Key Takeaways
- • Bain Capital Private Equity's affiliate has sold its stake in India's J M Baxi Ports & Logistics Ltd to Germany's Hapag-Lloyd, announced January 25, 2023, with financial terms undisclosed.
- • The exit follows a two-year investment during which J M Baxi expanded port capacity by 170% through four major concession wins, including container terminals in Nhava Sheva and Tuticorin.
- • J M Baxi, which employs around 5,400 staff and handles about 1.6 million TEU annually, is described by Bain as among the top five maritime and logistics firms in India.
- • Credit Suisse advised J M Baxi as exclusive financial advisor; Credit Suisse and Kotak Investment Bank advised Bain Capital Private Equity.
- • Closing is subject to approval by the relevant authorities.
Summary
Bain Capital Private Equity announced that its affiliate has sold its stake in J M Baxi Ports & Logistics Ltd to Hapag-Lloyd, the Germany-headquartered shipping and container transportation company. The private transaction's financial terms were not disclosed, and completion depends on regulatory and other relevant approvals.
According to Bain Capital, the affiliate's roughly two-year investment helped J M Baxi expand its port capacity and logistics units, strengthen its financial profile despite macroeconomic and supply chain pressures, and deepen its workforce. The company pursued expansion through four major concession wins, including operating container terminals at Nhava Sheva and Tuticorin, which resulted in 170% growth in port capacity. J M Baxi also built one of the largest over-dimensional cargo logistics units in India.
J M Baxi describes itself as a leading private terminal and inland logistics provider in India, with container terminals, a multi-purpose terminal, inland container depots, container freight stations and rail service offerings. The company employs around 5,400 people and handles a combined container volume of approximately 1.6 million TEU.
Dhruv Kotak, Managing Director of J M Baxi Ports & Logistics, said India's ability to influence global trade depends on how quickly it develops infrastructure and allied logistics services that integrate into global value chains. He thanked Bain Capital Private Equity for its investment and said the company is positioned to move to its next stage of growth with Hapag-Lloyd as a partner.
Pawan Singh, a Partner at Bain Capital Private Equity, said J M Baxi is among India's top five maritime and logistics firms and credited the investment with supporting growth, balance sheet optimization and innovation. Rishi Mandawat, also a Partner at Bain Capital Private Equity, said the company's financial and commercial foundation positions it to contribute to India's Make in India and Atmanirbhar Bharat programmes, and called Hapag-Lloyd the right partner for its next phase.
Credit Suisse served as exclusive financial advisor to J M Baxi, while Credit Suisse and Kotak Investment Bank advised Bain Capital Private Equity. Bain Capital Private Equity, founded in 1984, is part of Bain Capital, which manages approximately $160 billion in total assets across private equity, credit, public equity, venture capital and real estate.
According to Bain Capital, the affiliate's roughly two-year investment helped J M Baxi expand its port capacity and logistics units, strengthen its financial profile despite macroeconomic and supply chain pressures, and deepen its workforce. The company pursued expansion through four major concession wins, including operating container terminals at Nhava Sheva and Tuticorin, which resulted in 170% growth in port capacity. J M Baxi also built one of the largest over-dimensional cargo logistics units in India.
J M Baxi describes itself as a leading private terminal and inland logistics provider in India, with container terminals, a multi-purpose terminal, inland container depots, container freight stations and rail service offerings. The company employs around 5,400 people and handles a combined container volume of approximately 1.6 million TEU.
Dhruv Kotak, Managing Director of J M Baxi Ports & Logistics, said India's ability to influence global trade depends on how quickly it develops infrastructure and allied logistics services that integrate into global value chains. He thanked Bain Capital Private Equity for its investment and said the company is positioned to move to its next stage of growth with Hapag-Lloyd as a partner.
Pawan Singh, a Partner at Bain Capital Private Equity, said J M Baxi is among India's top five maritime and logistics firms and credited the investment with supporting growth, balance sheet optimization and innovation. Rishi Mandawat, also a Partner at Bain Capital Private Equity, said the company's financial and commercial foundation positions it to contribute to India's Make in India and Atmanirbhar Bharat programmes, and called Hapag-Lloyd the right partner for its next phase.
Credit Suisse served as exclusive financial advisor to J M Baxi, while Credit Suisse and Kotak Investment Bank advised Bain Capital Private Equity. Bain Capital Private Equity, founded in 1984, is part of Bain Capital, which manages approximately $160 billion in total assets across private equity, credit, public equity, venture capital and real estate.
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