The Korea Herald


Logen Logistics to open bids for sale this month

By 박형기

Published : March 8, 2016 - 13:56

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Logen Logistics, a privately held package delivery company, is expected to open preemptive bids from potential buyers on March 17, according to news reports.

Corporate logo of Logen Logistics (Logen) Corporate logo of Logen Logistics (Logen)

Shuttle Korea Holdings, a wholly owned investment firm of Hong Kong-based Baring Private Equity Asia, has a 100 percent stake in Logen, according to an audit filing. J.P. Morgan is Baring Private Equity’s adviser for the sale of Logen.

Shuttle Korea did not respond for comments, and J.P. Morgan could not be reached. Logen in Seoul declined comment.

It has been reported that the private equity fund was seeking to sell the courier company by the end of the first half of this year, and that Logen’s value is estimated at around 400 billion won ($330 million) on sales of 263.5 billion won and operating profit of 20.7 billion won last year.

Baring Private Equity Asia acquired Logen in 2013 from the company’s previous owner Mirae Asset Private Equity. Then, Samil PwC accounting firm and Kim & Chang law firm advised Baring PE on the acquisition of Logen.

Logen is Korea’s fourth-largest courier services provider with a market share of about 10 percent, following CJ Korea Express with about 38 percent; Hyundai Logistics with 13 percent; and Hanjin Transportation with 11 percent, according to Korea Integrated Logistics Association.