Pacific Equity Partners (PEP) has completed its acquisition of Freight Management Holdings (FMH Group) from Singapore Post (SingPost), marking one of the largest Australian logistics transactions in recent years. The sale, finalised on 27 March 2025, values FMH Group at an enterprise value of A$1.02 billion (approximately S$867.0 million).
Deal Overview
The transaction sees PEP, one of Australia’s most established private equity firms, take full ownership of FMH Group and its portfolio of logistics businesses. SingPost confirmed that the sale unlocked a gain of S$289.5 million, representing a significant return on its investment in the Australian logistics sector.
FMH Group encompasses several well-known Australian logistics brands, including Border Express, CouriersPlease, and other freight and delivery operations. Combined group revenues are expected to exceed well over A$1 billion, underscoring the scale of the business PEP has acquired.
For context, SingPost had originally acquired Border Express in March 2024 for A$210 million as part of its strategy to build an integrated Australian logistics platform. The sale of the broader FMH Group to PEP just one year later — at a substantially higher enterprise value — highlights how quickly the group’s strategic value has grown under consolidated ownership.
What It Means for Border Express
Border Express, an Australian freight specialist since 1981, is the centrepiece of the FMH Group portfolio. The company operates more than 16 facilities nationally, runs a fleet of over 700 vehicles, and employs more than 1,300 people. It is widely regarded as a reliable B2B road freight carrier with deep expertise in palletised and general freight across metropolitan and regional Australia.
Under PEP’s ownership, Border Express and its sister brands are expected to benefit from a dedicated growth mandate. PEP has indicated that the acquisition heralds “an exciting new chapter” for FMH Group, with plans to invest in technology, network expansion, and service capability.
For businesses that ship with Border Express or CouriersPlease, the transition to private equity ownership is unlikely to cause immediate operational disruption. PEP’s track record in logistics and industrial services suggests a focus on organic growth and operational improvement rather than cost-cutting restructures.
Industry Implications
This acquisition carries several broader signals for the Australian logistics market:
- Private equity appetite for logistics remains strong. A billion-dollar valuation for a domestic freight group confirms that investors view Australian logistics infrastructure as a high-quality, growth-oriented asset class.
- Consolidation continues to reshape the carrier landscape. The movement of FMH Group from a Singaporean postal conglomerate to an Australian PE firm reflects ongoing shifts in who owns and operates the country’s freight networks.
- Mid-market carriers are attracting premium valuations. Border Express’s established network, customer relationships, and operational maturity make it the kind of asset that commands significant investor interest — a trend that benefits well-run carriers at every level.
- SingPost’s strategic pivot. The divestment allows SingPost to refocus on its core postal and e-commerce logistics operations in Asia, as reported by Business News Australia.
For shippers and 3PLs working with FMH Group brands, the key takeaway is continuity. PEP brings patient capital and operational expertise, and the group’s day-to-day services are expected to continue without interruption as the new ownership settles in.