Fresh produce company Total Produce has agreed to sell its 25.3% shareholding in Capespan Group Limited to Zeder Financial Services Limited.

The deal is worth about €22m, but the company said as the deal is in South African rand, its euro value and the profit on disposal may vary subject to currency fluctuations between today and when the deal is completed.

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

The transaction is expected to complete within the coming weeks.

''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,'' commented the chief excutive of Total Produce, Rory Byrne.