Baring Private Equity Asia has acquired Korea-based Logen, a domestic parcel delivery company, according to a statement from the firm.
Baring would not disclose financial details about the transaction. But according to local media reports, the buyout is estimated at $140 million.
Logen focuses on small to mid-volume customers and has built a nationwide network of terminals and truck drivers, the statement said. In 2012, it handled 100 million parcels.
Dar Chen, managing director at Baring Asia, believes online sales will drive business.
“South Korea has the highest online retail and high-speed broadband penetration rate in the world. We expect the parcel delivery industry to continue to be the beneficiary of these favorable macro trends,” he said in the statement.
Last year, Baring was involved in another Korea deal, joining a group of investors that together purchased a 24 percent holding in Korea’s Kyobo Life Insurance from Daewoo International for $1.06 billion, Private Equity International reported earlier.
Currently, Baring is one of several parties bidding on Australia’s Joe White Maltings, a malt business, with deal value estimated at $255 million, according to Mergermarket.
Baring Asia advises funds that manage $5 billion in committed capital. The firm has been investing in Asia since its formation in 1997 and has approximately 100 employees located across seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo. Baring has 30 portfolio companies across Asia, according to the firm.