Cargo Services and JL Enterprises to sell stake in EV Cargo Holdings

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 was founded by Hong Kong tycoon John Lau. He is also the chairman of Hong Kong-listed CN Logistics International Holdings, and was a major investor in EmergeVest, the Hong Kong-based private equity firm which owns a majority stake in EV Cargo.

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

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

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

EV Cargo UK declined to comment on the planned divestment.

The post Cargo Services and JL Enterprises to sell stake in EV Cargo Holdings appeared first on Motor Transport.

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