New Forests invests in South Africa's Rance Timber
Rance manages pine plantations and operates two sawmills.
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New Forests, a global manager of nature-based assets, has announced that its African Forestry Impact Platform has invested in Rance Timber, a forestry and sawmilling company in South Africa.
Rance, which traces its history back more than a century, manages over 14,000 hectares of pine plantations and operates two sawmills. It supplies a range of timber products to markets in South Africa’s Eastern Cape.
Yida Kemoli, managing director for Africa at New Forests said, “We are extremely pleased to be partnering with Rance, a family-owned business, with a strong reputation for its approach to forestry management, sustainability and innovation in South Africa. Forestry is an important sector for South Africa, ranking amongst the top exporting industries, contributing significantly to employment, and is underpinned by strong government regulations and support, making it an attractive market in which to invest.”
“The acquisition of Rance complements our earlier investment in Green Resources in Eastern Africa. The team is focused on a strong pipeline of opportunities and the next stage of growth to expand our reach across sub-Saharan Africa.”
In 2022, New Forests, together with British International Investment, Norfund and Finnfund, launched the African Forestry Impact Platform. The open-ended vehicle targets plantation forestry companies and related assets across sub-Saharan Africa.
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