Neovia to Acquire MIQ Contract Logistics Business
Press Release | 06.18.13
Neovia Logistics has signed a definitive agreement to acquire the contract logistics division of MIQ Holdings, Inc.
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.