Total Produce has increased its shareholding in produce company Capespan South Africa, in a deal worth €13 million.

As part of the agreement, Total Produce has sold its 50 per cent shareholding in European distribution business Capespan International Holdings to Capespan Group for an additional 20 million shares in Capespan South Africa and €8.5 million in cash.

This increases Total Produce's stake in Capespan South Africa to 25 per cent and makes it the firm's second largest shareholder.

In 2010, Capespan Europe reported an operating profit of £2 million before exceptional costs. Net assets before goodwill and intangibles were worth £5.75 million.