Caterpillar Logistics Services has been renamed Neovia Logistics Services following its buyout from Caterpillar by Platinum Equity.
Jos Opdeweegh, who became chief executive of the business following the buyout, said: “The new name, which translates to ‘a new path,’ and our brand mark expresses our forward-thinking culture as we set off on that path.
“The new visual identity, in which multiple geometric shapes are brought together in a simple, unified icon symbolises the agility, flexibility and problem-solving capabilities the people of Neovia bring to our customers.”
Neovia provides third-party logistics solutions to the automotive, industrial, mining, aerospace and defence industries. It specialises in service parts logistics, and also provides solutions for maintenance, repair and operations and manufacturing logistics. It has 97 sites in 25 countries.
Its main UK operation is a 200,000 square metre site at Leicester. Other facilities are located in Lichfield, Hemel Hempstead, Manchester, Peterborough, Peterlee and Wakefield.
Platinum Equity, the Los Angeles-based private equity firm, acquired a majority interest in the company from Caterpillar Inc in July in a deal worth $750m (£477m). Caterpillar retained a 35 per cent equity stake.
Partner Jacob Kotzubei said: “Our long-term plan is to help Neovia expand its service offering and further diversify its reach. We are excited about the prospects for the business and are committed to helping it achieve its full potential.”
Platinum Equity first entered the logistics business in November 2003, when it bought Hays Logistics from Hays plc for $170m (£105m). It renamed the business ACR Logistics and two years later sold it to Kuehne + Nagel for 500m euros (£400m).