CVC Capital Partners has agreed to buy Logen Group, a South Korea-based parcel delivery company. The seller is Baring Private Equity Asia. No financial terms were disclosed.
Hong Kong, 23.September 2016 – CVC Capital Partners (“CVC”) announced today that funds advised by CVC have agreed to acquire Logen Group (“Logen”), the leading domestic parcel delivery company focused on small and mid-volume customers in South Korea.
Logen is the second largest parcel delivery company in South Korea and the clear market leader in the small-volume segment. Logen has an extensive, nationwide pick-up and delivery network of 410 agencies managing 7,500 truck drivers. Logen was previously a subsidiary of investment funds affiliated with Baring Private Equity Asia.
Steve Lim, Partner and Chairman of CVC’s Korea office, said, “The growth of South Korea’s e-commerce and online shopping industry has created significant growth opportunities for delivery companies. Logen, a leader in this field, has built up a loyal customer base during this growth period. We believe that, together with Logen’s best-in-class management team, we will be able to further grow the company.”
Jung-Ho Choi, CEO of Logen, added, “We welcome CVC as our new partner and look forward to working with the CVC team. We are confident that CVC will help Logen build on its success serving a wide range of highly satisfied customers and continue to participate in the fast growing e-commerce market.”