Oceana’s disposal of CCS a win-win deal, says CEO

The Oceana Group, owners of the iconic Lucky Star brand, said this week it was selling its Commercial Cold Storage (CCS) business for R760-million in a transaction that will enable it to invest in and expand its core fishing business.

CCS is being bought by a consortium comprising African Infrastructure Investment Managers, a subsidiary of Old Mutual Alternative Investments dedicated to infrastructure investment in Africa, Bauta Logistics, a specialist food logistics company in mid- and East Africa and Mokobela Shakati, a strategic investment and empowerment partner.

“This deal is a win-win. The transaction offers good value for Oceana. It strengthens our balance sheet allowing us to focus on leveraging the scale and capabilities of our fishing and fish-processing operations.

“It also gives CCS the access to capital it needs to remain competitive and grow,” said Oceana CEO the Neville Brink.