Exclusive: PE firm Mount Kellett exits Chinese logistics co Xinbang

US-based multi-strategy investment firm Mount Kellett Capital Management LP has exited its investment in Xinbang Logistics, a Chinese logistics company.

It has sold its stake to Taiwanese consortium led by HCT Logistics, a leading logistics service provider based in Taiwan.

The investment will further enable Xinbang Logistics to accelerate its growth plan and expand its nationwide cargo network.

The exit value and return could not be immediately ascertained.

Founded in 2003, Xinbang Logistics operates as less-than-truckload logistics provider in China. It has more than 550 branches and records an annual revenue of over RMB 1 billion ($150 million).

New York-headquartered Mount Kellett is a multi-strategy private investment firm focused on global value, special situations and opportunistic investing across asset classes and industries, including real estate. It was founded by former Goldman Sachs partner Mark McGoldrick in 2008 and seeks to invest in both public and private companies.

In India, the PE firm has companies like Jain Irrigation Systems and retail pharmacy chain Medplus Healthcare in its portfolio. Last year in June, the firm had exited its investment in Educomp Solutions reportedly at a huge loss. Mount Kellett had also invested in IDFC which it exited in 2013.

BDA Partners is learnt to have acted as the financial advisor to Mount Kellett Capital on this deal.

In the logistics space in China, last week DEALSTREETASIA reported that IFC, the private lending arm of the World Bank, was looking to invest up to $20 million in HuoCheBang, an online truck logistics B2B platform.

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