A.P. Moller Capital has agreed to acquire a majority stake in Moroccan logistics group Globex Investissement, a deal that puts capital from its recently established Morocco-focused logistics fund to work in a company with express delivery, road freight, freight forwarding, customs clearance and warehousing operations, according to Splash247.
The transaction is being made through the Emerging Markets Infrastructure Fund II and the APM Capital Morocco Fund, Splash247 reported. Financial terms and the size of the majority holding were not disclosed, and completion is subject to clearance from Morocco's Competition Council. Founder Omar El Kadiri will remain chief executive, the publication added.
Deal structure and ownership
Splash247 reported that A.P. Moller Capital, the Copenhagen-based infrastructure fund management affiliate of A.P. Moller Holding, is acquiring the majority stake through two vehicles: the Emerging Markets Infrastructure Fund II (EMIF II) and the APM Capital Morocco Fund. The source did not disclose the financial terms or the exact size of the majority position.
The deal is not the first outside capital to enter Globex. Private equity firm Amethis acquired a 30.5% stake in the company in 2022, giving the investor joint control alongside the existing shareholder, according to Splash247. A.P. Moller Capital did not disclose whether Amethis will exit as part of the latest transaction.
Globex's footprint and services
Casablanca-based Globex was founded in 1998 as the exclusive FedEx Express licensee in Morocco and today employs more than 350 people, Splash247 reported. The company operates across several logistics segments:
- Express delivery
- Road freight
- Freight forwarding
- Customs clearance
- Warehousing
In addition to its Morocco base, Globex holds FedEx and TNT licences in Senegal and Cameroon, according to the same report.
Capital backing and fund deployment
In February, Splash247 reported that A.P. Moller Capital had raised $243m for investments across Morocco's transport and logistics sector. The funding consisted of $178m in commitments to its local Morocco-focused fund and an additional $65m committed alongside it by EMIF II.
| Funding component | Amount |
|---|---|
| Commitments to local Morocco fund | $178m |
| Additional commitment by EMIF II | $65m |
| Total raised | $243m |
The Globex acquisition puts some of that capital to work, Splash247 reported. The deal remains subject to clearance from Morocco's Competition Council before it can complete.
Watch list
- Clearance from Morocco's Competition Council, a condition for completion of the deal.
- Whether Amethis, which took a 30.5% stake in 2022, exits as part of the transaction.
- How Globex's FedEx and TNT licences in Senegal and Cameroon are handled under the new ownership.
- Further deployments of the $243m raised for Morocco's transport and logistics sector.
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