Macquarie consortium completes Qube acquisition

“AN EXCITING new chapter” is how the acquisition of logistics giant Qube by a Macquarie Asset Management (MAM) consortium has been described by a senior executive.

MAM, together with its managed funds and co-investors including UniSuper and Pontegadea, last week completed their investment in Qube Holdings via a scheme of arrangement, valuing Qube in the order of a cool $A11.7bn.

Qube has an extensive asset footprint across Australia, New Zealand and Southeast Asia.

Qube managing director Paul Digney said the deal marked “an exciting new chapter in the growth and evolution of Qube and it underscores the strength of the business, the strong position we have established and the quality of our assets, people and safety culture”.

“My team and I look forward to working with MAM and its co-investors on the next phase of growth and diversification for Qube, while continuing our strong track record of enhancing supply chains and delivering innovative solutions and outstanding service to our customers,” he said.

According to MAM, the investment is backed by long-term structural trends including demographics and rising demand for goods and services.

MAM and its co-investors are expected to work with Qube on the next growth phase, with a focus on opportunities across the Asia Pacific region.

Head of Macquarie Asset Management, Ben Way, said their investment in Qube highlighted their ability to execute complex transactions and source compelling investment opportunities.

Container Transport Alliance Australia director Neil Chambers said the move was “a significant investment underpinning the future growth of Qube as a significant logistics company in Australia”.

“It demonstrates that when the fundamentals are sound … right growth strategy, strong balance sheet, committed management and staff, and quality assets … investments of this magnitude underscore that importance of the freight logistics sector in the Australian economy,” Mr Chambers said.

MAM co-head of infrastructure for Asia-Pacific, Ani Satchcroft, meanwhile, said Qube was “well positioned to benefit from an increasing focus on supply chain capability at a time of demographic and GDP growth”.

“Our investment in Qube demonstrates our conviction in the role of private capital in supporting logistics infrastructure, security and resilience opportunities across the APAC region,” Ms Satchcroft said.

Chief investment officer at UniSuper, John Pearce, said providing access to quality unlisted assets was “a major competitive edge for UniSuper”.

Pontegadea chief investment officer, Patricia Alonso, said they were “very pleased to expand Pontegadea’s global investment portfolio into Australia”.

“This transaction represents a further step for Pontegadea’s global strategy of investment diversification specifically targeting high-quality assets such as Qube, and strengthens our commitment to invest in innovative infrastructure,” she said.