Abraaj takes majority stake in Latin American courier Urbano
The Abraaj Group has bought a majority stake in the Latin American courier and logistics company Urbano as the private equity firm seeks to boost its investment in the region.
Abraaj did not disclose the size of the stake it was acquiring or the value of the deal.
Urbano, with operations in Peru, Ecuador and El Salvador, specialises in document delivery, and printing and document management services, among other services.
“We believe this is an opportune time to invest in the courier and light logistics sector in Latin America, which is enjoying high levels of growth as a result of strong consumer and corporate demand,” said Miguel Olea, partner and regional head of Latin America at Abraaj.
Dubai-based Abraaj has a track record of acquisitions in the logistics sector, with a high-profile investment in the courier Aramex, which is now listed in Dubai.
In Latin America, the company has invested in Colombia, Mexico and Peru since 2008 in sectors that include retail, tourism, technology, food and beverage, and consumer goods.
With assets of US$9 billion, Abraaj owns stakes in several high-profile companies that include the low-cost carrier Air Arabia and the supermarket chain Spinneys.
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Updated: August 13, 2015 04:00 AM