AIIM expands cold chain network with majority stake in Port Elizabeth cold storage

SOUTH AFRICA – African Infrastructure Investment Managers (AIIM), a subsidiary of Old Mutual Alternative Investments, has taken a 70 per cent stake in Port Elizabeth Cold Storage (PECS) through its temperature-controlled logistics platform, Commercial Cold Holdings (CCH).

The investment was made through AIIM’s African Infrastructure Investment Fund 4 (AIIF4) and the IDEAS Managed Fund.

The acquisition adds about 15,000 pallet positions to CCH’s network, increasing its national cold storage capacity by roughly 10 per cent.

Based in the Eastern Cape, PECS is located near one of South Africa’s main citrus production regions and handles close to 200,000 pallets of citrus exports annually, representing around 8 per cent of the country’s total citrus exports.

According to AIIM, this move aligns with its wider plan to grow temperature-controlled logistics operations across Southern Africa. “PECS provides CCH with a strong foothold in South Africa’s USD-linked citrus export value chain, access to a strategic location for expansion back of port in the Coega Industrial Development Zone, and further opportunity for the deployment of renewable energy,” said Anyababa Ikem, Investment Principal at AIIM.

Strengthening service delivery and efficiency

The acquisition follows CCH’s earlier purchases of CCS Logistics and Sequence Logistics. Combined, these assets extend CCH’s presence across domestic food distribution and export-focused sectors.

Integrating PECS with CCH’s existing Greenbushes facility is expected to improve capacity and reliability during peak export periods.

“With the addition of PECS, we are deepening our presence in one of South Africa’s most important agricultural export hubs,” said Paul Gibbons, CEO of Commercial Cold Holdings. “The integration of PECS into the CCH platform strengthens our ability to provide end-to-end temperature-controlled logistics and deliver certainty to customers during critical export windows.”

AIIM said the investment reflects confidence in Africa’s growing cold chain sector, which supports food trade and agricultural exports. As part of its sustainability efforts, CCH plans to increase renewable energy generation and enhance battery storage systems at PECS to improve energy efficiency and cut carbon emissions.

Boosting employment and regional growth

The deal will result in about 70 permanent jobs being added or transferred to the platform, reinforcing CCH’s role as a key employer within the region. Legal, financial, and commercial advisors on the transaction included ENS, PwC, and ALG, while Investec provided acquisition-debt funding.

The latest acquisition builds on AIIM’s steady investment pattern in the cold storage and logistics sector. Earlier this year, the company expanded its presence through new capacity additions in Durban and Gauteng, reflecting strong demand for reliable cold storage as food exports from Southern Africa continue to rise.

“We see significant opportunity in supporting agricultural exports through efficient cold chain infrastructure,” added Ikem. “This investment reflects our belief in the long-term growth of South Africa’s food trade and export value chains.”

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