Global courier giants DHL and UPS are among the suitors who submitted preliminary offers for Logen Logistics, Korea’s fourth-largest package delivery firm, local reports said Friday.
Private equity funds Affinity Equity Partners, CVC Capital Partners and Seoul-based STIC Investment also took part in the first round of bidding that closed Thursday, they said.
Logen is 100 percent owned by Hong Kong-based Baring Private Equity Asia. J.P. Morgan is Baring’s adviser for the sale.
The reports put Logen’s value at around 400 billion won ($344 million) on sales of 263.5 billion won and operating profit of 20.7 billion won last year.
Baring acquired Logen in 2013 from the company’s previous owner Mirae Asset Private Equity.
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.
By Lee Sun-young
(milaya@heraldcorp.com)