Total Produce invests €13m in deal

TOTAL Produce has increased its stake in the South African division of international fruit exporter, Capespan, in a €13 million deal.

The transaction, subject to regulatory approval, sees the Dublin-head-quartered fruit distribution company — the former general produce arm of Fyffes — dispose of its 50% stake in Capespan’s European distribution business, Capespan International Holdings.

In exchange for that share disposal, Total will gain 20 million shares in Capespan South Africa and a cash payment of €8.5m. The extra shares boost the Irish company’s stake in Capespan South Africa to 25%, making it the firm’s second largest shareholder.