M&A Deal Summary

Vector Capital, Oaktree Capital Management and Ares Private Equity Group Acquire Neovia Logistics

On November 1, 2022, private equity firm Vector Capital, asset manager Oaktree Capital Management and private equity firm Ares Private Equity Group acquired transportation company Neovia Logistics from Goldman Sachs Merchant Banking and Rhône Group

Acquisition Highlights
  • This is Vector Capital’s 1st, Oaktree Capital Management’s 5th and Ares Private Equity Group’s 2nd transaction in the Transportation sector.
  • This is Vector Capital’s 40th, Oaktree Capital Management’s 72nd and Ares Private Equity Group’s 84th transaction in the United States.
  • This is Vector Capital’s 5th, Oaktree Capital Management’s 10th and Ares Private Equity Group’s 13th transaction in Texas.

M&A Deal Summary

Date 2022-11-01
Target Neovia Logistics
Sector Transportation
Buyer(s) Vector Capital
Oaktree Capital Management
Ares Private Equity Group
Sellers(s) Goldman Sachs Merchant Banking
Rhône Group
Deal Type Recapitalization
Advisor(s) Centerview Partners
Alvarez & Marsal (Financial)
Davis Polk & Wardwell (Legal)

Target

Neovia Logistics

Irving, Texas, United States
Neovia Logistics is a provider of integrated logistics services, including service parts logistics, warehousing, business support services, order and inventory management, and other value-added services. Neovia Logistics was founded in 1987 and is based in Irving, Texas.

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Buyer(S) 3

Buyer

Vector Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Vector Capital is a private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector targets both public and private company investments. Prospective businesses typically have strong customer bases, high gross margins, and at least $30 million in sales. Vector Capital was formed in 1997, after spinning out from Ziff Brothers Investments. The Firm is based in San Francisco, California.


DEAL STATS #
Overall 48 of 52
Sector: Transportation M&A 1 of 1
Type: Recapitalization M&A Deals 2 of 2
State: Texas M&A 5 of 5
Country: United States M&A 40 of 43
Year: 2022 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-21 Malwarebytes

Santa Clara, California, United States

Malwarebytes provides anti-malware and anti-exploit software designed to protect businesses and consumers against zero-day threats that consistently escape detection by traditional antivirus solutions. Malwarebytes was founded in 2008 and is based in Santa Clara, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-03 MarkLogic

Redwood City, California, United States

MarkLogic is a provider of enterprise data integration and data management solutions. MarkLogic’s technology simplifies the integration of enterprise data across silos to provide immediate business value. MarkLogic Data Hub Service is a fully managed cloud data platform that is able to reliably assemble raw data, index it in real-time for powerful semantic search, and provide the ability to securely run operational and analytical applications at scale. MarkLogic was founded in 2001 and is based in Redwood City, California.

Sell $355M
Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 115 of 129
Sector: Transportation M&A 5 of 6
Type: Recapitalization M&A Deals 4 of 4
State: Texas M&A 10 of 11
Country: United States M&A 72 of 83
Year: 2022 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-22 Sani/Ikos Group

Halkidiki, Greece

Sani/Ikos Group is an operator of a luxury beach resort group that currently owns and operates in excess of 2,700 rooms spread across 10 unique resorts in Greece and Spain. Sani/Ikos Group is based in Halkidiki, Greece.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Sterling

Phoenix, Illinois, United States

Sterling is a North American provider of access, crane, and outrigger mats to owners and constructors of energy and power infrastructure, particularly electric transmission & distribution and oil & gas pipelines. Sterling also provides turnkey matting solution services, including access planning, site preparation, mat installation and removal, and site restoration. Sterling’s matting solutions help protect the environment, increase construction efficiency, and play a critical role in ensuring jobsite safety. Sterling was founded in 1949 and is based in Phoenix, Illinois.

Sell -
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 114 of 126
Sector: Transportation M&A 2 of 3
Type: Recapitalization M&A Deals 4 of 4
State: Texas M&A 13 of 13
Country: United States M&A 84 of 93
Year: 2022 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-07 XR Extreme Reach

New York, New York, United States

XR Extreme Reach is a provider of integrated cross-media video advertising and talent solutions that span TV, Web, Mobile, and all other video media. XR Extreme Reach was founded in 2008 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-20 Eagle Football

London, United Kingdom

Eagle Football is focusing on historic, top-level clubs in major markets, fostering collaboration between clubs and communities to improve fan enjoyment and strengthen competitive outcomes. Eagle Football is based in London, United Kingdom.

Buy -

Seller(S) 2

SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 115 of 126
Sector: Transportation M&A 3 of 3
Type: Recapitalization M&A Deals 3 of 3
State: Texas M&A 7 of 7
Country: United States M&A 82 of 90
Year: 2022 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-09 Blue Nile

Seattle, Washington, United States

Blue Nile is an online retailer of diamonds and fine jewelry. Blue Nile offers a customer experience that includes education, guidance, selection, customization capability, convenience and value. Blue Nile, Inc. was formed in 1999 and is headquartered in Seattle, Washington.

Sell $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-23 LeasePlan

Amsterdam, Netherlands

LeasePlan is a global provider of automotive fleet management and driver mobility services. Leaseplan operates in 32 countries and manages a fleet of over 1.55 million vehicles representing a total asset value of €21.4bn. LeasePlan was founded in 1963 and is based in Amsterdam, Netherlands.

Sell €4.9B
SELLER

Rhône Group

New York, New York, United States

Category Private Equity Firm
Founded 1996
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Rhône Group is a private equity and financial advisory firm focused on large-scale buyouts across North America and Western Europe. Areas of interest include energy, materials, industrials, retail, consumer products, healthcare, and financial services. Rhône was formed in 1995 and has offices in New York, Paris, and London.


DEAL STATS #
Overall 17 of 18
Sector: Transportation M&A 2 of 2
Type: Recapitalization M&A Deals 2 of 2
State: Texas M&A 2 of 3
Country: United States M&A 7 of 8
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 Paragon Films

Broken Arrow, Oklahoma, United States

Paragon Films is a manufacturer of high-performance cast stretch films that are principally used to unitize loads while in storage and transit. Paragon Films produces thin-gauge films which outperform competitors in terms of quality, consistency, and value. Paragon Films was founded in 1988 and is based in Broken Arrow, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-15 Fogo de Chao

Dallas, Texas, United States

Fogo de Chao is a Brazilian steakhouse, or churrascaria, which has specialized in fire-roasting high-quality meats utilizing the centuries-old Southern Brazilian cooking technique of churrasco. Fogo de Chao was founded in 1979 and is based in Dallas, Texas.

Sell -