Following the news that Goldman Sachs Group's private equity arm, along with Rhone Capital was close to acquiring Neovia Logistics, Platinum Equity has now announced the planned sale. The closing of the transaction is currently pending customary closing conditions, including regulatory approvals.
Industrial conglomerate Caterpillar had retained a 35% stake in Neovia, after Platinum Equity had bought its 65% stake two years ago (for around $750m), but as part of the sale announced today, Caterpillar will now be exiting its position in Neovia.
Platinum Equity Partner, Jacob Kotzubei said, "We achieved everything we set out to, establishing Neovia as an industry leader with a great management team, a strong corporate culture, and all the tools it needs to continue succeeding long term. We are pleased with the value created on behalf of the company's employees, customers, and our minority partners at Caterpillar."[sam_ad id=6 codes='true']