- Cargo Services, JL Enterprises hold minority stakes in firm
- John Lau was among backers of majority owner EmergeVest
Cargo Services Group and JL Enterprises Holdings Ltd., two logistics firms founded by Hong Kong tycoon John Lau, are planning to sell their stakes in EV Cargo, reports Bloomberg.
About the investment
Cargo Services, a supply chain services provider, and JL Enterprises, a family office investing in freight forwarding and logistics, will completely divest their entire investment in Hong Kong-based EV Cargo, according to a statement confirming a Bloomberg News report.
Lau founded both Cargo Services and JL Enterprises in 1989 and 2000, respectively. He is also the chairman of Hong Kong-listed CN Logistics International Holdings Ltd., and was an early backer of EmergeVest, the Hong Kong-based private equity firm which owns a majority stake in EV Cargo.
A divestiture by Cargo Services and JL Enterprises would follow in the footsteps of EmergeVest, which has been considering strategic options for its majority stake in EV Cargo, Bloomberg News reported in 2021. Options under evaluation included a sale or an initial public offering of the business at a valuation of at least $1.5 billion, people familiar with the matter said at the time.
EmergeVest created EV Cargo in 2018 after combining six UK logistics companies in its portfolio, according to a press release. The freight forwarding, supply chain and technology company’s operations span more than 50 countries, and has grown both organically and via mergers and acquisitions, EmergeVest’s website shows.
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Source: Bloomberg
