South African fresh produce supplier Capespan is now under new ownership as Zeder Investments, the local backer, has sold its controlling stake in the business.
The majority stake of 93% was acquired by special purpose acquisition vehicle 3 Sisters, supported by local agriculture fund Agrarius Agri Value Chain RF Proprietary.
Agrarius is administered and driven by 27four Investment Managers, a diversified financial services group.
As part of Zeder’s strategic review and evaluation of various portfolio assets, it has concluded the deal, which amounts to R550m ($29.1m), according to a statement made to the Johannesburg Stock Exchange.
Established over 70 years ago and based in Cape Town, Capespan operates in 11 countries and generates an annual turnover exceeding R3bn. Its main activities involve the production, distribution, and global market of fruit.
Zeder stated, “3 Sisters recognizes Capespan as a successful and sustainable business, with a strong leadership team, dedicated employees, valuable brands, and healthy relationships with customers and suppliers.” The purchaser intends to maintain Capespan’s current standards, teams, and operations, without disrupting any customer service levels.
Zeder also mentioned that the buyer is “well-positioned to support Capespan in exploring growth opportunities and expanding its farming operations and marketing presence worldwide.”
It should be noted that Zeder’s sale of Capespan’s fruit business does not include the pome farming unit, which consists of three farms and a packhouse.
In the food and beverage industry, Capespan, a South African fresh produce supplier, has undergone a change in ownership. Zeder Investments, a local backer, has recently sold its controlling stake in the business. This majority stake of 93% was acquired by special purpose acquisition vehicle 3 Sisters, backed by Agrarius Agri Value Chain RF Proprietary, a local agriculture fund administered by 27four Investment Managers.
The strategic review conducted by Zeder resulted in this deal, amounting to R550m ($29.1m), as stated in their communication to the Johannesburg Stock Exchange. Capespan, headquartered in Cape Town with a history of over 70 years, operates in 11 countries and achieves an annual turnover of over R3bn. Their core activities involve the production, distribution, and global marketing of fruit.
Zeder expressed confidence in the new owners, stating that 3 Sisters recognizes Capespan as a successful and sustainable business with strong leadership, dedicated employees, valuable brands, and excellent relationships with customers and suppliers. It is the purchaser’s vision to maintain Capespan’s existing standards, teams, and operations, ensuring no disruption to customer service levels.
Moreover, Zeder highlighted that the buyer is well-positioned to assist Capespan in pursuing growth opportunities and expanding its farming operations and marketing presence on a global scale. However, it is important to note that the sale of Capespan’s fruit business by Zeder does not include the pome farming unit, consisting of three farms and a packhouse.
