Grindrod’s buying spree continues

Remaining shares of Auto Carriers and Grindrod PCA absorbed
TERRY HUTSON
GRINDROD HAS acquired the outstanding shares in two companies in which it invested in recent years – Auto Carriers and Grindrod Perishable Cargo Agents (Grindrod PCA). This follows shortly after Ivan Clark, Grindrod’s CEO, said the company had R5 billion to invest over the next three years. Previously Grindrod held 50% of Auto Carriers and 75% of the airfreight forwarding company Grindrod PCA. According to director Laurence Stuart-Hill, the buy-out of Auto Carriers provides greater expansion opportunities. David Taylor, the previous owner of Auto Carriers and MD of the company, will be remaining in that position. “Auto Carriers has invested heavily over the past two years in both storage and vehicle carrying capacity to service the growing demand for the movement of fully built up units in South Africa. We see continuing investment in this area,” said Stuart-Hill. Referring to the buyout of the 25% of shares in Grindrod PCA held by Peter Krafft, Stuart-Hill said the strategy of acquiring entrepreneurial businesses via partnerships had proved beneficial, giving Grindrod access to the various market sectors whilst maintaining entrepreneurial focus and expertise. “These managing directors / partners will be replaced in time by Grindrod management who have gained valuable industry expertise during these partnerships.”