Neovia Logistics, the former logistics arm of Caterpillar Inc., will be purchased by Rhone Capital, an investment arm of Goldman Sachs Group, company officials said.
Jos Opdeweegh, CEO of Irving, Texas-based Neovia, said an agreement with Platinum Equity and Caterpillar to sell their respective 65% and 35% stakes in the company is expected to be complete in 60 days subject to regulatory approval. Terms were not disclosed.
In a message to customers on the firm’s website, Opdeweegh said the deal will allow Neovia to “enhance the quality and range of services” it provides.
Platinum Equity acquired a majority stake in Caterpillar Logistics Services in 2012, changed the name of the company and moved its headquarters from Illinois to Texas.
Neovia ranks No. 9 on the Transport Topics’ Top 50 Logistics Companies list with estimated net revenue of $1.17 billion.