Neovia Logistics Completes Comprehensive Recapitalization
Press Release | 05.08.19

Underlying Business Strength Affirmed by Support from Existing and New Investors

Moves Forward with Strengthened Financial Foundation, Well-Positioned for Long-Term Growth

IRVING, Texas – May 8, 2019 – Neovia Logistics (“Neovia” or “the Company”), a global supplier of logistics services, today announced that it has completed a comprehensive recapitalization and refinancing of the Company’s balance sheet.

Through this previously announced recapitalization, the company secured a $75 million Super-Senior Revolver and a $325 million First Lien Term Loan. In addition to the First Lien financing, the recapitalization includes a privately placed $202 million Second Lien Term Loan and a preferred equity investment of $168 million from Neovia’s existing sponsors, the Goldman Sachs Merchant Banking Division and Rhône Capital.

“We appreciate the confidence our investors have demonstrated throughout this process and look forward to continued solid financial and operational performances,” said Chief Executive Officer Pat Olney. “That our existing investors have increased their commitment as part of this recapitalization speaks to their faith in our ability to continue driving long-term, profitable growth.”

Olney noted that investors pointed to the underlying strength of Neovia’s core business as a reason for supporting the refinancing.

“The recapitalization of our balance sheet further supports the operational momentum we already have underway. In addition to achieving double-digit growth last year, we delivered back-to-back years of record new business wins and have maintained a better than 90% profitable contract renewal rate,” Olney explained. “Looking ahead, we are focused on expanding into new markets and geographies, introducing new services and innovative technologies, and continuing to drive a culture of operational excellence and accountability. We are excited about the future and the opportunities that our new capital structure affords us.”

“We have been partners with Neovia since our investment in 2015,” said Franz-Ferdinand Buerstedde, Managing Director at Rhône Capital. “With this recapitalization complete, we look forward to building on that relationship and supporting their continued growth.”

“This enhanced financial position allows Neovia to continue building its industry-leading logistics capabilities and providing value to its customers around the world,” said Charlie Gailliot, Managing Director in the Goldman Sachs Merchant Banking Division. “We are excited about the opportunity to continue supporting its efforts.”

Centerview Partners LLC is serving as financial advisor to Neovia, and Davis Polk & Wardwell LLP is serving as its legal advisor. Goldman Sachs Lending Partners LLC is serving as lead arranger on the First Lien financing.

About Neovia Logistics
Neovia is a global leader in third-party logistics, operating more than 100 facilities in 20 plus countries across six continents. For over 30 years, Neovia has combined an OEM mindset with real-world innovation to partner with, and solve complex logistics challenges for, leading companies in the automotive, industrial, aerospace and technology sectors.

Stephen Boone
Communications Director, Neovia Logistics