An acquisition in South Africa's cold-chain sector that has been in the making for some time has finally been signed and sealed with the sale of Vector Logistics to AP Moller Capital.
The R1.25-billion offload by RCL Foods of its 18-year-old frozen logistics operator to the Danish fund management company is one of the most significant regional reefer cargo developments in recent years.
Joe Nielsen, senior partner, and chief financial officer at AP Moller, told Singaporean freight site Splash 247, "Vector Logistics is highly respected, with a long track record in South Africa, and we are excited to contribute to its transformative vision for both the industry and the region.
"Vector's reliable operations enable the maintenance of the cold chain for food products, which increases shelf life and reduces food waste. We see a growth opportunity for Vector, and we believe that our experience and network will help drive this growth."
The growth referred to has a strong regional angle, described as "Going Beyond" existing supply expectations to meet fast-growing demand across the sub-Saharan region.
RCL's chief executive officer, Paul Cruickshank, described the acquisition as a "positive step" for Vector, calling AP Moller an ideal custodian for the logistics company's continued operations and growth aspirations.
