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First destination from new Istanbul airport to be Northern Cyprus
ISTANBUL: July 14, 2018. According to a report by ...

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Amerijet to adopt indexed fuel surcharge mechanism
MIAMI: July 12, 2018. Amerijet International Airli...

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Private equity firm Cinven to acquire Envirotainer
STOCKHOLM: July 12th, 2018. Envirotainer, a suppli...

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Harren & Partner reacquires offshore construction vessel
BREMEN, Germany: June 11, 2018. Bremen-based shipp...

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CMA CGM gets green light for Ceva investment
BAAR Switzerland: July 11, 2018. CMA CGM has obtai...

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Volumes jump at Brussels
BRUSSELS: June 11, 2018. Brussels Airport recorded...

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K+N adds Santiago to Pharma network
SANTIAGO: July 11, 2018. Kuehne + Nagel has expand...

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Skycell and DuPont form pharma alliance
ZURICH: July 12, 2018. SkyCell, the Swiss-based ma...

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BBC Chartering begins Gulf – Australia breakbulk service
LEER, Germany: July 10, 2018. BBC Chartering has l...

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First destination from new Istanbul airport to be...
Amerijet to adopt indexed fuel surcharge mechanism
Private equity firm Cinven to acquire Envirotainer
Harren & Partner reacquires offshore construction vessel
CMA CGM gets green light for Ceva investment...
Volumes jump at Brussels
K+N adds Santiago to Pharma network
Skycell and DuPont form pharma alliance
BBC Chartering begins Gulf – Australia breakbulk service...

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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.

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