PSG aligned investment company Zeder has sold its 98.22% stake The Logistics Group (TLG) – the old terminals arm of the fruit marketing giant Capespan – for R1.57 billion.
In October CBN reported how TLG – which comprises terminal services and warehousing facilities, an integrated suite of logistical solutions, stevedoring facilities, clearing and forwarding as well as digital technology solutions – had performed admirably in the six months to end June with a massive increase in recurring earnings to R90 million.
The deal is not surprising since Zeder had advised that it was entertaining offers on a number of its portfolio holdings.
But some observers have questioned whether Zeder has extracted full value for its holding in TLG, which was valued at R1.4 billion at the end of June. Zeder worked tirelessly to sharpen TLG’s services offering, and build a diversified logistics player with strong operational niches.
The buyer of Zeder’s stake in TLG is Newlands-based African Infrastructure Investment Managers (AIIM).
AIIM holds various wind and solar power farms as well as stake in ACSA (Airports Company of SA), power generation, telecoms and fibre optic cabling.
