AP Moller Capital has announced that its Emerging Markets Infrastructure Fund II and APM Capital Morocco Fund have agreed to acquire a majority stake in Moroccan transportation and logistics company Globex Investissement.
The funds will partner with Globex founder and Chief Executive Omar El Kadiri, who will continue to lead the company alongside its existing management team, A.P. Moller Capital said in a statement.
Globex operates in express delivery, road freight, freight forwarding and customs brokerage, supported by local market licensing agreements, according to the statement.
AP Moller Capital said its investment would support Globex's expansion and efforts to strengthen its position in Morocco's logistics sector, while also advancing the company's sustainability plans.
Globex aims to develop into a green logistics operator in Morocco through initiatives including solar-powered hubs, electric vehicles and carbon dioxide reporting tools, supported by environmental, social and governance standards.
The acquisition is subject to customary conditions, including merger clearance from Morocco's Competition Council.
On the strategic deal, Kim Fejfer, the Chief Executive of AP Moller Capital, said the investment reflected the firm's focus on transportation and logistics and its presence in North Africa.
"We are excited to partner with Omar El Kadiri through our investment which directly aligns with our core sector and geographic focus. Globex is an established market leader in transportation and logistics, a sector in which we have deep domain expertise and a strong regional presence, and Morocco is rapidly developing into the leading North African logistics hub, supported by strong macroeconomic tailwinds," he stated.
Morocco is developing into a major logistics hub in North Africa, supported by favourable economic conditions, Fejfer said.
Ghislane Guedira, the CEO of APM Capital Morocco, said the partnership would help Globex strengthen its market position and contribute to the development of Morocco's transport and logistics sector.
"We are excited to partner with Omar El Kadiri through our investment which directly aligns with our core sector and geographic focus. Globex is an established market leader in transportation and logistics, a sector in which we have deep domain expertise and a strong regional presence, and Morocco is rapidly developing into the leading North African logistics hub, supported by strong macroeconomic tailwinds," he added.