG Group, says the decision to partner with ButtaNutt aligns with the ambition to partner with strong management teams to build large, profitable South African businesses.
'ButtaNutt is a proudly South African business, and they've built a brand that resonates with consumers. The business is led by entrepreneurial founders who are passionate about what they do. ButtaNutt is a fast-growing business in an industry that is growing globally and we are excited to be part of its next chapter.'
The investment is further strengthened by the involvement of Tertius Carstens, former CEO of Pioneer Foods Group, who now serves on the ButtaNutt board.
What began as a side hustle selling roasted macadamias from his university residence in 2012, Van Heerden's dream has grown into one of South Africa's small business success stories.
'Back then, I didn't have a grand plan,' he recalls.' I was a second-year engineering student at Stellenbosch, just trying to do something creative with my parents' macadamia harvest. The nut butter idea came almost by accident. But from the start, there was something special about the product, and the feedback we got from customers was overwhelmingly positive.'
From grinding nuts in his digs and selling jars at local farmers markets, Van Heerden's commitment to the craft and passion for entrepreneurship has taken the business through every phase of growth. The turning point came when ButtaNutt began to experiment with nut milks, which have since become its flagship products.
'Nut milks became our big bet,' Van Heerden explains. 'After years of trials, some travel to the United States to study market trends, and finally, a lot of investment into infrastructure, we managed to create a local product that could compete with international alternatives, with a proudly South African flavour.'
'We've always positioned ourselves as something a little different than a food company,' adds Dan Hugo, co-owner and chief marketing officer at ButtaNutt. 'We are storytellers, community builders, and wellness advocates. Every product we develop starts with a purpose. We want to nourish people, support local supply chains, and be part of a healthier future. We've been fortunate to have customers and partners who believe in that mission. This partnership takes our vision and mission to the next level.'
With PSG Group's backing, ButtaNutt plans to broaden its distribution within South Africa, expand into new product categories, and firmly establish itself as the market leader in the plant-based food and beverages category.
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