Solis Capital Partners LLC, a Newport Beach-based private equity group, revealed that it had sold its majority interest in Tigers Ltd to GeoPost S.A. in France.. Tigers Ltd. is a Hong Kong-based logistics and transportation firm.
GeoPost is one of Europe's biggest express parcel carrier providers. Last year, the company recorded US$5.32 billion in revenue . After the deal, GeoPost will now own 63.75% of Tigers Ltd.
"Ultimately it was likely that we would exit to them," Dan Lubeck, Managing Director of Solis, said.
The company continues to move forward despite the exit. Solis recently closed its second funding round that raised US$61 million in capital commitments. The private equity firm effectively employed its first fund into five portfolio companies. These companies included Certi-Fresh Foods Inc. in Wilmington and Kamino.
"Other than some trailing economic interest, we have no involvement in the Solis I portfolio. The first fund investors got 3.4 times their capital," Lubeck reported. Lubeck added he was already considering a handful of opportunities for the second fund.
Solis invests in companies worth around US$2 million to US$25 million with revenues of US$15 million to US$100 million.
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