(Bloomberg) -- EmergeVest, a Hong Kong-based private equity firm, is considering strategic options for its logistics business EV Cargo amid a surge in investor demand in the sector, according to people familiar with the matter.

The buyout firm is working with financial advisers on the review, which could lead to a sale or an initial public offering of the business, the people said, asking not to be identified because the matter is private. A potential transaction could give the business a value of at least $1.5 billion, the people said. 

EmergeVest is considering potential listing venues for EV Cargo including New York, two of the people said. 

Considerations are still preliminary and no final decision has been made on any potential transaction, the people said. The owner could also decide to retain the business for longer, the people said. A representative for EmergeVest declined to comment.

EmergeVest created EV Cargo in 2018 after combining six U.K. logistics companies in its portfolio, according to the private equity firm’s website. The Hong Kong-headquartered freight forwarding, supply chain and technology company generated $1.4 billion in revenue and is targeting $3 billion by 2025, according to a statement on its website.

Founded in 2013 by veteran bankers from Credit Suisse Group AG and HSBC Holdings Plc, EmergeVest has invested in more than 25 companies and counts holdings in more than 30 countries. The buyout firm has also been planning to raise $250 million through a special purpose acquisition company in the U.S., Bloomberg News reported earlier this year.

Logistics assets have attracted interest from buyers across Asia Pacific this year after the Covid-19 pandemic spurred a surge in online shopping. Recent deals in the sector include South Korea’s CJ Logistics Corp. and partners agreeing to sell Chinese unit CJ Rokin Logistics Supply Chain Co. to FountainVest Partners for 733.8 billion won ($619 million). 

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