Oceana is selling its cold storage business to focus on its global fish protein sector.
Commercial Cold Storage Group which trades as CCS Logistics, is being sold to an investment consortium headed up by African Infrastructure Investment Managers for an implied enterprise value of R895 million (€50.8 million).
CCS Logistics, a wholly-owned subsidiary of Oceana, is a leading cold storage provider in Southern Africa offering temperature-controlled storage and handling services of mainly perishable products on behalf of major manufacturers, exporters and importers.
It has six cold storage facilities with a capacity of about 100,000 pallets across South Africa and Namibia.
The sales will enable Oceana to focus its capital on endeavours more aligned to its objectives and strengths in the global fish protein sector, while the buyer plans to expand CCS Logistics’ reach across the whole continent.
The transaction includes agreements for Oceana Group to secure medium term cold-storage services from CCS Logistics at market rates and for Oceana to continue providing transitional services to CCS Logistics for a period of at least 12 months following implementation.
