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STATUS
Former
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YEAR
2020
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REGION
Asia
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BUSINESS
Private Equity
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VALUE CREATION METRICS
170%growth in port capacity, from 1.7M TEUs to 4.6M TEUs ownership1J M Baxi data from December 31, 2020, through December 31, 2022.
15%revenue growth, reflected by market share expansion ownership1J M Baxi data from December 31, 2020, through December 31, 2022.
2Xincrease in business valuation at exit ownership1J M Baxi data from December 31, 2020, through December 31, 2022.
Origination
Over the past several decades, India has progressively opened its port infrastructure to private investment, creating significant opportunities for well-capitalized operators. The Major Port Authorities Act of 2021 further accelerated this trend by granting ports greater operational and financial autonomy, enabling more efficient public–private partnerships.
J M Baxi, one of India’s most strategically positioned maritime logistics companies, operates across container terminals, inland depots, and allied services. Despite its century-long heritage, the business remained underscaled relative to global peers, with five terminals and a capacity of 1.7 million TEUs at the time of investment.
Opportunity and investment
Bain Capital identified J M Baxi as a compelling platform investment, supported by a strong founder-led team, deep ecosystem expertise, and an attractive entry multiple of 10.8x NTM EBITDA versus peers trading at 16–18x. The liberalization of India’s port infrastructure presented a unique opportunity to accelerate growth through both organic expansion and targeted M&A.
Value creation
We partnered closely with J M Baxi’s leadership to optimize operations, enhance governance, and scale the business through capacity expansion and strategic acquisitions.
- Enhanced operations and governance: Strengthened management by adding three senior executives and three independent board members, while implementing process improvements across sales, operations, and HR. Advanced sustainability initiatives through increased renewable energy usage, diversity programs, and governance enhancements at both board and executive levels.
- Expanded capacity and connectivity: Increased terminal capacity from 1.7M to 4.6M TEUs, raising market share to approximately 15%. Doubled first–last mile rail and road connectivity, and secured partnerships with CMA CGM and Indian Potash to support new terminal developments.
- Secured major concessions: Won four new concessions, including container terminals at Nhava Sheva and Tuticorin, driving 170% growth in port capacity. Built one of India’s largest over-dimensional cargo logistics platforms, further diversifying the company’s offering.
- Scaled through M&A: Completed two acquisitions at 5x EBITDA, creating India’s largest heavy logistics business with over 50% capacity share.
Next Chapter
Within 18 months, J M Baxi had transformed into a scaled national leader and attracted significant strategic interest. A competitive dual-track exit process culminated in a sale to Hapag-Lloyd at 17–21x EBITDA.
Through strategic expansion, operational excellence, and active governance, we helped transform J M Baxi from a regional player into India’s leading integrated maritime logistics platform, enhancing resilience, deepening workforce capabilities, and positioning the company for sustained growth.
