Fruit and vegetable distributor Total Produce has completed a deal to increase its stake in South African company Capespan Group.
Total Produce announced late last year that it had sold its 50% shareholding in the European distribution business Capespan International Holdings to Capespan Group in exchange for an additional 20 million shares in Capespan Group and €8.5m in cash.
The deal has now been approved by regulators and Capespan Group shareholders.
With a shareholding of 25.3%, Total Produce is now the second largest shareholder in Capespan Group. Capespan Group and Total Produce both previously owned 50% of Capespan Europe.
