English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Growthgate sells Able to Kerry

PRESS RELEASE

December 30, 2014: Growthgate Capital, the Gulf-based investment firm, announced today that it has exited from its investment in Able Logistics Group (Able) by selling its 70 percent equity stake therein to Kerry Freight Services (South Asia) Pte. Ltd., a wholly owned subsidiary of Kerry Logistics Network, for $32 million (subject to certain adjustments).

Able is a leading freight forwarder and logistics provider headquartered in Dubai, with additional operating bases in the Middle East and other key hubs in the Near and Far East. The transaction involved the acquisition of 70 percent of Able's capital stock by Kerry Freight Services (South Asia).

Kerry Logistics Network, the owner of Kerry Freight Services, is a publicly listed company in Hong Kong (stock code 00636) with a total market cap of HK$20.5 billion as at December 29, 2014. Kerry is one of Asia's major logistics providers with a global network that stretches across six continents, including an extensive distribution network and hub operations in Greater China and the ASEAN region.

Growthgate first invested in Able in 2007, when operations were limited to the UAE and few Asian destinations. Today the company operates from multiple bases in Dubai, Sharjah, Oman, Saudi Arabia, Afghanistan, and Hong Kong, with over 500 corporate customers including multinationals in diversified sectors such as electronics, food, and fast moving consumer goods. Able's management expects to achieve $135 million in total revenues in 2014.

"We have always believed in Able's business model, and the outstanding team led by Dr. Ghanem Al Hajri, Executive Chairman and Vijay Vikram, CEO. Since 2007, we have been continuously impressed by their commitment to delivery and the phenomenal results achieved. This is a great development for Able, as Kerry is the best strategic partner to take the company forward and give the senior management team the opportunity to propel the business on a wider scale as part of a global platform," commented Karim A. Souaid, General Manager of Growthgate Capital.

Vijay Vikram, CEO and co-founder of Able said, "We have very much appreciated the steadfast support from Growthgate throughout the past years. As the only institutional investor in the company, Growthgate took the initial risk, and continued to support us ever since, committing valuable time, capital and efforts to build-up the platform in different markets and varying economic cycles. Growthgate has simply been an ideal growth partner."

Growthgate Capital is a Gulf-based private investment firm that follows a "buy-and-build" strategy. The firm specializes in buying into well-managed companies with scalable business models, and leveraging those capabilities by acquiring/adding more entities to build up and grow said companies. Targets are principally selected from the GCC and other key markets of the MENA region. Growthgate Capital was formed in 2007 with $200m in permanent capital subscribed by a select group of shareholders including State-owned banks, public pension funds, and single-family offices from the Middle East.

More News

Written on 16/10/2017, 19:43
freightweek-news-update-week-42DUBAI: October 16, 2017. A recent study by Aramex in Dubai discovered that deliveries using 'what3words' rather than a conventional street address were 42...
Written on 16/10/2017, 15:47
maserati-makes-an-entrance-at-naritaMODENA: October 16, 2017. Maserati chartered an Air Bridge Cargo Airlines 747-400 freighter for the Japan launch of its MY18 Maserati GranTurismo and...
Written on 13/10/2017, 18:36
apl-adds-to-guaranteed-service-suiteSINGAPORE: October 09, 2017. APL has renamed its two guaranteed service offerings 'Eagle Guaranteed' and added 'Eagle Go' to the suite with a guarantee of...
Written on 13/10/2017, 16:59
dp-world-to-expand-in-dominican-republicDUBAI: October 12, 2017. DP World is planning to expand its US$400 million Caucedo port operations in the Dominican Republic with a new 400-meter berth...
Written on 12/10/2017, 19:48
hawaii-to-meet-the-maxDALLAS: October 12, 2017. With 44 consecutive years of profitability, Southwest Airlines has announced it will begin service to Hawaii from the U.S....
Written on 12/10/2017, 18:43
skyteam-members-look-towards-joint-ventureGUANGZHOU/AMSTERDAM: October 12, 2017. China Southern Cargo and Air France KLM Martinair Cargo have taken the first step towards a joint venture with the...
Written on 12/10/2017, 16:17
turkish-airlines-outperforms-marketISTANBUL: October 12, 2017. Turkish Airlines reported a 25 percent year-on-year increase in air cargo carried to over 97,000 tons in September as traffic...
Written on 10/10/2017, 16:47
cargolux-signs-cargo-codeshare-with-emiratesDUBAI/LUXEMBOURG: October 10, 2017. Cargolux and Emirates SkyCargo have signed a cargo codeshare agreement for passenger and freighter services. Both...
Written on 10/10/2017, 15:24
freightweek-news-update-week-41PITTSBURGH, PA: October 15, 2017. A Qatar Airways Cargo Boeing 777 freighter arrived at Pittsburgh International Airport last Thursday as the airline's...
Written on 06/10/2017, 21:28
miami-and-iata-agree-air-cargo-outlook-remains-strongGENEVA: October 04, 2017. IATA reports a 12.1 percent year-on-year increase in freight tonne kilometers (FTKs) in August for its members, the fifth time...
Written on 06/10/2017, 17:05
more-flying-fish-from-emirates-sky-cargoCOLOMBO: October 03, 2017. Emirates Sky Cargo says Sri Lanka fish exports have been booming in the past 12 months following the lifting of European...
Written on 05/10/2017, 21:25
wal-mart-to-provide-a-new-parcel-serviceBENTONVILLE, AK: October 03 2017. Walmart has acquired Parcel, a technology-based, 24/7 service that uses routing algorithms to deliver perishable and...
Written on 05/10/2017, 20:44
french-fruit-exporter-acquires-danish-reefersTINGLEY, Denmark: October 03, 2017. British-registered Africa Express Line Ltd (AEL) has acquired 500 Star Cool integrated containers from Maersk...
Written on 05/10/2017, 19:36
qatar-cargo-adds-helsinki-as-finnish-pharma-industry-expandsDOHA: October 03, 2017. Qatar Airways Cargo has added Helsinki as its 74th pharma destination following the addition of Dublin in June this year. Chief...
Written on 05/10/2017, 16:53
volga-dnepr-returns-landshut-to-germanyFRIEDERICHSHAFEN, Germany. October 05, 2017. A former Lufthansa B737-200 aircraft, hijacked in 1977 by a faction of the Popular Front for the Liberation...
Written on 04/10/2017, 19:09
freightweek-news-update-week-40DOHA: October 08, 2017. Qatar Airways Cargo has taken delivery of its 13th B777 freighter. The airline's fleet now includes 22 freighters: eight A330F, 13...
Written on 28/09/2017, 19:01
sf-express-gets-ups-green-lightATLANTA: September 28, 2017. China's Ministry of Commerce has approved a proposed joint venture between UPS and SF Holding, the parent company of SF...
Written on 28/09/2017, 17:20
hapag-lloyd-completes-fleet-renewal-and-increases-capital-baseHAMBURG: September 28, 2017. Hapag-Lloyd is increasing its capital base by US$414 million with a share issue in order to reduce debt following its merger...
Written on 27/09/2017, 20:12
alaska-operates-first-b737-700-freighter-conversionANCHORAGE. September 26, 2017. Alaska Air Cargo has begun operating the world's first Boeing 737-700 passenger-to-cargo conversion with an inaugural...
Written on 27/09/2017, 16:49
round-the-world-box-service-goes-weeklyLONDON GATEWAY: September 27, 2017. The long-established 'Round-the-World' North Atlantic South Pacific (NASP) container service from Marfret and CMA- CGM...

- powered by Quickchilli.com -