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Danish fund manager A.P. Moller Capital has concluded a deal worth R1.25bn to purchase Vector Logistics, a leading frozen logistics operator in South Africa, from RCL Foods, a renowned food producer.
The acquisition provides Vector Logistics with an opportunity to expand its supply chain expertise and logistics services, including venturing into new markets to meet the growing demand in Africa.
The collaboration between A.P. Moller Capital and Vector Logistics aims to accelerate the company's mission of "Going Beyond" by leveraging their combined operational capabilities and investment experience in Africa's infrastructure sector. The parties share a common approach to business values, transformational focus, and working methods, making A.P. Moller Capital the ideal custodian for Vector Logistics' future success. For RCL Foods, the sale represents a significant step in reshaping its portfolio.
Chris Creed, the managing director of Vector Logistics, expressed enthusiasm about the potential impact of partnering with A.P. Moller Capital. He believes that the company's support will enable them to advance their vision of transforming the logistics industry, particularly from a technological perspective. This collaboration will facilitate growth and bolster their commitment to maintaining a strong Environmental, Social, and Governance (ESG) agenda, ensuring a sustainable future for the business and its workforce.
Joe Nielsen, a partner at A.P. Moller Capital, emphasized the respect and admiration they hold for Vector Logistics' long-standing presence in South Africa. Nielsen is confident that their experience and network will contribute to Vector Logistics' transformative vision for the industry and the region. The company's reliable operations, which maintain the cold chain for food products, play a crucial role in increasing shelf life and reducing food waste. A.P. Moller Capital recognizes the growth potential in Vector Logistics and is determined to drive its expansion.
Throughout the transition, A.P. Moller Capital remains committed to maintaining business continuity and minimizing disruptions to management, staff, customers, and supplier relationships. Vector Logistics will continue servicing its existing customers based on their current contractual agreements.
The completion of the acquisition is contingent upon approval from relevant competition authorities and the South African Reserve Bank. Once finalized, the deal is expected to invigorate South Africa's frozen logistics industry and position Vector Logistics for further success.
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