PwC supports AIIM’s acquisition of a 70% stake in Port Elizabeth Cold Storage
PwC provided financial and tax due diligence, and advised on the sale and purchase agreements.
By PwC
PwC South Africa’s Deals team has supported African Infrastructure Investment Managers’ acquisition of a 70% stake in Port Elizabeth Cold Storage (PECS) via its temperature-controlled logistics platform, Commercial Cold Holdings (CCH).
The acquisition of PECS adds approximately 15,000 pallet positions to the CCH platform, expanding its national footprint by 10% and strengthening its position as the largest cold storage platform on the continent. PECS is strategically located in the Eastern Cape, South Africa’s second-largest citrus-producing region. PECS handles over 200,000 pallets of citrus exports annually – equivalent to about 8% of the country’s total citrus exports.
PwC provided financial and tax due diligence, advised on the sale and purchase agreements, and supported the application of a completion accounts mechanism – enabling a strategic expansion in Africa’s cold chain logistics sector.
Intresting to see cold storage infrastracture expanding in the Eastern Cape given the citrus export volumes. The 8% share of national exports from one facility is pretty significent. Are there other consolidation plays happenin in this space across Africa?