Growthgate Capital Realizes 3x Return in Able Investment
December 31, 2014
Growthgate Capital has exited its 70% equity stake in Able Logistics Group to a subsidiary of Kerry Logistics Network (HK: 00636) for $32 million, subject to certain adjustments. The firm will realize a 3x return on its investment when taking into account the transaction and prior dividends received. Growthgate first backed Able, a Dubai-based freight forwarder and logistics provider, in 2007; the company has over 500 corporate customers in a variety of sectors and expects to achieve $135 million in total revenues in 2014. Previously announced IPO preparations were set aside in favor of the acquisition.