African Infrastructure Investment Managers (AIIM), a subsidiary of Old Mutual Alternative Investments, has acquired a 70 per cent stake in Port Elizabeth Cold Storage (PECS) through its temperature-controlled logistics platform, Commercial Cold Holdings (CCH). The investment was made through AIIM's African Infrastructure Investment Fund 4 (AIIF4) and the IDEAS Managed Fund.
The acquisition adds around 15,000 pallet positions to CCH's network, expanding its national capacity by approximately 10 per cent. PECS, based in the Eastern Cape, is located near one of South Africa's key citrus production areas and handles about 200,000 pallets of citrus exports each year, equivalent to around 8 per cent of national citrus exports.
According to AIIM, the acquisition forms part of its broader strategy to expand its temperature-controlled logistics operations across Southern Africa. "PECS provides CCH with a strong foothold in South Africa's USD-linked citrus export value chain, access to a strategic location for expansion back of port in the Coega Industrial Development Zone, and further opportunity for the deployment of renewable energy," said Anyababa Ikem, Investment Principal at AIIM.
The addition of PECS follows CCH's earlier acquisitions of CCS Logistics and Sequence Logistics. Together, these assets extend CCH's presence in both domestic food distribution and export-focused sectors. Combining PECS with CCH's existing Greenbushes facility is expected to improve service capacity and reliability during peak citrus export periods.
"With the addition of PECS, we are deepening our presence in one of South Africa's most important agricultural export hubs," said Paul Gibbons, CEO of Commercial Cold Holdings. "The integration of PECS into the CCH platform strengthens our ability to provide end-to-end temperature-controlled logistics and deliver certainty to customers during critical export windows."
AIIM said the investment reflects confidence in Africa's cold chain sector, which it sees as a key enabler for food trade and agricultural exports. As part of its sustainability strategy, CCH plans to expand renewable-energy generation and improve battery-storage systems at PECS to enhance energy efficiency and reduce carbon emissions.
The acquisition will result in approximately 70 permanent jobs being added or transferred to the platform.
Legal, financial, and commercial advisors on the transaction included ENS, PwC, and ALG, respectively, while Investec provided acquisition-debt funding.
For more information:
African Infrastructure Investment Managers
Tel: +27 21 670 1234
Email: [email protected]
www.aiimafrica.com
