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1. July 2021Kühne+Nagel sells a 24.9 percent equity stake in Apex International Corporation (“Apex“) to Partners Group, a leading global manager of private market investments, on behalf of its clients. Following the completion of the transaction, Partners Group will join Kühne+Nagel on the supervisory board of Apex.
(Schindellegi) Apex was founded in 2001 and is headquartered in Shanghai. The company is one of the leading logistics providers in Asia, particularly in the transpacific and intra-Asian regions. Apex employs around 1,600 staff at 41 locations worldwide. In 2020, Apex generated revenues of CHF 2.2 billion, a gross profit of CHF 296 million, and a pre-tax profit of CHF 126 million, making it the seventh-largest air freight provider in the world.
Together with Kühne+Nagel, Partners Group will implement a transformative value creation plan for Apex. Core initiatives include the establishment of additional freight routes, the identification of new growth areas such as Pharma & Healthcare, and M&A activities.
Strengthening Market Position and Developing the Company
Yngve Ruud, a member of the management board of Kühne+Nagel International AG responsible for air freight and Chairman of Apex, comments: “On behalf of Kühne+Nagel and Apex’ CEO Tony Song and his management team, we welcome Partners Group as a new shareholder of Apex. The combination of Partners Group’s financial and strategic expertise with Kühne+Nagel’s industry knowledge and experience will enable Apex to strengthen its market position in China and further develop the company overall.”
Dr. Marcel Erni, co-founder and member of the board of directors of Partners Group, says: “Apex is a leading player in cross-border logistics in China, with a growing international presence and significant potential for further expansion. We have known the company and its management team for a long time and are excited to contribute to future growth. We also look forward to collaborating with Kühne+Nagel, one of the most traditional logistics companies in the world. Our partnership ideally combines private equity with leading logistics expertise.”
Focus on Asia Pays Off
Dr. Jörg Wolle, Chairman of the Board of Kühne + Nagel International AG, explains: “The strategic focus on Asia initiated by the board of Kühne+Nagel about three years ago is paying off – in the form of organic growth, but also through acquisitions. We are convinced that Partners Group, with its extensive experience and network, is an ideal partner for Kühne+Nagel.”
Sheng Liu, Managing Director, Private Equity, Partners Group, adds: “We have been following Apex’s development for several years after identifying the company with our thematic investment approach. Apex significantly benefits from the cross-border e-commerce trend – an important transformative development that has been accelerated by the Covid-19 pandemic. We look forward to working with Kühne+Nagel and the management team of Apex to realize this potential.”
The transaction is subject to customary contractual closing conditions, including approval by the relevant competition authorities. Apex will continue to operate independently within the Kühne+Nagel group.
Photo: © Kühne+Nagel
