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MBK Partners considering options for Apex: Bloomberg
Posted on Wednesday, 12 June 2019 06:19
MBK Partners is weighing alternatives for Apex Logistics, the Chinese freight forwarder it purchased four years ago, in a deal that people familiar with the matter told Bloomberg could be worth around USD 1.00 billion.

According to these sources, the private equity firm is working with financial advisors on options for the potential target, which is said to include a sale.

The insiders cautioned that deliberations are still at an early stage and MBK Partners could decide to hold onto the transportation business.

However, the ongoing trade wars between the US and China could make the company a difficult sell, the people noted.

A formal sales process, should one go ahead, is likely to start later this year, the sources said, asking not to be identified as the situation remains private.

Shanghai-headquartered Apex is a global supply chain provider with operations across six continents and working from 22 offices worldwide.

The company has logistics services by air, land and sea and serves over 4,000 customers.

MBK Partners paid KRW 92.00 billion (USD 77.61 million) for a majority stake in Apex in 2015.

Bloomberg observed that the news comes amid increased activity in the logistics sector, with Blackstone agreeing to buy US warehouse properties from GLP for USD 18.70 billion and KKR exploring a disposal of its intermediate bulk containers unit.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been a total 856 deals targeting the transportation industry announced worldwide in 2019 to date.

The largest of these was announced last month as IFM Investors, via Hercules Intermediate Holdings, agreed to acquire US-based ammonia pipeline operator Buckeye Partners for USD 10.30 billion.

Other targets included Switzerland’s Panalpina Welttransport, Canada-headquartered WestJet Airlines and Brussels Airport Company.

© Zephus Ltd