Neovia Logistics Services Acquisition, Valuation, Funding & Investors

Neovia Logistics Services was acquired by Oaktree Capital Management, Ares Management and Vector Capital in August 2022.

Neovia Logistics Services acquisition price

Undisclosed

Acquired by Oaktree Capital Management, Ares Management +1 · Aug 2022

Cumulative funding Neovia Logistics Services raised

$168M

across 1 funding round

Key investors in Neovia Logistics Services

Neovia Logistics Services Overview

About Neovia Logistics Services

Neovia Logistics Services is a third-party contract logistics company headquartered at Cypress Waters in Dallas, Texas. It provides service parts logistics, inbound logistics, finished goods distribution, cross-docking, inventory and network optimization, and transportation management for manufacturers in the automotive, aerospace, industrial, technology and consumer goods sectors, typically operating dedicated warehouses on customers' behalf. The business was founded in 1987 as Caterpillar Logistics Services to support Caterpillar and its partner companies in construction, mining, automotive and energy. Platinum Equity bought 65% of it from Caterpillar in July 2012, rebranded it Neovia and moved the head office from Illinois to Texas, then sold it in March 2015 to Goldman Sachs Merchant Banking and Rhone Capital, with Caterpillar exiting its remaining 35% stake. In 2022 an investor group led by funds managed by Oaktree Capital Management, Ares Management and Vector Capital acquired the company. Neovia operates more than 100 facilities in 20 countries, including sites in Belgium, Germany, Austria, Brazil, Canada and across the United States. It expanded through the 2013 purchase of MIQ Holdings' contract logistics division and the 2020 acquisition of Austria-based Temmel Logistik Center.


Founded

1987

HQ

United StatesDallas, TX

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$1B (Apr 2019)

Neovia Logistics Services Acquisition

Neovia Logistics Services was acquired by Oaktree Capital Management, Ares Management and Vector Capital for an undisclosed price on 2 August 2022.

Before the acquisition Neovia Logistics Services had raised $168M across 1 funding round.

Neovia Logistics, a Texas-based third-party logistics provider, agreed with its lenders on 2 August 2022 on a recapitalization under which an investor group led by funds managed by Oaktree Capital Management, Ares Management and Vector Capital exchanged part of Neovia's existing debt for a controlling ownership stake in the company. About USD 420 million of debt was equitized, and the investor group agreed to provide nearly USD 60 million of new money financing. The transaction was subject to regulatory approval and was completed in November 2022, when the investor group assumed control. Chief executive Chris Synek said the recapitalization would significantly reduce the company's debt and cash interest burden after pandemic-related supply chain disruption and let it invest in growth. Davis Polk advised Neovia, with Centerview Partners as investment banker and Alvarez & Marsal as financial adviser. Oaktree lists Neovia as a current Special Situations portfolio company. Neovia manages and distributes service parts, inbound materials and finished goods for manufacturers under long-term contracts, primarily for automotive, industrial, aerospace and consumer products customers. It operates more than 100 facilities in 20 countries across four continents and is headquartered in the Dallas area.

Neovia Logistics Services acquisition details
AcquirerDateType
2 Aug 2022PE buyout

Sources: neovialogistics.com, oaktreecapital.com

Neovia Logistics Services Valuation

Neovia Logistics Services is currently valued at $1B, based on its undisclosed-stage round in April 2019.

The $168M round included Goldman Sachs and Rhone Capital.

Neovia Logistics Services valuation by funding round

Neovia Logistics Services valuation by funding round
DateStageValuation
Apr 2019Undisclosed stage$1B

Neovia Logistics Services Funding History

Neovia Logistics Services has raised a total of $168M across 1 funding round.

Neovia Logistics Services funding rounds

Neovia Logistics Services funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2019Undisclosed stageGoldman Sachs; Rhone Capital$168M$1BNeovia Logistics Services, formerly Caterpillar Logistics Services, is a third-party logistics provider specializing in automotive and industrial sectors, including spare parts distribution, with global operations and physical assets like warehouses in China. Neovia carried high debt levels (over $600 million pre-2014 plus $125 million bonds) enabling shareholder dividends but raising concerns about growth prospects in a mature automotive spare parts logistics market amid competition from larger providers. Platinum Equity acquired a 65% stake from Caterpillar (retaining 35%) for approximately $750 million around 2013. In March 2015, Goldman Sachs' merchant banking unit and Rhone Capital acquired Platinum's 65% stake for $1 billion after outbidding Blackstone and XPO Logistics, leaving Rhone with 65% ownership and Caterpillar 35%. The $1 billion figure represents the price for the 65% stake per reports, implying a full company equity value around $1.54 billion. Separately, in 2016 Neovia completed a recapitalization including a $75 million Super-Senior Revolver, $325 million First Lien Term Loan, $202 million Second Lien Term Loan, and $168 million preferred equity from existing sponsors Goldman Sachs Merchant Banking Division and Rhône Capital to refinance debt and boost liquidity. CEO Pat Olney highlighted double-digit growth, record new business wins, and over 90% profitable contract renewals.

Who has invested in Neovia Logistics Services?

2 investors have backed Neovia Logistics Services across its funding rounds, including Goldman Sachs and Rhone Capital.


Neovia Logistics Services Investors

Investors in Neovia Logistics Services by funding rounds participated
InvestorHQRoundsRoleFirst check

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Neovia Logistics Services Competitors

Neovia Logistics Services competitors include listed companies like Transfar Zhilian Co and Xiamen Xiangyu Co, and private ones like ShipBob, YH Global, Yunmanman and YunQuNa.

Public and private companies comparable to Neovia Logistics Services
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ShipBobUnited StatesUnited StatesPrivate--$1B-
YH GlobalChinaShenzhenPrivate--$1B-
YunmanmanChinaNanjingPrivate--$1B-
YunQuNaChinaShanghaiPrivate--$1B-
Transfar Zhilian CoChinaChinaPublicly listed$3.8B$260M$1.9B1.4x
Xiamen Xiangyu CoChinaChinaPublicly listed$62B$526M$2.6B0.1x

Neovia Logistics Services Public Comps

Neovia Logistics Services is no longer listed, but its public comps include Cargojet, NTG Nordic Transport, Marten Transport, Logwin, Dazhong Transportation, Hangzhou SF Intra-City, Reysaş Lojistik, Prosegur Cash, Grindrod and Blue Dart Express.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cargojet$709M$237M2.3x2.1x6.9x6.7x
NTG Nordic Transport$1.7B$132M0.8x0.7x10.6x8.8x
Marten Transport$884M$130M1.0x1.0x6.7x7.2x
Logwin$1.5B$128M0.4x0.4x5.0x4.8x
Dazhong Transportation$334M$133M4.3x-10.8x-
Hangzhou SF Intra-City$3.4B$54M0.2x0.1x10.6x7.0x
Reysaş Lojistik$249M$138M5.3x-9.7x-
Prosegur Cash$2.2B$379M0.9x0.9x5.5x5.1x

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Common questions about Neovia Logistics Services

When was Neovia Logistics Services founded?Neovia Logistics Services was founded in 1987.
Where is Neovia Logistics Services headquartered?Neovia Logistics Services is headquartered in Dallas, TX, United States.
Is Neovia Logistics Services publicly listed?No, Neovia Logistics Services was acquired by Oaktree Capital Management, Ares Management and Vector Capital in August 2022.
Who acquired Neovia Logistics Services?Neovia Logistics Services was acquired by Oaktree Capital Management, Ares Management and Vector Capital in August 2022.
What is Neovia Logistics Services' valuation?Neovia Logistics Services was last valued at $1B in its undisclosed-stage round in April 2019.
How much funding has Neovia Logistics Services raised?Neovia Logistics Services has raised $168M across 1 funding round.
What was Neovia Logistics Services' last funding round?Neovia Logistics Services' last funding round was a $168M undisclosed-stage round in April 2019.
Who are Neovia Logistics Services' investors?Neovia Logistics Services' investors include Goldman Sachs and Rhone Capital.
Which companies are comparable to Neovia Logistics Services?Companies comparable to Neovia Logistics Services include ShipBob, YH Global, Yunmanman, YunQuNa, Transfar Zhilian Co and Xiamen Xiangyu Co.

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