CVC Capital Partners has agreed to acquire Logen Group—a parcel delivery company focused on small and mid-volume customers in South Korea—from Hong Kong-based Baring Private Equity Asia for a reported $271 million. That figure represents nearly twice the price that Baring paid Mirae Asset Private Equity to acquire Logen in 2013. The company offers a nationwide pick-up and delivery network of some 410 agencies managing roughly 7,500 drivers.
The deal marks the end of a bidding war for Logen that also included The Carlyle Group, KKR and Affinity Equity Partners. That interest is no surprise: Worldwide, private equity investors have completed 718 deals in the logistics sector since 2010, according to the PitchBook Platform, with deal count climbing every year between 2010 and 2015. This year, though, just 77 deals in the space have closed, on pace to finish well behind last year's 125.
Here are the most active PE investors globally in logistics since the start of 2010, including add-ons: