The Dealmakers in Dubai

By Luke King

LPX Partners, the investment and advisory arm of US-headquartered Logistics Plus, is turning supply chain risk into opportunity. Luke King caught up with LPXP directors Thomas Skellingsted and Keertan Menon in Dubai to find out how they’re doing it.

From Issue 5, 2025 of Breakbulk Magazine.

(5-minute read)

When we meet in Dubai in mid-August, Thomas Skellingsted is fresh off the plane from Houston and embracing his new role at LPX Partners (LPXP). “It’s been a fantastic first week,” he tells me, clearly relishing the opportunity to hit the ground running.

As managing director of LPXP, the recently-launched investment and advisory arm of U.S.-headquartered Logistics Plus, Skellingsted brings more than two decades of global leadership experience and is charged with building the firm’s consulting practice. The concept behind LPXP represents something relatively unique in the logistics sector, combining investment capital with operational capability. But for Logistics Plus, the motivation extends beyond pure financial returns.

For its parent company, LPXP serves a dual purpose: generating returns while also strategically positioning Logistics Plus to meet future challenges. The focus on supply chain resilience isn’t an abstract concept — it’s about investing at an early stage in technologies that will future-proof their business, while also securing access to critical infrastructure in an increasingly volatile global trade environment.

“Most supply chain disruptions we’ve seen over the last few years has underscored a simple truth: resilience depends on control of both technology and infrastructure,” says Keertan Menon, managing partner of LPXP.

“In today’s world, with everything that’s going on with dislocations across global supply chains, from geopolitical tensions to shifting trade corridors, actively having a stake in frontier logistics technologies as well as critical logistics and infrastructure assets provides a real advantage,” says Menon, who recently moved from Singapore to Dubai.

“It allows us to shape and secure trade flows, mitigate volatility and ultimately deliver greater reliability for us, our partners and clients.”

The firm is also scouting for acquisition opportunities as Logistics Plus expands into new markets. “As you set up shop in a new geography, you typically come to a crossroads where you ask yourself: do you want to build, or do you want to buy?” Menon explains.

“We would evaluate a traditional LSP-type business and see whether that’s something we would want to acquire to turbocharge growth from day one, or whether it makes more sense to build out a team from the ground up with the right people.”

Skellingsted points to their current Middle East expansion as an example: “We’re setting up shop as a consultancy in Dubai, and we’re also looking into the freight forwarding side. Within the next six months, we’re looking at either buying something existing and driving it to success, or building it from scratch.”

A Dual Approach to Growth

LPXP operates with two distinct but complementary business strands. The consulting division works with corporates, multinationals and SMEs to solve operational challenges, drive efficiency and optimize supply chain strategies. The investment arm, meanwhile, targets early-stage logistics and supply chain-related technology companies and strategic infrastructure assets that can strengthen global supply chain resilience.

“Our services can be separate or complementary,” Menon says when asked about the dual approach. “You can have a case where the consulting division partners with the folks in our network, and it doesn’t necessitate an investment. But on the flip side, there are companies we invest in where, once we deploy capital, we’re able to help them with new market entry and business development.”

For Skellingsted, the approach represents a new challenge. “My network is coming alive again in some shape and form,” he says, reflecting on recent client meetings that he says have generated significant traction.

“I’m bringing all my past experience and my toolbox, as I usually call it. My toolbox just got bigger. With a client, you never say no, especially when you can deliver all the things they’re asking for.”

On the early-stage investment side, LPXP focuses primarily on early-stage opportunities between the Seed to Series A rounds with check sizes starting from US$200,000 and up. Their target sectors include warehousing automation and robotics, AI-driven SaaS for logistics management, customs and regulatory technology, and sourcing and procurement platforms, as well as sustainability, visibility and control towers, and niche vertical solutions like cold chain and aerospace.

For later-stage investments, where the focus is on infrastructure assets like ports, dual-use logistics facilities, intermodal rail yards and air cargo terminals, the firm partners with larger co-investors, rather than investing alone. These investments chime with the greater goal of strengthening global supply chain resilience.

Operational Independence With Strategic Oversight

The firm operates independently in sourcing, reviewing and conducting due diligence on opportunities, though ultimately investment decisions are approved by Logistics Plus’ investment committee, since they’re investing from the parent company’s balance sheet.

What differentiates LPXP from traditional venture capital firms is their operational foundation. Rather than starting as financial investors and adding operational expertise, they’ve built from operational strength and subsequently added investment capabilities.

“Capital is such a commodity in today’s world,” Menon observes. “What founders and companies value in a firm like ours is that we’re bringing more to the table than just capital. We offer a vast network and deep operational expertise that has been cultivated since Logistics Plus was founded in 1996.”

That network advantage allows LPXP to fast-track nascent companies into established markets. “Think of an early-stage company that’s looking to test out its go-to-market strategy or scale in a particular geography. We would be able to plug them in quickly, depending on the product, company and the geography they’re looking to get into."

A significant focus for LPXP’s consulting practice is control tower implementation, essentially becoming the 4PL logistics partner for companies that have outsourced their logistics departments but need expert oversight.

“There’s actually a large number of companies, manufacturers, oil and gas companies, who are downsizing. They have no logistics department left,” Skellingsted explains. “That’s where we can do a 4PL, we go in and become the logistics partner for them and run the operation.”

Geographic Strategy and Market Differences

With Menon opening LPXP in Dubai earlier this year, the firm is strategically positioned to capitalize on opportunities across multiple continents. The Middle East is an obvious area of focus, where first-mover advantages are more readily available in nascent markets.

“The markets in MENA are, on a standalone basis, relatively smaller today in areas like logistics tech,” says Menon. “But despite the nuances of each individual country, we view the region as one parcel of opportunity. With sovereign wealth funds actively backing innovation and infrastructure, their support is pushing the ecosystem forward in ways that can make growth very explosive.”

What’s particularly interesting in the Middle East is the rise of green and sustainable logistics companies with strong support from their governments. “Across Saudi, Qatar, and the UAE, many of these firms operate with explicit government mandates – a clear signal of the region’s proactive push to drive forward sustainability initiatives. That level of public-sector support is extremely attractive,” Menon notes.

The regulatory environment in the region is also appealing. “There’s a lot more support from the government here,” Skellingsted notes. “It’s a low- or no-tax environment and the government of the UAE is definitely keen on encouraging tech adoption. Even within the government itself, everything is digitalized, whereas a lot of countries, like those in Europe, are still bureaucratic and running on paper.”

The dynamic approach contrasts sharply with slower-moving jurisdictions. “Just look at Saudi, how they’ve started up the NEOM project over a short period. That would never have happened in Europe or the U.S., they’d still be talking about it. Here you’ve got governments who are proactive, just doing it,” Skellingsted adds.

Investment Criteria and Future Opportunities

When evaluating potential investments, LPXP looks beyond financial metrics to assess founder quality and vision alignment.

“We make calculated investments in founders,” Menon explains. “We wouldn’t be in a situation where we want to take control and run the ship, but instead provide guidance. At an earlier stage, this process is about reading people as much as it is business analysis because, the later stage you go, the more the weight shifts toward financial performance, scalability and asset quality. But it’s very important to have strong conviction in the people behind the business at the early stage.”

Red flags that might scupper a potential deal include weak unit economics disguised by topline growth, a lack of defensible competitive advantages and, most critically, misalignment in founder vision. “If there’s excessive leverage, unmanaged political or regulatory risk, or unclear execution plans, those would raise concerns,” Menon notes.

Looking ahead, LPXP sees significant potential in AI-driven technologies that solve genuine logistics pain points. The firm has even recently hired a global specialist in customs, trade and compliance to capitalize on opportunities arising from changing global trade policies.

“With the whole tariff thing, there’s a huge potential for us right now,” Skellingsted notes. “There’s so much money to save if you know how to move your shipments around.”

The technological possibilities are expanding rapidly, too. “There’s been a huge lack of HTS (Harmonized Tariff Schedule) coding engineers, the ones who sit with products and find out what the right code is when a company wants to export or import,” Skellingsted explains. “Now with new technology and artificial intelligence, you’ll have robots which can simply start working on this automatically and get you the best coding.”

The firm also sees opportunities in renewable energy logistics, green port operations and sustainable logistics technologies. “Right now, much of our focus is on supporting the traditional energy sector, where we’ve built strong expertise in oil and gas supply chains and industrial logistics.

“At the same time, we are expanding rapidly into renewables, from wind and solar projects to broader energy-transition supply chains, while continuing to serve traditional warehousing and distribution clients,” says Skellingsted.

Building for the Long Term

As LPXP continues building its team and expanding its geographic reach, the combination of Logistics Plus’s operational expertise with strategic investment capability positions them uniquely in a market where traditional financial investors increasingly struggle to differentiate themselves.

“In the traditional VC space, most investors are focused on financial returns above all else,” Menon observes. “They look at spreadsheets, they bring capital, but unless there’s deep sector expertise, there’s not much operational value. But in our case, we started off with the operational edge and now we’re adding the investment side to it.”

The firm’s approach to exits reflects this long-term perspective. “We want to partner with these companies for the long haul,” Menon explains. “We’re not solely in the business of acquiring companies that we would integrate wholly into LP without any exit path.

“We would be open down the road to secondary sales to other like-minded investors or financial sponsors, or strategic sales if we acquire a company. But for the time being, we’re less focused on the exit and more on finding outstanding companies to invest in."

Breakbulk Middle East is returning to Dubai on 4-5 February 2026.

Top photo: Thomas Skellingsted (left), Keertan Menon (right) in Dubai. Credit: Talal Berkdar
Second: LPXP is the investment arm of U.S.-based Logistics Plus. Credit: LPXP