Photo by: Megan van Wyngaardt
JSE-listed transport solutions provider OneLogix has concluded a R110-million agreement to acquire 100% of the shares and claims in specialist logistics operator Vision Transport, through its subsidiary United Bulk.
Vereeniging-based Vision Transport was active in the solvent and acid markets of South Africa and neighbouring countries and had a number of blue-chip customers.
Under the terms of the deal, OneLogix and Vision Transport signed an executive employment agreement, which contained restraint of trade provisions and noncompete undertakings in favour of Vision Transport, applicable throughout South Africa, Namibia, Botswana, Lesotho, Swaziland, Zambia, Zimbabwe, Zambia, the Democratic Republic of the Congo, Malawi and Mozambique, during the employment period and for a further 36-month period following termination of employment.
It also restrained Barend Venter, who held 48.5% in Vision Transport and would remain in the business, from rendering executive and managerial services, as well as Cornelius Venter from participating in trade provisions and other noncompete undertakings for the next five years.
Meanwhile, OneLogix also concluded the acquisition of the remaining 26% of the shares and claims in United Bulk that it did not already own from Tanker Solutions for R29-million.