LOS ANGELES (October 13,
2014) Platinum Equity announced today the planned sale of Neovia Logistics to
an affiliate of Goldman Sachs and investment funds affiliated with Rhône Capital
L.L.C. Financial terms of the
transaction were not disclosed. The closing of the transaction is pending
customary closing conditions including regulatory approvals.
Neovia Logistics provides
warehouse management and fulfillment services, distribution solutions and other
value-added logistics services through a network of more than 90 facilities in
25 countries around the world. Platinum
Equity acquired 65 percent of the business (formerly Caterpillar Logistics
Services) in July 2012 and Caterpillar Inc. (NYSE: CAT) retained a 35 percent
stake. The business was rebranded Neovia
Logistics at the end of 2012.
Platinum Equity Partner
Jacob Kotzubei said Neovia Logistics’ success is the result of a lot of hard
work from everyone involved.
“We achieved everything we
set out to, establishing Neovia as an industry leader with a great management
team, a strong corporate culture, and all the tools it needs to continue
succeeding long term,” said Mr. Kotzubei. “We are pleased with the value
created on behalf of the company’s employees, customers and our minority
partners at Caterpillar.”
As part of the sale
announced today, Caterpillar will be exiting its position in Neovia Logistics as
Highlights of operational initiatives
undertaken during Platinum Equity’s stewardship include:
a complex carve out from Caterpillar and established Neovia Logistics as a
standalone business with a new corporate identity.
a top-flight management team led by CEO Jos Opdeweegh, an experienced leader in
the logistics industry brought in to drive the transformation of the business,
and President Dan Spellman, a veteran of Caterpillar Logistics Services.
on a commitment to growth by expanding Neovia Logistics’ service offerings, global
presence and customer base.
the contract logistics division of MIQ Holdings, Inc. in June 2013 to expand
opportunities in end markets like technology, retail and healthcare.
Macquarie Capital and UBS
served as financial advisors to Platinum Equity on the sale of Neovia Logistics.
Bingham McCutchen served as legal advisor to Platinum Equity on the
transaction. Goldman Sachs and Deutsche
Bank Securities acted as financial advisors, and Davis Polk & Wardwell
acted as legal advisor, to the buyer syndicate.
Founded by Tom Gores in 1995, Platinum Equity is a
global investment firm with more than $7 billion in assets under management and
a portfolio of operating companies that generated approximately $15 billion in
revenue in 2013. Platinum Equity
specializes in mergers, acquisitions and operations – a trademarked strategy
the firm calls M&A&O® –
acquiring and operating companies in a broad range of business markets,
including manufacturing, information technology, telecommunications,
transportation and logistics, media, equipment rental, metals and other
industries. Over the past 19 years Platinum Equity has completed more than 150
acquisitions. For more information, visit Platinum Equity’s website: www.platinumequity.com.
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