Templeton backs Vietnam logistics player
Franklin Templeton Investments has committed $15.8 million to Indo Trans Logistics Corporation (ITL), a third-party logistics (3PL) and warehousing services provider in Vietnam.
ITL provides air, sea, road and rail transport, along with warehousing and last mile delivery services, in Vietnam and Indochina. It will use the new capital to support its organic growth and provide more working capital as it builds out its logistics services in its home market, according to a statement.
The company claimed to have generated revenue of over $110 million in 2014, more than any other Vietnamese 3PL provider. Demand for 3PL services has grown with the expansion of trade in Southeast Asia and the rise of e-commerce.
Templeton's investment was made from its Templeton Strategic Emerging Markets Fund IV (TSEMF IV). The vehicle launched in March 2012 and closed last year at $220 million. It targets undervalued companies with good management, growth prospects, and competitive advantages, and seeks to create value through a combination of new capital and business initiatives.
The firm's previous investments in Vietnam include a $15 million Series C round for restaurant operator Huy Vietnam that Templeton led in April, with participation by Welkin Capital and Prosperous Alliance.
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