Neovia Logistics, which was floated off from the Caterpillar Group last year, has signed a contract to acquire the contract logistics division of MIQ Holdings, which operates nine facilities across North America.
Chief executive officer Jos Opdeweegh said: “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.”
Platinum Equity acquired 65 per cent of Neovia (formerly Caterpillar Logistics Services) in July 2012 and rebranded the business near the end of last year. Partner Jacob Kotzubei said: “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.
“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, said: “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 organisation, and Neovia is the right place for our contract logistics customers and employees.”
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