DOWNERS
GROVE, Ill. (June 18, 2013) – Neovia Logistics, a global provider of complex supply chain solutions and logistics
services primarily serving the automotive, industrial, mining, aerospace and
defense industries, announced today that it has signed a
definitive agreement to acquire the contract logistics division of MIQ Holdings, Inc.
The
contract logistics business provides warehouse management and fulfillment
services, distribution solutions and other value-added logistics services through
a network of nine facilities in the United States and Canada.
“The contract logistics business has
a blue-chip customer base, talented employees, a comprehensive network of
facilities across North America, and a well-deserved reputation for exceptional
customer service,” said Neovia CEO Jos Opdeweegh. “This acquisition is a great
strategic fit for Neovia and creates exciting new opportunities for our
business, particularly in end markets like technology, retail and healthcare,
where we are looking to expand.”
Platinum
Equity acquired 65 percent of Neovia (formerly Caterpillar Logistics Services)
in July 2012 and rebranded the business near the end of last year. Caterpillar
retained a 35 percent stake.
Platinum
Equity Partner Jacob Kotzubei expressed enthusiasm about the trajectory of the
business in its first year as part of Platinum’s portfolio.
“We have made a lot of progress at
Neovia in a short period of time. We carved the business out from Caterpillar,
assembled a world-class management team and established a new corporate
identity,” said Mr. Kotzubei. “Neovia is cultivating new customer
relationships and delivering on its commitment to growth, and we are excited
about the value the contract logistics business brings to the company. We
will continue pursuing opportunities to expand Neovia’s service offerings,
global presence and customer base.”
John Carr, President and Chief
Executive Officer of MIQ Logistics, explained that selling the contract
logistics business to Neovia works to everyone’s benefit.
“At MIQ Logistics, our focus is on
our core service lines and providing the highest level of non-asset based
logistics services to our customers. This transaction is consistent with our
long-term strategy and vision for our organization, and Neovia is the right
place for our contract logistics customers and employees,” said Mr. Carr.
About Neovia:
Neovia is the global, integrated logistics service provider for
companies facing complex logistics challenges. Today, Neovia provides customer-centric
supply chain solutions across six continents in key sectors including
industrial, automotive, mining, maintenance, repair and operations (MRO), oil
and gas, consumer durables, aerospace and defense, high tech and electronics,
and health care. Neovia provides end-to-end supply chain solutions with
specific expertise in value chain strategy, network design, and execution. The
Neovia team creates and employs innovative technology and systems to provide
customized services in management of warehouses, operations, inventory, and
transportation, as well as inbound manufacturing, reverse logistics, and more. Visit www.neovialogistics.com
About Platinum
Equity
Platinum Equity (www.platinumequity.com) is a global
M&A&O® firm specializing in the merger, acquisition and
operation of companies that provide services and solutions to customers in a
broad range of business markets, including information technology,
telecommunications, logistics, metals services, manufacturing and distribution.
Since its founding in 1995 by Tom Gores, Platinum Equity has completed more
than 150 acquisitions.
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