Philippines logistics firm LBC’s owners said to weigh stake sale

The owners of LBC Express Holdings Inc. are considering a stake sale in the Philippine delivery company amid interest from potential buyers, according to people familiar with the matter.

LBC Express’ owners, which include the Araneta family and private equity firm Crescent Point, are in talks with investment banks to help find a buyer for as much as 40% of the business, the people said, asking not to be identified because the matter is private. A sale process could kick off later this year and some logistics companies and investment funds have expressed initial interest, one of the people said.

Shares in LBC Express have risen about 13% in Manila in the past year. A 40% stake could be worth about $185 million based on the logistics firm’s market value on Monday.

No final decision has been made and LBC Express’ owners could still decide against pursuing a sale, the people said. A representative for the Araneta family declined to comment, while a representative for Crescent Point didn’t immediately respond to requests for comment.

Founded in 1945 by the Araneta family as a brokerage and air cargo agent, LBC Express now provides express delivery, cargo shipping and remittance services, according to its website. It has a network of more than 6,400 locations, partners and agents in more than 30 countries. The company went public on the Philippine stock exchange in 2001.

Crescent Point became a minority shareholder in LBC Express through a $50 million convertible bond deal in 2017. The private equity firm focuses on investments in consumer-facing businesses across China and Southeast Asia, according to its website.