Baring exits Indonesia’s Cardig

The pan-regional firm has sold its shares in airport services company Cardig.

Baring Private Equity Asia has exited its stake in Indonesia-based airline cargo and catering company Cardig Aero Services, according to a statement from the firm.

Baring sold its 41.65 percent stake to Singapore Airport Terminal Services (SATS) for $93.5 million, the statement said.

Further financial details were not disclosed.

CAS, owned by a family group, is present at 17 airports in Indonesia, providing services such as airfreight handling, aircraft line maintenance and airline catering services. Baring originally bought shares of CAS when it launched an IPO in 2011.

Last week, another Baring portfolio company, Hong Kong-based school operator Nord Anglia applied to sell $300 million worth of common stock on the New York Stock Exchange, Private Equity International reported earlier.

Baring acquired Nord Anglia in 2008 for $360 million and owns 97 percent of the business, while company management owns the balance.

The firm has also been active on the investment side, in November proposing the $2.8 billion take-private of Chinese online game developer Giant Interactive from the NYSE, which is still awaiting approval.

Also last year, Baring’s $260 million investment in India’s IT services company Hexaware, with the potential to increase it to $465 million, was the firm’s largest investment ever in the country.

Founded in 1997, Baring Private Equity Asia is a pan-regional firm focused on the mid-market. It advises funds with $5 billion in total committed capital. With Fund V more than half invested, the firm is expected to launch Fund VI sometime later this year.