KKR is one of several shortlisted parties in the USD 2.5bn sale of Asia-Pacific logistics business, Loscam, three sources familiar said.

Macquarie Asset Management and EQT are likely among the others, one source added.

Non-binding offers were lodged in mid-July.

Victoria, Australia-based Loscam is one of Asia-Pacific’s leading pallet pooling companies.

Loscam’s Chinese owners, China Merchants, Trustar and FountainVest, started to market the whole of the logistics company’s Asia Pacific business earlier this year after halting a sale of the Australia and NZ arm in 2022.

One of them would like to retain a stake in Loscam, two of the sources said, which may prove a stumbling block for bidders, one added.

Bloomberg reported last month that China Merchants’ private equity arm China Merchants Capital was also a bidder for the business.

Spokespeople and officials for the Loscam owners, KKR, Macquarie and EQT either declined to comment or did not respond to requests.

Other potential bidders included Australia-listed pallet pooling business, Brambles, Carlyle, Brookfield, Morgan Stanley Infrastructure Partners, Pacific Equity Partners, as reported.

Brambles CEO, Graham Chipchase, at its annual results briefing today said it would be “silly not to look at” the Loscam sale, Mergermarket reported. But pointed out its dominant market position in most countries would make it difficult to bid. Brambles was looking at Loscam’s Southeast Asia business, where it does not have a strong presence.

Pacific Equity Partners previously bid in the Australia and NZ sale, but did not bid this time, another source said.

China Merchants acquired Loscam for about USD 546m, while CITIC Capital and FountainVest paid about USD 356m for a 55% equity share in 2018, with CITIC (later renamed as Trustar) holding 33% and FountainVest holding a 22% stake.