The Quebec Deposit and Investment Fund (CDPQ) has acquired a $155m interest in Indian-based third-party logistics provider, TVS Logistics Services.
According to India’s Economic Times, the Canadian pension fund manager has acquired a 37% stake for its money, valuing the company at almost $420m (2,700 crore rupees).
The deal will see Goldman Sachs and private equity group KKR selling out of their interests in the company, with the TVS founder’s family and certain managers buying what is said to be the remaining 5% interest.
Goldman invested about 100 crore rupees for its stake in 2008 and KKR bought in during 2011 for about 250 crore rupees.
TVS Logistics managing director R Dinesh said: “We believe CDPQ is the perfect long-term partner for our next phase of growth as we look to expand the scale of our business.”
CDPQ, with almost CDN$248 billion ($186 billion) in net assets, opened a local office in New Delhi earlier this year with the mandate of finding opportunities in the south Asian markets.
Michael Sabia, CEO of CDPQ, said of the acquisition: “TVS Logistics is well positioned to seize growth opportunities resulting from recent tax returns in India and global demand for state-of-the-art logistics services.”
TVS also has significant operations in the UK and in the USA, employing over 4,000 people in those two regions. In total, the company has a presence in 14 countries and has made a number of acquisitions to grow the business.
Back in 2009, it acquired Britain’s supply chain company Multipart Holding, which at the time was one of the UK’s top three aftermarket logistics companies. It was renamed TVS Supply Chain Solutions and is headquartered in Chorley, northwest England.
