Imperial strikes deal for J&J with Carlyle, Ethos, Ninety One, and others

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Imperial Logistics has come to an agreement to acquire J&J Africa outright from its shareholders in a deal that values the business at $300 million. The trade sale gives J&J’s firm’s private equity stakeholders full exits from the business. These include The Carlyle Group, which held the asset in the portfolio of its Sub-Saharan Africa Fund, and a fund originally raised by Investec Asset Management (now known as Ninety One) which has been advised by Ethos Private Equity since December last year. Both funds first backed the firm in 2014. Details on the returns earned by these exits are not available.

Imperial is paying for the acquisition via a mix of cash and existing debt. The deal, which is being transacted via Imperial Capital, is made up of two elements; the 100% acquisition of J&J Africa’s transport businesses and the acquisition of 70% of J&J’s operations in South Africa. The transactions add a trucking, warehousing, and logistics business with operations in 6 countries, namely Mozambique, Zimbabwe, Zambia, Malawi, and the DRC as well as Imperial’s “home” country of South Africa, to Imperial’s footprint.

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