The Carlyle group and Investec Asset Management, the asset management company of South African group Investec, have acquired stakes in J&J Africa, a transport company based in Mozambique, the two groups said in a statement issued last week.
Without providing details of the size of the stakes or the price paid, the two groups said that J&J Africa is a family company that transports products such as fertiliser and consumer goods from the port of Beira in Sofala province, to neighbouring countries such as Zambia, Malawi and Zimbabwe.
According to the statement, J&J Africa, founded in 1995, controls a fleet of 800 trucks and has a number of warehouses employing around 1,500 people.
Marlon Chigwende, of the Carlyle group, is cited in the statement as saying that the group had taken a significant minority position “that could increase over time.”
This acquisition is the second deal by the Carlyle group in sub-Saharan Africa, after in 2012 it acquired, along with two other investors, a stake in Tanzania’s Export Trading Group, which is also a family-owned business. (macauhub)