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.