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Platinum Equity to Acquire Horizon Organic and Wallaby from Danone

Platinum Equity to Acquire Horizon Organic and Wallaby from Danone

Home / News / Platinum Equity To Acquire Horizon Organic And Wallaby From Danone

Leading dairy products brands projected to benefit from Platinum Equity’s carve-out experience and operational expertiseLOS ANGELES (Jan. 1, 2024) – Platinum Equity today announced the signing of a definitive agreement to acquire Horizon Organic and Wallaby from Danone.Horizon Organic is the largest USDA-certified organic dairy brand in the world and is a pioneer in dairy beverages, having introduced the first organic milk available coast to coast in the United States in 1991. Horizon Organic’s portfolio of organic dairy products includes milk, creamers and whiteners, yogurt, cheese and butter.The proposed acquisition also includes the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.“Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers,” said Platinum Equity Co-President Louis Samson. “The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”The US dairy category is estimated at $68 billion with milk comprising approximately $17 billion of that total. “Premium offerings, including organic and value-added products, are driving the growth in the dairy milk category,” said Platinum Equity Managing Director Adam Cooper. “Horizon Organic is a pioneer of that segment and is in position to continue capitalizing on and accelerating the trend.” Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers. The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company. Louis Samson, Partner, Platinum Equity Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. The firm recently announced the pending acquisition of Kohler Energy from Kohler Co. In recent years Platinum Equity has also acquired businesses from firms like Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson, among others.“We are excited about Horizon Organic’s potential as an independent business with a renewed sense of focus and a commitment to investing in its success,” said Cooper. “We have a lot of experience supporting food and beverage businesses. We look forward to partnering with Horizon Organic’s management team to ensure a seamless transition and chart a path for continued growth and expansion.”Platinum Equity’s current portfolio includes Biscuit International, a European manufacturer of private-label sweet biscuits, wine producer Fantini Group Vini and seafood provider Iberconsa. Previous Platinum Equity investments include JM Swank, a food ingredients distributor acquired from ConAgra, and Harvest Meat Company, a US distributor of packaged meat and bakery products.The proposed acquisition of Horizon Organic and Wallaby is subject to customary closing conditions and regulatory approval.Morgan Lewis is serving as legal advisor and Alston & Bird is serving as debt financing counsel to Platinum Equity.About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.About Danone (www.danone.com)Danone is a leading global food and beverage company operating in three health-focused, fast-growing and on-trend categories: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. With a long-standing mission of bringing health through food to as many people as possible, Danone aims to inspire healthier and more sustainable eating and drinking practices while committing to achieve measurable nutritional, social, societal and environment impact. Danone has defined its Renew strategy to restore growth, competitiveness, and value creation for the long-term. With 100,000 employees, and products sold in over 120 markets, Danone generated €27.7 billion in sales in 2022. Danone’s portfolio includes leading international brands (Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, Volvic, among others) as well as strong local and regional brands (including Aqua, Blédina, Bonafont, Cow & Gate, Mizone, Oikos and Silk). Listed on Euronext Paris and present on the OTCQX market via an ADR (American Depositary Receipt) program, Danone is a component stock of leading sustainability indexes including the ones managed by Moody’s and Sustainalytics, as well as the Ethibel Sustainability Index, the MSCI ESG Indexes, the FTSE4Good Index Series, Bloomberg Gender Equality Index, and the Access to Nutrition Index. Danone’s ambition is to be B-Corp certified at global level in 2025.About Horizon Organic®Horizon Organic has been producing great-tasting organic milk since 1991. From the start, Horizon has remained committed to protecting a healthy planet and hasn't stopped working toward raising the bar as a leading organic milk producer in the U.S. In 2017, Horizon Organic became a brand of Danone North America. Today, Horizon works with more than 600 family farmers across the U.S. For more information on Horizon's full portfolio of organic dairy products, visit Horizon.com.

Cabinetworks Group introduces new $8 million corporate headquarters, brings 110 new jobs to Detroit suburb

Cabinetworks Group introduces new $8 million corporate headquarters, brings 110 new jobs to Detroit suburb

Home / News / Cabinetworks Group Introduces New 8 Million Corporate Headquarters Brings 110 New Jobs To Detroit Suburb

LIVONIA, Mich. - With various local and state officials on hand, Cabinetworks Group officially opened its new $8 million corporate headquarters in December. CEO John Barkhouse and Chief Human Resource Officer Jo Ann Morelli did the honors, cutting the red ribbon in front of employees assembled over two floors on the site that was once a call center for a local healthcare company. Cabinetworks Group previously resided in an oversized and aging office space in nearby Ann Arbor. “The buzz around this building in the last two months is just night and day difference from how it was in in our old location,” Barkhouse said in his office after the ribbon-cutting ceremony. “The building we were previously in was large, old and not very conducive to collaborating. “We designed this space with the idea that we wanted people to work together, we wanted them to work in new, collaborative ways to really capitalize on the benefits of the building.” Cabinetworks is driving $14.2 million of investment and creating 110 good jobs in southeast Michigan, underscoring the strength of our talented workforce and building on our economic momentum. Gretchen Whitmer, Governor, Michigan The ribbon-cutting was mostly ceremonial since employees have been working at the site for two months, but with more than 90,000 square feet of office space featuring the latest technology, the building serves as a central hub for the cabinetry manufacturer and contributes to infrastructure growth for the Detroit suburb. The building currently houses 240 employees, ranging from customer care support to business operations jobs. Morelli said the building can house up to 280 employees. Because of the addition of new employees and job training programs, the move qualified for state assistance. In August, Michigan Gov. Gretchen Whitmer and Michigan officials announced that the move adds 110 corporate and professional service jobs to Livonia. The state awarded the company a $600,000 grant as part of the expansion. “Cabinetworks is driving $14.2 million of investment and creating 110 good jobs in southeast Michigan, underscoring the strength of our talented workforce and building on our economic momentum,” Whitmer said in the release announcing the move. “We’re pleased to support Cabinetworks’ expansion in Livonia and look forward to working with the company as it continues to grow here and add jobs for Michiganders. Together, we can continue to send a clear message that everyone is welcome to make it in Michigan.” Although other cities around the state were considered for relocation, Cabinetworks Group never considered leaving Michigan. “Our history is here, Michigan has always been our home,” Barkhouse said. “We felt by moving to this area, it could improve our ability to attract local talent.” Members of the Platinum Equity operations team toured the facility shortly before the ribbon cutting. The team observed a modern facility equipped with state-of-the-art technological communal rooms and cordless desks. It’s a progressive space with working moms having access to lactation rooms on every floor. There is a fully equipped gym with full-sized locker rooms. There are multiple fully functionable concept kitchens to bring the headquarters into the 21st century. Livonia, the eighth largest city in Michigan, is located roughly 20 miles northwest of downtown Detroit. “This community is well-built, and it really has everything for everyone,” Morelli said. “I’m a Michigander and I love that Livonia is as strong on the map as it is, and it is so welcoming to companies like Cabinetworks to grow and thrive here.” Cabinetworks is the largest independently owned manufacturer and distributor of kitchen and bath cabinets in the U.S. The company currently has more than 8,000 employees nationwide. Platinum Equity acquired Cabinetworks in 2021.

Platinum Equity Portfolio Company Hop Lun Acquires Rainbow West Apparel

Platinum Equity Portfolio Company Hop Lun Acquires Rainbow West Apparel

Home / News / Platinum Equity Portfolio Company Hop Lun Acquires Ranbow West Apparel

LOS ANGELES and HONG KONG (Dec. 18, 2023) – Platinum Equity portfolio company Hop Lun, one of the world’s largest designers and manufacturers of undergarments and swimwear, announced today the acquisition of Rainbow West Apparel (“RW Designs”), a woman and minority-owned swimwear company based.Founded in 1993 as a family-owned business, RW Designs is a Los Angeles-based company that has served as a premier private label design house and manufacturer for 30 years.“Since we first joined forces with Platinum Equity, we have been seeking opportunities to better serve retail partners in the US market,” said Hop Lun Founder and CEO Erik Ryd. “Partnering with Esther and the RW team is an important part of that strategy. This combination will allow us to offer RW Designs’ sample and design capabilities to our customers, which is a great benefit for those who want more flexibility and shorter lead times.”With roots in both swimwear and outerwear, RW Designs also has meaningful experience across multiproduct categories including intimates, activewear and loungewear. Since its founding, RW Designs has provided unique offerings to the marketplace at competitive price points and has worked with a diverse range of companies to identify market opportunities for growth. We believe Hop Lun is proving to be an excellent platform with multiple ways to evolve and expand, we are working with Erik and the company’s leadership team to identify and pursue additional opportunities for growth, both organically and through strategic M&A. Jacob Kotzubei and Matthew Louie, Platinum Equity "The RW team and I are excited to join Hop Lun. We look forward to leveraging Hop Lun's vast resources and manufacturing scale throughout several countries of origin to provide even better and broader services and consistency to our customers,” said RW Designs Co-Founder and CEO Esther Maya. “We are thrilled at the prospect of creating a vertical opportunity for buyers alongside of a hybrid model, allowing for more flexibility with inventory needs.”Based in Hong Kong, Hop Lun employs more than 26,000 people and has manufacturing operations in Bangladesh, China, Ethiopia and Indonesia. The company produces products for many of the world’s largest global retailers as well as for its own in-house brands.“We believe Hop Lun is proving to be an excellent platform with multiple ways to evolve and expand,” said Platinum Equity Co-President Jacob Kotzubei and Managing Director Matthew Louie in a joint statement. “We are working with Erik and the company’s leadership team to identify and pursue additional opportunities for growth, both organically and through strategic M&A.”Latham & Watkins LLP provided legal counsel to Hop Lun on the acquisition of RW Designs. Montminy & Co served as financial advisor and the Law Office of Christen Bartelt provided legal counsel to RW Designs on the transaction.About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.About Hop LunEstablished in 1992 and headquartered in Hong Kong, Hop Lun is the leading designer and manufacturer of intimate apparel, and is the largest global provider of bra solutions. It employs over 26,000 people across its global operations in Bangladesh, Indonesia, China and Hong Kong.About RW Designs For over 30 years, RW Designs has served as a premier private label design house and manufacturer in Los Angeles.  RW Designs embodies feminism, diversity and provides flattering, price point designs for anyone and everyone interested in feeling comfortable in their body.

BlueCrest introduces OttoMate, a collaborative robot, which aims to increase productivity and reduce labor-intensive tasks in mailrooms

BlueCrest introduces OttoMate, a collaborative robot, which aims to increase productivity and reduce labor-intensive tasks in mailrooms

Home / News / Bluecrest Introduces Ottomate A Collaborative Robot Which Aims To Increase Productivity And Reduce Labor Intensive Tasks In Mailrooms

BlueCrest recently unveiled OttoMate, its first collaborative robot, which is engineered to work alongside human workers to automate various tasks in the mailing industry. In response to prevailing labor challenges in the mailing market, which include high turnover rates causing disruptions in recruitment, BlueCrest developed OttoMate. “With the introduction of OttoMate, we hope to leverage our intellectual property and industry know-how to bolster productivity on the client’s production floor,” BlueCrest Chief Technology Officer Steve Varga said in a release. The initial offering is the OttoMate Trayer, which is designed to handle the labor-intensive task of moving finished mail from an inserter to a U.S. Postal Service mail tray and placing the tray onto a conveyor system. OttoMate is programable, helping workers with traditionally manually intensive tasks. OttoMate integrates with BlueCrest equipment control systems to allow for an efficient workflow, enhancing overall operational synergy.  By managing repetitive manual processes, the technology increases time management for workers to concentrate on other tasks. Additionally, BlueCrest emphasizes the importance of refining specific processes such as tray filling, enabling businesses to increase the number of envelopes in each tray, overall improving productivity levels. Acting as a workplace companion, the robot executes tasks and remains operational around the clock. Its commitment to tasks ensures a continuous workflow, eliminating downtime and optimizing productivity for businesses. “As the world progresses towards the digitization of manufacturing, this transformation has become recognized as the Fourth Industrial Revolution (or Industry 4.0),” Varga said.  “By introducing OttoMate as a go-forward work cell automation platform, we believe we are enabling our clients to embrace and realize the benefits of Industry 4.0 methodologies within their own mail production environment.” BlueCrest is an original equipment manufacturer in postal, parcel, e-commerce and customer communication businesses. Platinum Equity acquired Pitney Bowes’ production mail business and supporting software in 2018 for $361 million. The business was later rebranded BlueCrest.

Platinum Equity Sells Valpak to AmatoMartin

Platinum Equity Sells Valpak to AmatoMartin

Home / News / Platinum Equity Sells Valpak To Amatomartin

LOS ANGELES (Dec. 4, 2023) – Platinum Equity announced the sale of marketing and advertising solutions provider Valpak to AmatoMartin, a privately held investment holding company.Valpak, based in St. Petersburg, Florida, is a leader in omnichannel media and direct marketing solutions for local businesses and national brands. The company is trusted by 34,000 businesses to drive lead generation and brand awareness through direct mail and digital advertising solutions.Valpak will join Clipper Magazine in AmatoMartin’s portfolio.Platinum Equity acquired Valpak as a corporate carveout from Cox Media Group in 2017.Under Platinum Equity’s stewardship, Valpak invested in new growth initiatives and worked with the management team to transform the business from primarily a franchise-owned marketing organization to an omnichannel model focused on delivering new products and technologies to the market.As a result of the collective efforts, Platinum Equity believes Valpak is well positioned for success as part of the AmatoMartin/Clipper team. Solomon Partners served as exclusive financial advisor and Squire Patton Boggs, LLP served as legal advisor to Valpak. Salem Partners served as financial advisor to AmatoMartin.About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.About ValpakValpak is the nation's premier direct mailer, trusted for more than 55 years by thousands of local and national businesses. We drive sales and brand awareness through easy-to-measure, results-oriented advertising solutions that work. Our network of nearly 140 local offices provides unparalleled customer service and market knowledge to business owners in 42 U.S. states. Each month, our Blue Envelope of savings mails to more than 41 million demographically targeted households, and we offer a diverse suite of additional, fully customizable solutions driven by best-in-class data and targeting capabilities. Contact us today at valpak.com/advertise or connect on Twitter: @Valpak and Facebook: @ValpakAdvertising.

Platinum Equity’s acquisition of Tarter Farm and Ranch another example of ability to tailor solutions for founder-owned businesses seeking outside investment

Platinum Equity’s acquisition of Tarter Farm and Ranch another example of ability to tailor solutions for founder-owned businesses seeking outside investment

Home / News / Platinum Equitys Acquisition Of Tarter Farm And Ranch Another Example Of Ability To Tailor Solutions For Founder Owned Businesses Seeking Outside Investment

Tarter Farm and Ranch Equipment is a well-known brand that provides mission-critical products for farmers and ranchers in the U.S. The company is also the latest example of Platinum Equity providing a divestiture solution for a founder-owned company. Following similar acquisition paths as current portfolio companies like L&R, Arrow International and Hop Lun, Tarter also required a degree of understanding that there is a personal dynamic in such a transaction. Earlier this year, Platinum Equity announced the acquisition, which was spearheaded by the Small Cap investment team. Some members of the family remain minority shareholders. Financial terms were not disclosed. “We admire what the Tarter family has built and have great respect for what the company means to its employees, customers and the communities they serve,” Platinum Equity Co-President Jacob Kotzubei said in the release announcing the transaction. “Family farms and ranches are a vital part of the U.S. agricultural economy. We believe Tarter is one of the only companies that has the capacity and capability to serve the largest and most demanding customers in the space.” Platinum Equity Managing Director Dan Krasner said: “Platinum Equity has a lot of experience helping founder-owned businesses evolve and work toward maximizing their potential. Our global experience and expertise in areas like sourcing and supply chain, manufacturing, digital transformation and business scalability can help Tarter take the next step.” Founded by the Tarter family in 1945 as the Tarter Gate Company, the business has expanded significantly in recent years to include a broad range of ranch and farm equipment. Product lines include animal gates and fencing solutions, tractor implements, planters and fire rings, and animal feeding and handling equipment for ranchers, large institutional farms and smaller farming enthusiasts. According to a recent economic impact report, nearly 20 percent of the nation’s economic activity and 15 percent of U.S. employment are linked to agriculture. Tarter, which is headquartered in Dunnville, Ky., currently has a workforce of roughly 1,000 employees across 12 facilities in Kentucky and Utah. The investment will require significant operational investment, which is a common theme among founders who seek outside investment. The company was previously owned by the fourth generation of the Tarter family. Former co-owner Anna Tarter Smith said: “I am deeply proud of what Tarter Farm and Ranch Equipment has become and equally optimistic about the company's future with Platinum Equity's support. We have great products, loyal customers and a strong brand. I'm grateful for the hard work and commitment of all Tarter employees and excited about what lies ahead.” Earlier this year, Krasner provided a few more details about the investment. (Answers have been edited for length and clarity). Q: How was the deal sourced? Krasner: This one actually didn't come from one of our normal investment banking relationships. The family hired a small investment bank out of Nashville, and it was sourced through our business development team. Kudos to them for tracking this one down from a not-well-known investment bank. Once we got into it, it was a transaction just like any other, and fortunately we were able to prevail. Q: Given the sluggish M&A climate during the first half of the year, were there any challenges to get the deal across the finish line? Krasner: There were definitely challenges, but I wouldn't say there were any related to the M&A market. The Small Cap Fund isn’t really accessing the capital markets and that's what's really caused the overall M&A markets to slow down, but that hasn't affected us at all. We closed two platforms this year (The HC Companies was the other Small Cap acquisition). We're preparing two companies for sale. We've closed a number of add-ons. The malaise that you read about in the M&A markets has less of an impact on our fund. Q: What were the challenges? Krasner: The challenges came from dealing with a family that was new to all this from a transaction standpoint. We were also dealing with a family business. Their name is literally on the wall, and they care about that name deeply. We're a bunch of individuals coming in from a private equity firm in Beverly Hills. It was important that we earned their trust, that they really understood that we intend to be good stewards for the company. Q: That sounds similar to stories with other family-owned businesses Platinum has transacted with, the challenges that you have earning trust with family-run businesses. Do you have any specific anecdote from the sales process where you had to overcome skepticism? Krasner: We didn't realize this coming in, but this was a family and there were six family members who were all shareholders. They all had very different interests. You have to find a way to work with everyone. And in this case, that was not easy. You just have to do that through earning trust and helping them see that you're a good company and demonstrating that we can really be helpful for their company. Q: From ops perspective, what will be the major focus? Krasner: There's a number of initiatives that we are putting in place. We're installing automated welding lines. We've brought on a new CFO, we've elevated the COO into the CEO role and we're working on a commercial game plan and all of which is off to a good start. We've had success generating cash from the business in the first three months. We are positioning the business to grow going forward. And I think the ops team is hard at work, driving efficiency throughout the entire cost structure. And I think this business is going to be well positioned over the next couple of years.

Club Car provides fleet of solar-powered vehicles at the Ryder Cup for the first time in event history

Club Car provides fleet of solar-powered vehicles at the Ryder Cup for the first time in event history

Home / News / Club Car Provides Fleet Of Solar Powered Vehicles At The Ryder Cup For The First Time In Event History

Club Car provides fleet of solar-powered vehicles at the Ryder Cup for the first time in event historyFor the first time in Ryder Cup history, most of the event fleet cars were solar powered.And Club Car, the Georgia-based golf cart and utility vehicle manufacturer, provided the vehicles.Club Car shipped and assembled a fleet of 550 cars to assist with the staging and support of the event held earlier this year. The biennial event pitting the best American golfers vs. the top Europeans was held in Italy at the Marco Simone Golf & Country Club, which is located northeast of Rome. The Europeans ran away with a 16 ½-11 ½ victory.The fleet consisted of six red and six blue team cars, which were driven by European captain Luke Donald, U.S. captain Zach Johnson and their vice-captains. The cars assisted with almost every area of the Ryder Cup from media and broadcasting to security and medical transportation.“We are excited to support the Ryder Cup in their work to achieve their sustainability goal,” Club Car golf sales director Kevin Hart said in a release. “Using solar power to charge the Club Car fleet is a significant step in fulfilling their commitment.”The addition of solar-powered vehicles lines up perfectly with Club Car’s values when it comes to manufacturing sustainable vehicles. Club Car’s history with the Ryder Cup dates back to 1997 in Valderrama, Spain when the manufacturer provided the tournament with 200 electric carts. For 26 years, Club Car has collaborated with the Ryder Cup on sustainability and climate action policies. Earlier this year, Club Car was named an official worldwide supplier for the Ryder Cup.“To be the worldwide supplier of one of the world’s premier sporting events for such a long time is a great honor for Club Car,” Hart said.Ryder Cup operations director Paul Dunstan said: “The service Club Car gives us is first class. It’s a very complex site – much like a small town – with a large number of grandstands, hospitality facilities and event infrastructure. The best way to navigate the site quickly and efficiently is to use the vehicles Club Car provides.”Club Car, acquired by Platinum Equity from Ingersoll Rand in 2021, supplies many of the world’s leading golf destinations with its wide range of vehicles and is an official supplier to the DP World Tour, the Professional Golfers’ Association (PGA) and St. Andrews Links Trust.

Kohler Co. to Establish Energy Division as Independent Business with Platinum Equity as Majority Interest Partner, Accelerating Long-Term Growth Strategies for both Organizations

Kohler Co. to Establish Energy Division as Independent Business with Platinum Equity as Majority Interest Partner, Accelerating Long-Term Growth Strategies for both Organizations

Home / News / Kohler Co To Establish Energy Division As Independent Business With Platinum Equity As Majority Interest Partner Accelerating Long Term Growth Strategies For Both Organizations

Standalone business providing energy resilience solutions expected to benefit from Platinum Equity’s carve-out experience and operational expertise LOS ANGELES (Nov. 6, 2023) – Kohler Co. today announced the strategic decision to set Kohler Energy up as a separate, independent business with Platinum Equity engaged as the majority investment partner. Kohler will continue to stay invested in the Energy business following the closing and remains committed to supporting its upward trajectory built on a proven track record of strong performance in the global energy resilience marketplace. The businesses included in the portfolio are Power Systems, Engines, Home Energy, Kohler Uninterruptible Power, Clarke Energy, Curtis Instruments, and Heila Technologies.While Kohler Co. and Platinum Equity must complete several milestones and legal requirements, including consultations with employee works councils, the transaction is expected to close in the first half of 2024. Until then, Kohler Co. will operate as one company.“Today we took a bold and strategic move for the future of our company,” said David Kohler, Chair and CEO of Kohler Co. “Over the last 150 years, Kohler has embraced a relentless pursuit of providing exceptional products, services, and experiences for our customers. This important moment in our journey signifies our commitment to deepening the focus and investment in Kohler’s Kitchen & Bath and Hospitality businesses and continuing to drive growth within our respective industries. The timing is right due to the strength of the Energy business, which is driven by world-class products manufactured and sold by highly skilled associates. I look forward to supporting the Energy business through our continued investment along with my role on the board following the closing.”Kohler Energy is a global leader in energy resilience, providing mission critical power solutions to homes, businesses, and equipment. Its market leading portfolio of backup and prime power equipment, traditional and electrified powertrain technologies, and home energy solutions are trusted around the world.“Kohler has been an excellent steward of the business for more than 100 years. We will continue that vision with Platinum Equity, who shares the same values of quality, innovation, and operational excellence and is all-in on our growth journey. We expect to drive significant continued investment that increases value to our customers, team members, and shareholders,” said Brian Melka, Group President – Kohler Energy. “I’m proud of what the team has done to build an industry-leading business, and we look forward to working with Platinum Equity to embark on our next phase of growth. Our immediate priority is ensuring a smooth transition that delivers the best experience for our customers and team members around the world.”Brian Melka will serve as CEO of the Energy business, with David Kohler serving on its board.Platinum Equity is a global investment firm with approximately $47 billion of assets under management. Kohler selected Platinum Equity due to the firm’s deep operational expertise and successful track record with carve-out transactions.“Kohler Energy has a well-deserved reputation for quality, innovation and engineering that dates back more than a century,” said Platinum Equity Co-President Jacob Kotzubei. “We appreciate Kohler’s confidence in our ability to build on that legacy and support the energy business’s continued growth and expansion as a standalone company. We have great respect for David and the Kohler leadership team and are proud to be their partners.” Kohler Energy has a well-deserved reputation for quality, innovation and engineering that dates back more than a century. We appreciate Kohler’s confidence in our ability to build on that legacy and support the energy business’s continued growth and expansion as a standalone company. We have great respect for David and the Kohler leadership team and are proud to be their partners. Jacob Kotzubei, Co-President, Platinum Equity Platinum Equity has 28 years of experience acquiring and operating global businesses that have been part of large corporate entities. In recent years the firm has acquired businesses from firms like Ball Corporation, Caterpillar, Emerson Electric, Ingersoll Rand and Johnson & Johnson, among others.“The energy resilience business has outstanding leadership, strong technical capabilities and an opportunity to benefit from attractive tailwinds driving a sustained need for reliable power solutions in industrial, commercial, residential and equipment applications,” said Platinum Equity Managing Director Matthew Louie. “We look forward to working with Brian and the management team to continue investing in the business and maximizing its potential.”BDT & MSD Partners and BofA Securities are serving as financial advisors to Kohler. White & Case LLP are acting as legal advisors to Kohler. Goldman Sachs & Co. LLC and William Blair & Company, LLC are serving as financial advisors to Platinum Equity on the Kohler Energy investment. Gibson, Dunn & Crutcher LLP is serving as legal advisor and Willkie Farr & Gallagher LLP is serving as debt financing counsel to Platinum Equity.About Kohler Co.For 150 years, Kohler Co. has been a global leader in design and innovation, dedicated to providing gracious living through kitchen and bath products; luxury cabinetry, tile and lighting; distributed energy solutions – home energy, industrial power systems, and powertrain technologies – and luxury hospitality experiences and major championship golf. Kohler's Whistling Straits golf course hosted the 43rd Ryder Cup in 2021. Privately held Kohler Co. was founded in 1873 and is headquartered in Kohler, Wisconsin. The company also develops solutions to address pressing issues, such as clean water and sanitation, for underserved communities around the world to enhance the quality of life for current and future generations.About Kohler EnergyKohler Energy, a global leader in distributed energy solutions, brings bold design and powerful impact to the energy systems that sustain people and communities everywhere around the world. It is an integral part of Kohler Co., with solutions across Home Energy, Industrial Energy Systems, and Powertrain Technologies. Leveraging the strength of its portfolio of brands – Power Systems, Home Energy, Kohler Uninterruptible Power, Clarke Energy, Heila Technologies, Curtis Instruments, and Engines, and more than a century of industry leadership, Kohler Energy builds resilience when the grid cannot and goes beyond functional, individual recovery to create better lives and communities. For more details, please visit kohler.com/energy.About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 400 acquisitions.Photo: Provided by Kohler EnergyContacts:Stephen MaliszewskiKohler Co. Public Relationsstephen.maliszewski@kohler.comTodd WeberKohler Co. Public Relationstodd.weber@kohler.comDan WhelanPlatinum Equitydwhelan@platinumequity.com

Platinum Equity’s involvement in the Malibu Triathlon helps Children’s Hospital Los Angeles raise money for pediatric cancer research  

Platinum Equity’s involvement in the Malibu Triathlon helps Children’s Hospital Los Angeles raise money for pediatric cancer research  

Home / News / Platinum Equitys Involvement In The Malibu Triathlon Helps Childrens Hospital Los Angeles Raise Money For Pediatric Cancer Research

MALIBU, Calif. – Platinum Equity associate Lindsay Saldebar knows firsthand the impact Children’s Hospital Los Angeles has on the community. That’s why when she learned that Platinum Equity’s annual involvement in the Malibu Triathlon helps to raise money for the hospital, she just had to participate. “My (family member) was treated at Children’s Hospital at a young age,” Saldebar said. “It’s a cause that is near and dear to my heart, and I think it’s awesome to see Platinum Equity giving back to such an awesome organization that supports so many children.” Saldebar, who has been with the firm for just over two years, was part of the contingent of more than 100 Platinum Equity representatives involved in the 38th Annual Malibu 2XU Triathlon, a two-day event which raised more than $1 million for the hospital’s pediatric cancer research center.  The longer Olympic distance occurs on Saturday; the Classic and Corporate Challenge events run on Sunday. After the event faced possible cancellation because of several issues concerning flooding underneath the Zuma Beach underpass, which is part of the biking route, Platinum Equity representatives were excited to spend time together outside of the regular office setting. Colleagues got up early to display signage and wave pom-poms to support their co-workers. “This event brings team members from across the firm and the globe together and provides us the opportunity to get out of our day-to-day environment,” Platinum Equity Human Capital Principal Lindsay Calautti said. Calautti, who was on hand to support Platinum Equity employees, added: “I felt really energized after the day and I think a lot of people felt that way.” Nearly 60 Platinum Equity athletes participated in the race, which now holds an annual spot on the Platinum Equity calendar. “The Malibu Triathlon has literally changed some people’s lives. I’ve seen co-workers adopt new active lifestyles through training, create new friendships, all while supporting a great cause,” Platinum Equity Principal Katie McNaughton said. “But the most important thing to remember is the event helps patients and families who benefit from the work of the Children’s Hospital Los Angeles. It’s an extremely impactful event that does good in all sorts of ways.” Platinum Equity Managing Director Robert Klap raised almost $16,000, which was the fourth highest total among individual fundraisers. Platinum Equity’s total of nearly $40,000 raised was the 10th best among corporations. Klap, who works in Platinum Equity’s London office, competed for the first time with a relay team comprised of his son and Platinum Equity Managing Director Daniel Madden during Sunday’s Corporate Challenge competition. “Fundraising was easy because it's such a great cause that everybody in the world is happy to support it,” Klap said at the post-triathlon brunch held at the Malibu home of Platinum Equity Founder and CEO Tom Gores and his wife, Holly. Tom was on hand to welcome race participants. First timers encouraged by teammates, colleagues The scene at the Gores home was festive, but the day started just before dawn as adrenaline-fueled athletes traveled to Zuma Beach on the first day of October. Saldebar was one of those athletes, and as waves crashed on the Malibu shoreline and end-of-summer humidity filled the air, she was feeling ambitious walking toward the starting line. But that feeling left her as she completed the 4-mile run. “When you’re running towards Point Dume, you’re about 3 quarters of the way through but it gets lonely out there because you don’t see anyone,” Saldebar said. She needed a little extra motivation at that point. “(Senior Vice President) Katherine Sassine waited for me to come by and cheered me on as I ran past her. It was really awesome for her to be there, encouraging me and helping me get through the hardest stretch of the race.” Andrea Galindo and other Platinum Equity athletes joined Saldebar as first-time participants. For Galindo, a senior paralegal associate, it was a competitive outlet. “I'm competitive, and it looked like a lot of fun,” said Galindo, who attended the 2022 event to support her Platinum Equity colleagues. “I just wanted to get out there and do it myself.” Galindo agrees that’s a great team-building exercise. “It’s become camaraderie for a good cause, and it brings everyone together outside of the office,” Galindo said. Platinum Equity’s participation continues to grow Platinum Equity’s participation in the triathlon began when Partner Bryan Kelln decided to participate shortly after moving to Malibu in 2015. McNaughton also participated in 2015 shortly after the birth of her first child. Eight years later, their interest has turned into a growing commitment from Platinum Equity. After that first event, Kelln was joined by Managing Directors Christian Cook, Dori Konig, David Wolf and Madden the following year. “We just came out and did it,” Cook said while enjoying the pasta party the night before Sunday’s event. “For me, it really kind of kicked off focusing on fitness and having some kind of balance between work and family as well as taking care of yourself.” Madden, who works in Platinum’s Equity’s London office, agrees. “It’s always good fun,” Madden said. “It also depends on how much training you’ve done, but I find the swim quite hard because I don’t swim a lot and swimming in the ocean is always a challenge, but for me, just finishing is enjoyable.” The firm’s participation has continued to grow over the years. “Aside from a bunch of adrenaline junkies getting together every year, there are two really big benefits to this race,” Cook said. “The first is that this raises a lot of money for Children's Hospital Los Angeles, which is terrific, and the second is that we’ve got so many people involved, there’s a significant portion of the firm that does this event. “There are a lot of people that are usually on the road, visiting different portfolio companies and we don’t really get together and see each other very often. To be able to build and foster those relationships in an environment like this is special and makes us a stronger team.” Kelln and other Platinum Equity representatives are hopeful to increase participation to 100 athletes in the coming years. “It seems like the more people that come out and the more people that enjoy it, it becomes contagious in a good way,” Kelln said. “This year we had quite a number of team members come from all over Europe, Singapore and the United States. “It’s truly become a global event for Platinum.”

Platinum Equity to Acquire Co-Controlling Stake in US LBM

Platinum Equity to Acquire Co-Controlling Stake in US LBM

Home / News / Platinum Equity To Acquire Co Controlling Stake In Us Lbm

Platinum Equity and Existing Investor Bain Capital to Have Equal Ownership and Shared Commitment to Support Company’s Evolution as the Most Trusted Partner to Builders Across the Country LOS ANGELES (October 16, 2023) – Platinum Equity announced today the signing of a definitive agreement to acquire a co-controlling stake in US LBM, a leading distributor of specialty building materials in the United States, from Bain Capital Private Equity (“Bain Capital”). Bain Capital and Platinum Equity will have equal ownership stakes and joint Board governance. Financial terms of the private transaction were not disclosed.Founded in 2009 with 16 locations in three states, US LBM has grown into one of the nation’s leading distributors of specialty building materials, operating more than 450 locations throughout the country. The company offers a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry.Platinum Equity Co-President Jacob Kotzubei said he believes in the company’s short and long-term prospects.“US LBM has built an impressive, diversified business with scale while preserving a vibrant, entrepreneurial spirit,” said Kotzubei. “In the near term, we think the company’s footprint, financial profile, and operating model will allow it to continue growing and strengthening its operations as it navigates the complexities of the current environment. We are optimistic about the outlook for new housing over the long term given the nationwide shortage stemming from years of underbuilding that has created an imbalance in supply and demand. We look forward to working with the company’s leadership group and our partners at Bain Capital to put our financial and operational resources to work.”US LBM will continue under the leadership of Founder, President and CEO L.T. Gibson and the current management team."US LBM's national platform, strong supplier relationships, commitment to operational excellence and boosting organic in-market growth continue to make us an acquirer of choice in the building materials industry,” said Gibson. “We look forward to working with Platinum and our ongoing partnership with Bain Capital. Their combined operational expertise and experience in the building products space will be a significant asset in driving the growth and expansion of our business."“There are meaningful opportunities to continue building scale nationally and at the local level,” said Platinum Equity Managing Director Nathan Eldridge. “Our plan is to continue investing in core markets with new product offerings or capabilities, while further expanding the company’s reach geographically. We have a lot of experience investing in building products businesses and believe we are well positioned to support US LBM’s growth.”Platinum Equity recently signed a definitive agreement to acquire Cook & Boardman, a leading specialty distributor of commercial door and security integration solutions. Other building products companies in the firm’s current portfolio include: JELD-WEN’s Australasia business; Cabinetworks, a leading US manufacturer and distributor of kitchen and bath cabinets; and PGS, a provider of hard surface floor coverings.The US LBM transaction is expected to close by the end of Q1 2024 and is subject to customary closing conditions, including requisite regulatory approvals.RBC Capital Markets LLC, Jefferies and Barclays are serving as financial advisors, and Kirkland & Ellis LLP is serving as legal advisor, to US LBM and Bain Capital. Moelis & Company LLC is serving as financial advisor, Gibson, Dunn & Crutcher LLP is providing legal counsel, and Willkie Farr & Gallagher LLP is providing debt structuring counsel to Platinum Equity on the investment in US LBM.About US LBMUS LBM is the largest privately owned, full-line distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. For more information, please visit uslbm.com or follow US LBM on LinkedIn.About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 27 years Platinum Equity has completed more than 350 acquisitions.