Total Produce to sell Capespan stake for €22 million

Fresh food distributor Total Produce has agreed to sell its 25.3 per cent stake in Capespan Group Limited to Zeder Financial Services Limited.

The company said the deal was worth about €22 million but cautioned that as the deal is in South African rand, the euro value of the proceeds may vary due to currency fluctuations.

Total Produce has been the second largest shareholder in Capespan Group since January 2012 when it sold its separate 50 per cent shareholding in the European business of Capespan to Capespan Group

Total Produce accounted for its shareholding in Capespan as an associate, and in 2012 recorded an attributable turnover of €112 million and adjusted profit after tax of €1.9 million.

The transaction is expected to complete within the coming weeks.

Total Produce chief executive Rory Byrne said: “We have enjoyed an excellent relationship with the Capespan team since 1999, and would like to thank them for their valued performance and contributions over the years.

“We look forward to continued trading links with Capespan, and would like to wish them and Zeder every success in the future”.