Platinum Equity LLC has agreed to acquire a 65 percent stake in Caterpillar Logistics Services LLC, the third-party logistics division of Caterpillar Inc., for about $750 million.

The division helps clients cut their distribution costs. Caterpillar will retain a 35 percent interest in the business, said Caterpillar in a statement on Friday. Platinum Equity is the Beverly Hills private equity firm controlled by billionaire Tom Gores.

“We have a lot of experience owning and operating businesses that provide complex supply-chain solutions,” said Jacob Kotzubei, the Platinum Equity partner in charge of the deal. “We know what customers expect, and we share Cat Logistics’ commitment to the highest levels of service and dependability.

Caterpillar of Peoria, Ill. is the world’s largest maker of construction and mining equipment. It said that the sale will enable it to better concentrate on expanding its “core” business. The company’s own manufacturing logistics and transportation operations and the Cat brand parts distribution businesses are not part of the deal.

Other terms of the deal, which is expected to close in third quarter, were not disclosed.