Total Produce to sell 25% Capespan stake

Fruit and vegetable distribution company Total Produce has reached agreement to sell its 25.3% stake in South African fruit supplier Capespan for €22m.

The sale — to South African investment firm, Zeder Financial Services — is expected to close during the coming weeks. However, Total Produce — the former general produce arm of Fyffes — said yesterday that due to the overall consideration being paid in South African rand, the euro value of the deal, and the profit the Dublin-based firm will make on disposal, may vary “subject to currency fluctuations between today and the date of completion”.

Total became the second largest shareholder in Capespan at the beginning of last year, after selling its 50% stake in the group’s European business. That deal gave the Irish firm €8.5m in cash and an additional 20 million shares, — or another 6.3% stake — in the Capespan Group.