Platinum Equity said Tuesday that its sale of Neovia Logistics to Goldman Sachs and Rhône Capital L.L.C has been completed. Financial terms of the transaction were not disclosed. Neovia Logistics provides spare parts logistics, warehouse management and fulfillment services and distribution solutions. Macquarie Capital and UBS served as financial advisors to Platinum Equity while Goldman Sachs and Deutsche Bank Securities advised the buyers.
LOS ANGELES, CA–(Marketwired – March 03, 2015) – Platinum Equity announced today the sale of Neovia Logistics to an affiliate of Goldman Sachs and investment funds affiliated with Rhône Capital L.L.C has been completed. Financial terms of the transaction were not disclosed.
Neovia Logistics provides spare parts logistics, warehouse management and fulfillment services, distribution solutions and other value-added logistics services through a network of more than 100 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 is another representation of Platinum Equity’s ability to create value in the area of corporate divestitures.
“Neovia was a great example of our core expertise in corporate divestitures, where sellers trust Platinum Equity to not only execute seamless transitions when we buy a business, but then to operate the businesses in a way that helps it reach its potential,” said Mr. Kotzubei. “Today Neovia is a fundamentally strong company that is well positioned to succeed under new ownership. We are pleased with the value created on behalf of the company’s employees, customers and our former minority partners at Caterpillar.”
As part of the divestiture, Caterpillar has exited its position in Neovia Logistics as well.
Macquarie Capital and UBS served as financial advisors to Platinum Equity on the sale of Neovia Logistics. Morgan Lewis served as legal advisor to Platinum Equity on the transaction. Goldman Sachs and Deutsche Bank Securities acted as financial advisors, and Davis Polk & Wardwell LLP acted as legal advisor, to the buyer syndicate.
About Platinum Equity
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.