The Danish company A.P. Moller Holding, part of the Moller Maersk conglomerate, is expanding into the logistics sector in North Africa. The company Globex Investissement is being acquired via a fund structure.
The subsidiary A.P. Moller Capital has now announced the acquisition of a majority stake in Globex, based in Morocco. The transaction is being carried out via the “A.P. Moller Capital – Emerging Markets Infrastructure Fund II” (EMIF II) and the “APM Capital Morocco Fund”. The financial details of the deal have not been disclosed.
According to the statement, a “partnership” is being formed through the funds with Globex’s CEO and founder, Omar El Kadiri. He is set to continue leading the company “with an experienced management team” and to “drive the further development of Globex with a focus on sustainable growth and long-term value creation”. A.P. Moller Capital is an institutional fund manager specialising in the development of critical infrastructure, particularly in the sectors of transport, logistics and the energy transition. The private equity firm manages assets totalling around $2 billion and is controlled by AP Møller Holding, the majority shareholder of the shipping group AP Møller-Maersk. Its most recent investment was in the Spanish port sector, amongst others.
A.P. Moller Capital aims to implement a ‘Net Zero’ roadmap
Globex is one of the market leaders in the Moroccan transport and logistics sector. According to the press release, the company holds exclusive licence agreements for the local market and enjoys a strong market position in the areas of express delivery, road freight transport, freight forwarding and customs clearance. With financial support from the Danish firm, Globex is set to become a leading provider of green logistics in Morocco. This will involve implementing the ‘Net Zero’ roadmap, which includes, amongst other things, solar-powered logistics centres, the deployment of an electric vehicle fleet and CO₂ reporting tools.
The completion of the acquisition is subject to customary conditions precedent, including approval under competition law by the Moroccan competition authority. Kim Fejfer, CEO of A.P. Moller Capital, said: “We are delighted to be partnering with Omar El Kadiri on this investment, which is perfectly aligned with our core focus in terms of both sector and region. Globex is an established market leader in the transport and logistics sector – an area in which we possess in-depth expertise and a strong regional presence. Furthermore, Morocco – buoyed by strong macroeconomic tailwinds – is rapidly emerging as a leading logistics hub in North Africa.”
