Baring Asia exits Indonesian aviation services provider
Baring Private Equity Asia has sold its 41.65% stake in air freight and passenger services provider Cardig Aero Services (CAS) to Singapore Airport Terminal Services (SATS) for IDR1.1 billion ($93.5 million). The PE firm invested approximately $41 million in CAS in December 2011.
CAS is a leading food solutions and services provider in Indonesia with a presence at 17 airports nationwide. It provides airfreight handling, ramp handling and passenger services, as well as aircraft line maintenance, institutional and airline catering services and facility management services.
Baring Asia took its holding in CAS via Baring Private Equity Asia IV as the company went public in Jakarta, raising IDR125.1 billion (then $13.9 million). Indonesian GP Quvat Management exited CAS at this time. The other significant shareholder is Cardig Asset Management, a holding company owned by the family of CEO Diono Nurjadin.
CAS reported a net income of IDR189.4 billion in 2012, up 31% year-on-year, while revenues gained 25% to reach IDR1 trillion.
SATS is already a strategic partner of CAS, holding a 49.8% stake in the company's ground and cargo handling subsidiary. Singapore Aircraft Engineering has minority interest in CAS' line maintenance and technical ramp services business.
Indonesia's domestic air passenger traffic is growing at double-digit pace and Jakarta's main international airport is one of the 10 busiest in the world, handling around 60 million passengers a year.
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