MBK Partners is reviving its plan for a potential sale of Chinese freight forwarder Apex Logistics International Inc. which is riding a surge in e-commerce during the Covid-19 pandemic, people with knowledge of the matter said.
The private equity firm is working with a financial adviser and could raise more than $1 billion from a transaction, according to the people, who asked not to be identified because the matter is private. The sale could attract potential suitors such as other logistics companies as well as investment funds, the people said.
Last year, MBK had weighed options including a sale of the business, Bloomberg News reported at the time. The firm decided to put its plans on hold due to trade tensions between China and the U.S., one of the people said.
Deliberations are at an early stage and MBK could decide not to sell the business, the people said. A representative for MBK declined to comment.
Apex Logistics, headquartered in Shanghai, is one of China’s largest air freight forwarders, according to MBK’s website. It has offices in more than 70 countries and offers logistics services including transportation, supply chain solutions and warehousing and distribution, Apex’s website shows. Transportation and logistics companies have seen a surge in demand amid a boom in e-commerce, one of the beneficiaries of coronavirus-driven lockdowns.
Source: Bloomberg
Can’t stop reading? Read more
Clessidra enters Italian bakery sector with 70% Laurieri acquisition
Clessidra enters Italian bakery sector with 70% Laurieri acquisition Clessidra Private Equity has...
Apollo steps in with $745m financing package as Virgin Atlantic ramps up fleet investment
Apollo steps in with $745m financing package as Virgin Atlantic ramps up fleet investment...
Thoma Bravo secures shareholder approval for $12.3bn Dayforce take-private
Thoma Bravo secures shareholder approval for $12.3bn Dayforce take-private Thoma Bravo has...