Project detail - Project Nautilus (Commercial Cold Holdings)

Project Nautilus (Commercial Cold Holdings)

Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Commercial Cold Holdings Limited (“CCH”, or the “Platform”) is established as a South-African cold storage platform with a pan-African expansion strategy. CCH is on a path of acquiring and consolidating existing and greenfield businesses within the Temperature Controlled Logistics (“TCL”) market with a focus on storage. Its anchor investments are based in South-Africa and Namibia. CCH will pursue expansion beyond South Africa and Namibia into other countries across East, West and North Africa.

What is our funding objective?

FMO is providing equity financing for a co-investment of up-to USD 20mln alongside the AIIF4 and IDEAS funds managed by AIIM to acquire a stake with significant influence. Initially CCH will acquire and integrate businesses in South-Africa, potentially followed by acquisitions in the rest of Africa. A key positive impact will be the reduction of the carbon footprint, to be achieved by increasing the amount of renewable energy used to power the facilities and in some instances the use of CO2 as a refrigerant.

Why do we fund this investment?

This opportunity fits well with FMO’s strategy of pursuing impactful co-investments in its core focus sectors with partner fund managers. The Platform will address a specific gap in the food supply chain by increasing cold storage capacity. Having an uninterrupted cold chain is vital to reduce food loss and waste, indirectly contributing to SDG 2 (Zero hunger). Through the provision of meaningful work during construction and operations, the Platform will also improve livelihoods for those employed and contribute to SDG 8 (Decent work and economic growth).

What is the Environmental and Social categorization rationale?

This concerns an E&S category B investment, as CCH is expected to cause limited adverse environmental or social risks and/or impacts. They are expected to be few in number, site-specific, largely reversible, and readily addressed through mitigation measures. The following IFC Performance Standards are triggered: PS1: Assessment and Management of Environmental and Social Risks and Impacts, PS2: Labor and Working Conditions, PS3: Resource Efficiency and Pollution Prevention and PS4: Community Health, Safety and Security. PS5: Land Acquisition and Involuntary Resettlement, PS6: Biodiversity Conservation and Sustainable Management of Living Natural Resources, PS7 (Indigenous Peoples) and PS8 (Cultural Heritage) are not applicable. Our investment will include active engagement and support on environmental and social aspects, including appropriate permitting of each of the sites. Actions will be formalized in an environmental and social action plan, the implementation of which will be monitored throughout the lifecycle of this investment.

South Africa
Agribusiness, Food & Water
Publication date
Effective date
Total FMO financing
ZAR 277.50 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)