Hong Kong pair ready to sell stakes in EV Cargo

By Carol Millett

Hong Kong-based Cargo Services

Group and JL Enterprises

Holdings are planning to sell their stakes in EV Cargo Holdings, which owns EV Cargo UK.

Supply chain services provider Cargo Services and family-run freight forwarding and logistics firm JL Enterprises have confirmed they plan to divest their entire investment in EV Cargo Holdings, which is also based in Hong Kong.

Cargo Services and JL Enterprises were founded by Hong Kong tycoon John Lau. He is also the chairman of Hong Kong-listed CN Logistics International Holdings, and was a major inves- tor in EmergeVest, the Hong Kongbased private equity firm that owns the majority stake in EV Cargo.

EmergeVest created EV Cargo in 2018 after combining six UK logistics companies in its portfolio.

MT reported last year that EmergeVest was considering options for its majority stake in EV Cargo, following a surge in investor demand in the logistics sector, according to sources.

These were said to include a sale or an initial public offering of the business at a valuation of at least $1.5bn (£1.25bn).

News of the divestment comes as EV Cargo continues on its acquisition trail. Last month the group announced the purchase of the remaining 60% of the shares of Allport Netherlands from its joint venture partner, subject to merger control approval.

The deal will make EV Cargo the sole shareholder of the company, which provides air and sea freight forwarding and PO management services for importers and retailers across the Netherlands. It will be rebranded as EV Cargo.

This latest purchase is part of EV Cargo’s aim to deliver more than $3bn of revenue through growth, mergers and acquisitions.