Danish logistics provider Scan Global Logistics (SGL) has announced its newest owner, CVC Capital Partners Fund VIII or CVC, a press release dated 6 February stated.

CVC has agreed to acquire a majority shareholding in the company from an investor group led by AEA Investors Small Business Private Equity or AEA, but the financial terms of the transaction were not disclosed. In Asia, CVC also owns Fast Logistics in the Philippines, which operates an extensive network of transport, warehousing, distribution, and logistics solutions covering inland, air, and sea forwarding and courier services.

SGL, which adopts an asset-light business model, offers end-to-end logistics and freight forwarding services with focus on key verticals, including aid and relief, fashion and retail, automotive, technology, general manufacturing, food ingredients and additives, as well as pharma and healthcare. Over the last 5 years the company has made over 30 acquisitions, including that of Hong Kong-based Sea-Air Logistics in July 2022.

AEA took over Scan Global Logistics in 2016, after which SGL saw revenue grow by 33 percent percent each year since 2017. The transaction will see both AEA and SGL’s management, as minority stakeholders, co-invest alongside CVC. The deal is expected to close in Q2 2023, subject to regulatory approval and certain financing conditions.