Platinum Equity has sold its 65 per cent stake in Neovia Logistics to an affiliate of Goldman Sachs and investment funds affiliated with Rhône Capital. Caterpillar Inc has also sold its 35 per cent stake in the business.
Neovia provides warehouse management and fulfilment 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 per cent of the business (formerly Caterpillar Logistics Services) in July 2012 in a deal worth $750m. Caterpillar Inc retained a 35 per cent stake.
The business was rebranded Neovia Logistics at the end of 2012.
Platinum Equity partner Jacob Kotzubei said: “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.”
In the UK, Neovia provides integrated supply chain services that incorporate information technology, warehouse management, transport management, inventory management and product support. Its main UK operation is a 200,000 square metre site at Desford near Leicester.