CPE leads $300m round for China's ANE Logistics

LTL operators normally provide road transportation for goods between 15 kilograms and 3 tons. ANE focuses on small items, with mini e-commerce accounting for over 70% of orders. Its daily peak truckload has surpassed 50,000 tons, with over 26,000 partner outlets and agents covering 96% of the townships in China.

“The logistics network is an important pillar supporting the development of China’s internet-driven C2M manufacturing industry and flattened supply chain, as well as part of the infrastructure for the manufacturing and logistics sectors. ANE will leverage this financing to upgrade its digital capabilities and accelerate China’s logistics sector,” said Jeff Wang, ANE's chairman, in a statement.

The Shanghai-headquartered company, founded in 2010, raised a $6.3 million Series A round from Sequoia Capital China in 2013. Over the next two years, Warburg Pincus and The Carlyle Group invested $50 million and $120 million, respectively. In early 2020, Centurium Capital committed $300 million to become the second-largest shareholder in ANE. It took out Warburg Pincus in the process.

ANE's principal LTE rivals are SF Freight, a sub-brand of local courier company SF Express and Debbon Logistics, according to Yunlian Zhiku, a logistics-focused research group. CITIC Capital, CDH investments, and Legend Capital invested $300 million in SF Freight through a convertible note issue last year.

The industry's fourth-largest player is Yimidida. It also raised capital last year, securing RMB1 billion ($140 million) in an extended Series D round. The company has received RMB4 billion across seven rounds to date from the likes of CDH Investments, Boyu Capital, Hopu Investment, Source Code Capital, and Hidden Hill Capital.

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• Topics
• Greater China
• Expansion
• Support services
• China
• Logistics
• CPE Capital
• Growth capital