Deals for three of four remaining apple and pear units now approved by country’s competition commission, says group
South African group Zeder Investments says the planned sale of its remaining Capespan Agri assets – including three apple and pear farms and a packhouse in the Western Cape – are closer to completion.
In its latest annual results, which cover up to August 2024, the company said competition authorities had approved the planned sale of two of those farms, namely Theewaterskloof for R283mn (€14.78mn) and Applethwaite to for R190mn (€9.92mn), as well as the Novo packing centre in Paarl.
Another major player in South Africa’s fresh produce business, Dutoit Agri, has agreed a R195mn (€10.18mn) deal to purchase the facility, which was established by exporter Colors Fruit in 2012 and subsequently sold to Capespan three years later.
Capespan Agri has also agreed to sell another smaller farm called Misty Cliffs for R45mn (€2.35mn).
In total, the divestments are set to raise a total of R713mn (€37.24mn), of which R621mn (€32.43mn) will return to its own balance sheet.
In September 2023, investment fund 27four secured a takeover of Capespan’s commercial and production divisions for R511.39mn (€26.71mn).
These included its sales and marketing operations, plus its grape and citrus production based mainly in South Africa and Namibia.
However, the apple and pear farms were not part of the original divestment, and nor was the Novo packhouse.
Zeder’s official company name is Zeder Financial Services Limited. It is a wholly-owned subsidiary of South African investor PSG Group.
