Partners Group exits Apex Logistics stake to Kühne+Nagel in 2025.

In a strategic exit, Partners Group has divested its 24.9% minority stake in Apex Logistics, the China-based air freight provider, selling to the group's majority owner, Kühne+Nagel. The transaction places a valuation of Apex above $4 billion and marks the culmination of Partners Group's investment that began in 2021.

Since it joined Apex as a minority investor, Partners Group helped accelerate the company's expansion into a global logistics platform, with Apex operating in 48 locations and serving more than 20,000 customers in over 70 countries. In 2024 the company moved substantial cargo volumes, hauling around 420,000 tonnes of air freight and handling roughly 300,000 TEU of ocean freight, underscoring its role in bridging Asia's manufacturing hubs with the rest of the world.

The deal arrives as cross-border logistics continues to consolidate, with traditional freight players seeking scale, improved technology, and integrated charter capacity. Apex's charter expansion and technology investments have been central to its growth, and Kühne+Nagel's purchase is expected to accelerate further integration of the two firms' networks and digital platforms.

Mechanically, Partners Group sold its stake to the majority holder as part of an agreed buyback framework supported by liquidity facilities. The exit was executed with a buyback obligation of 886 million CHF, and the closing is anticipated later in the year. The transaction demonstrates how PE sponsors are harvesting gains from high-growth logistics assets as valuations hold up amid steady demand for cross-border trade.

From a market perspective, the Apex transaction reflects a broader wave of private capital exiting long-duration logistics bets in China, even as global logistics demand remains robust.