LONDON: Symphony International Holdings Limited (SIHL) has, through a wholly-owned subsidiary, acquired a significant minority stake in Vietnam-based Indo Trans Logistics Corporation (ITL). The transaction consideration is approximately $42.6 million.
ITL, founded in 2000 as a freight-forwarding company, has since grown to become one of Vietnam’s “national champions” and is the largest independent integrated logistics company with a network spread throughout Vietnam, Cambodia, Laos, Myanmar, and Thailand with more than 2,000 employees across its business units and joint ventures.
Anil Thadani, Chairman of Symphony Asia Holdings Pte. Ltd. and a Director of Symphony, said: “The opportunity to acquire this interest in Vietnam’s leading integrated logistics company is a good example of our practice of sourcing proprietary opportunities through our own network of business & personal contacts built over 35 years of Private Equity practice in the region. Over the past 20 years, ITL management has consistently grown the business to the point where the company is now among Vietnam’s “national champions.” We look forward to working with and supporting Chairman Zulkifli bin Baharudin and CEO Ben Anh to execute on ITL’s strategic plans to support small and medium enterprises in Vietnam and across the Indochina region.
“ITL’s strategic mandate fits well with our strategy to invest in and support businesses that complement & benefit from the rising affluent and middle-class population in Asia. We have looked at several opportunities in Vietnam over the years, and ITL has all the attributes of the kinds of businesses we like to invest in – a proprietary deal, a strong & proven management team and a business that is well positioned to directly benefit from the growth in the region. Symphony looks forward to working with Management to enhance value creation at ITL and support its further development as the leading logistics company in the region.”