Hong Kong’s EmergeVest consolidates UK logistics assets
Monday, November 26, 2018
Hong Kong-based EmergeVest – a PE firm established by former executives from HSBC’s Asia principal investments division – has consolidated ownership of six UK logistics assets into a single platform with GBP850 million ($1 billion) in annual revenue.
The platform, EV Cargo, claims to be the largest privately-owned logistics business in the UK with interests spanning transport, logistics and freight-forwarding services, and logistics technology. It has 9 million square feet of warehousing space, 20,000 delivery vehicles, 5,000 staff, including 2,200 truck drivers, and 175 bases in the UK and 18 overseas. The company’s international operation handles 200,000 containers of sea freight annually and 6 million kilograms of air freight monthly.
The entities being consolidated are Adjuno, Allport Cargo Services, CM Downton, Jigsaw, NFT, and Palletforce. EmergeVest acquired them over a period of less than five years, with Downton the most recent acquisition. Part of the investment thesis was extending Downton’s services into Asia.
