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Platinum could seal swift Neovia exit through $1bn-plus sale

25 Apr 2014

warehousePlatinum Equity is reportedly eyeing a swift exit of Caterpillar-backed logistics service Neovia through a sale which could value the business at more than $1bn.

The firm picked up a 65 per cent stake in the business from Caterpillar in May 2012, with the overall transaction valued at about $750m.

Neovia has hired investment bank UBS to run an auction for the company according to Reuters, which cited people familiar with the matter.

The purchase was the latest in a string of transport and logistics-based moves for the buyout firm, which it began in 2009 by acquiring International Offshore Services.

That was followed by deals for American Commercial Lines in December 2010 and Active Aero Group and Keen Transport in 2011.

Platinum Equity partner Jacob Kotzubei said at the time of the buyout that the investment was a perfect fit for the firm given its significant experience executing carve-out transactions and operating logistics businesses.

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