Neovia Logistics Announces Successful Completion of Business Recapitalization

Receives Infusion of New Capital to Support Long-Term Growth

IRVING, Texas--(BUSINESS WIRE)--Neovia Logistics, a global supplier of logistics services, today announced the successful completion of its comprehensive business recapitalization and significant deleveraging of the company’s balance sheet.

With the recapitalization complete, Neovia reduced its debt by approximately $420 million and received approximately $60 million of combined cash infusion and future commitment to support attractive growth opportunities from an investor group led by funds managed by Oaktree Capital Management, L.P. (“Oaktree”), Ares Management and Vector Capital (collectively the “Investor Group”). Upon completion of the transaction, the Investor Group assumed a controlling ownership stake in Neovia and will continue to support the company’s long-term growth.

“With the completion of our recapitalization, we are moving forward with a stronger financial foundation as we continue growing and deepening our customer relationships,” said Neovia CEO Chris Synek. “We appreciate the support of our new equity owners, who believe in the future of our company. I want to thank our team members for their dedication to Neovia as we help our customers enhance their performance and handle complex logistics needs.”

Neovia will use the proceeds of the financing to further invest in key business initiatives to support long-term growth. The company will also use the proceeds to bolster its pro forma liquidity and provide additional financial flexibility.

Jordon Kruse, Managing Director and Co-Portfolio Manager of Oaktree’s Special Situations strategy, commented, “We are excited to support Neovia with their growth objectives. This enhanced financial position allows Neovia to continue expanding their industry-leading logistics capabilities and to increase value for their customers around the world.”

Davis Polk & Wardwell LLP served as legal counsel to Neovia, Centerview Partners LLC served as investment banker and Alvarez & Marsal served as financial advisors.

About Neovia Logistics

Neovia is a global leader in third-party logistics, operating more than 100 facilities in 20 countries across four continents. For over 30 years, Neovia has combined an OEM mindset with real-world innovation to partner with, and solve complex logistics challenges for, leading companies in the automotive, industrial, aerospace, and consumer products sectors.