Grindrod Logistics Acquires 50% of Vanguard Rigging

Friday, August 24, 2007

Grindrod has acquired a 50% interest in Vanguard (subject to competition board approval), a heavy lift logistics specialist, based in Cleveland, Johannesburg. The interest was acquired from Luigi Angellozzi, who is retiring, and Philippe Tellier, who has sold down to a 10% shareholding in view of pending retirement in two years time. Both Angelozzi and Tellier will remain on in employment for the short term. The balance of the shares is held by Bryan Hodgkinson, who remains on as Managing Director. The acquisition is in line with Grindrod's strategy of continuing to grow its portfolio of logistics businesses in niche markets. Vanguard provides the full range of heavy lift transport, project cargo management as well as heavy lift engineering services. The business is poised to capitalise on the wave of significant expenditure on infrastructure development currently being undertaken in South Africa, Africa and globally. Synergies are expected to be generated with Rohlig Grindrod, who has a strong exposure to import, export and domestic project logistics. An example of work undertaken was the recent relocation of a 600 ton vessel for the department of fisheries from the shipyard to the launch pad in Cape Town harbour. The move was completed using two recently acquired 24 axle trailers – 168 wheels in total!

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