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Bain Capital Private Equity affiliate sells J M Baxi stake to Hapag-Lloyd

January 25, 2023

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Bain Capital Private Equity affiliate sells J M Baxi stake to Hapag-Lloyd

Mumbai – January 25, 2023 – Bain Capital Private Equity, a leading global private investment firm, today announced that its affiliate has sold its stake in diversified maritime logistics player J M Baxi Ports & Logistics Ltd (“J M Baxi”) to German head quartered shipping and container transportation company Hapag-Lloyd. Financial terms of the private transaction were not disclosed.

The transaction follows a two-year investment by the Bain Capital Private Equity affiliate which helped J M Baxi expand its port capacity and logistics units, strengthen its financial profile despite macroeconomic and supply chain challenges and deepen its highly skilled workforce. The company focused on expansion through four major concession wins, including operating container terminals in Nhava Sheva and Tuticorin, resulting in 170% growth in port capacity.  The company also built one of the largest over-dimensional cargo logistics units in India.  

Dhruv Kotak, Managing Director, J M Baxi Ports & Logistics said "India is positioned to have a dramatic impact on global trade. Whether we do so will depend on how quickly we develop infrastructure and allied logistics services to integrate into global value chains. Interface among ships, ports, and hinterland, is central to the creation of value. Bain Capital Private Equity has been a great investor of immense value to our growth strategy. We are poised to move to the next level in our growth journey and welcome Hapag-Lloyd as our valued partner, and together we will set out our vision towards the new milestone."

“J M Baxi is among the top five maritime and logistics firms in India and has been at the forefront of several industry-leading initiatives in its journey of over 100 years. We are privileged to have invested and associated with the Kotak family and management, which has resulted in the company’s growth, balance sheet optimization and innovation,” said Pawan Singh, a Partner at Bain Capital Private Equity. 

“We believe that the company has a strong financial and commercial foundation that will enable it to achieve ever greater heights and will positively contribute to the efforts of India’s Make in India and Atmanirbhar Bharat programmes. Hapag-Lloyd is the right partner to help J M Baxi in this journey,” added Rishi Mandawat, a Partner at Bain Capital Private Equity. 

The closing of the transactions is subject to approval by the relevant authorities. Credit Suisse acted as exclusive financial advisor to J M Baxi. Credit Suisse and Kotak Investment Bank acted as financial advisors to Bain Capital Private Equity. 

About Bain Capital Private Equity:

Bain Capital Private Equity has partnered closely with management teams to provide the strategic inputs that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity's global team of more than 280 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media, and telecommunications. Bain Capital has 23 offices on four continents. The firm has made primary or add-on investments in more than 1,100 companies since its inception. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital, and real estate, managing approximately $160 billion in total assets and leveraging the firm's shared platform to capture opportunities in strategic areas of focus. 
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About J M Baxi:
J M Baxi Ports & Logistics Limited is a leading private terminal and inland logistics service provider in India. The operations comprise container terminals, a multi-purpose terminal, inland container depots, container freight stations and additional logistics activities, such as rail service offerings across India. The company employs around 5,400 staff and handles a combined container volume of approximately 1.6 million TEU. J M Baxi Ports & Logistics Limited recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin.
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