BARING PRIVATE EQUITY ASIA COMPLETES EXIT OF KOREAN E-COMMERCE PARCEL DELIVERY COMPANY LOGEN
Hong Kong, 11th October 2021 – Baring Private Equity Asia’s affiliated private equity funds (“BPEA”) have finalised the sale of leading Korean domestic parcel delivery company Logen to Daemyung Chemical Group (“Daemyung”)’s publicly listed fashion retailing subsidiary, Cowell Fashion. The transaction valued Logen at a total enterprise value of $324 million.
Under BPEA’s ownership, Logen was transformed into one of the leading domestic parcel delivery companies in Korea. BPEA worked closely with the company’s management team to reinforce its leadership team, drive operational efficiencies, and realign its product offerings towards more profitable price segments as it sought to capitalise on the structural shift from offline to online retail. With the onset of COVID-19 accelerating this transiton, 2020 and YTD 2021 have been Logen’s best ever years for parcel deliveries and financial performance.
Alongside this record performance, BPEA also implemented several sustainability enhancements. These included establishing an Internal ESG Committee and Code of Conduct, improving the company’s working conditions, and achieving ISO-45001 certification, an internationally recognized certification of high standards of occupational health and safety management. Prior to the transaction completing, BPEA also established an ESG fund to support Logen’s longer-term transition towards the use of more environmentally friendly electric vehicles. The ESG fund will subsidize the purchase of 240 electric trucks for drivers who elect to upgrade.
Logen was founded in 1999 and currently operates a nationwide network of more than 310 agencies managing over 7,200 truck drivers that handle approximately 280 million parcels annually.
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