EmergeVest mulls sale of EV Cargo, sources claim

Hong Kong-based private equity firm EmergeVest is working with a financial advisor to look at the possibility of selling its UK subsidiary EV Cargo, following a surge in investor demand in the logistics sector, according to sources.

The review could lead to a sale or an initial public offering (IPO) of the business, and could be valued at over £1.11bn, the sources told US news channel Bloomberg recently.

EmergeVest is also considering potential listing venues for EV Cargo, including London and New York, according to the report. However the sources also said that the owner could decide to retain the business for longer.

A spokesman for EmergeVest declined to comment.

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• Palletforce chief executive departs after four months in major restructure
• Michael Conroy leaves EV Cargo two months after promotion to UK CEO
• Palletforce and CM Downton owner, EV Cargo, incorporates in the UK

EV Cargo is on a major drive for growth as part of a wider strategy by EmergeVest to boost global revenue from $1.4bn (£1bn) to more than $3bn by 2025, through organic growth and mergers and acquisitions.

The group has also recently seen major changes at executive level. In July last year Palletforce chief executive Michael Conroy was promoted to EV Cargo UK chief executive but left the business for “personal reasons” just two months later.

Industry veteran Adam Leonard, who was appointed to take the place of Conroy as Palletforce’s new chief executive in September, also left the company in December.

In addition EV Downton saw the departure of its managing director Zac Brown and financial director Ben James in November. All three departures follow the appointment of Paul Coutts in September as EV Cargo chief operating officer.