A.P. Moller Capital takes control of Morocco’s Globex

A.P. Moller Capital is buying control of Globex Investissement, one of Morocco’s most diversified logistics operators. The firm’s Emerging Markets Infrastructure Fund II (EMIF II) and APM Capital Morocco Fund will take a majority stake, according to a statement (pdf), with founder and CEO Omar El Kadiri staying on to run the business. Terms weren’t disclosed, and the agreement still needs a sign-off from Morocco’s Competition Council.

Why it matters: Globex gives APM exposure well beyond the FedEx-branded courier business it is best known for. The company also operates in road freight, freight forwarding, and customs brokerage, and holds exclusive local market licensing agreements across those verticals. It has spent the past few years widening that footprint, too — after acquiring Logic Transport in 2024 Globex added a road transport operation with more than 150 trucks alongside container handling, warehousing, and transit capabilities.

REMEMBER- APM closed its Morocco-focused transport and logistics fund earlier this year with MAD 1.6 bn of commitments, while EMIF II added another MAD 600 mn — giving the two vehicles MAD 2.2 bn to deploy.

IN CONTEXT- The firm is buying into a platform that was already being built for regional scale. Amethis — an investment fund manager — acquired a minority stake in Globex in 2022 to support expansion in Morocco and sub-Saharan Africa, with Globex already operating in Senegal and Cameroon and using the FedEx Express network to serve more than 220 countries.