Sturrock c&f takeover concluded

Röhlig-Grindrod, a joint venture between SA’s Grindrod Limited and Germany’s Röhlig International, has now concluded an agreement acquiring the clearing and forwarding division of the empowered Sturrock Group in return for a 15% equity interest in the merged business. This deal, effective since June 1, results in a dilution of Röhlig-Grindrod shares for the existing shareholders to 42.5% each. At the same time, the minimum black economic empowerment (BEE) score achieved is a level 3 – which, FTW was told, is in line with Röhlig-Grindrod’s stated objectives. Hylton Gray, CEO of Grindrod Logistics, said: “Calulo, a partner in the Sturrock Group, already has a stake in Grindrod’s SA operations and has contributed significantly in niche markets. The merged businesses have all developed from family-owned organisations. Therefore they have similar cultures, values and ethics, said Kuben Reddi, MD of Röhlig-Grindrod. The Sturrock team will join the Röhlig-Grindrod team, he told FTW, forming an extensive international network and the ability to offer an end-to-end service.