Crescent Point backs Philippines-based LBC Express
Singapore-based private equity and special situations firm Crescent Point has agreed to invest $50 million in Philippines-listed logistics services company LBC Express.
The transaction was structured through a debt instrument convertible into LBC shares under unspecified terms. According to a filing, the deal could result in Crescent taking as much as a 51% stake in the company.
Founded in 1950, LBC offers package delivery and cash remittance services through a network of more than 1,000 branches in the Philippines. International operations encompass over 3,000 additional locations across Asia Pacific, North America, Europe and the Middle East.
The company recorded a 120% year-on-year increase in net profit during 2016 to PHP914 million ($18 million), citing the addition of 48 new branches in the Philippines, an increase in volume and rate of air and courier services, and an improvement in freight costs. Revenue rose 13% over the year to PHP8.7 billion.
Crescent Point invests across China, Southeast Asia and Australia in areas such as real estate, airlines, financial services, oil and gas, manufacturing, and technology, media and telecom.
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