Press Releases
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KEMET Corporation Set to Join Russell 3000 Index
Greenville, SC - KEMET Corporation (NYSE: KEM) joined the US broad-market Russell 3000 Index, according to a preliminary list of additions posted on June 17 on the Russell Investments web site. Platinum Equity made an investment in KEMET in June of 2009 and has played a role in its operational restructuring. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. The Russell 3000 also serves as the U.S. component to the Russell Global Index. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. Full Press Release »
Read MoreSchutt Sports Acquires Adams USA Football Helmet and Faceguard Product Lines
Litchfield, IL – Schutt Sports, a leading domestic manufacturer of protective sports equipment and aftermarket reconditioning services, announced today that it acquired certain football helmet and faceguard assets from Adams USA. Financial terms of the transaction were not disclosed. Schutt Sports will assume responsibility for manufacturing the acquired product lines and will continue marketing helmets and faceguards under the Adams brand name. “Adams is a respected, traditional football brand that has served its customers very well over the years,” said Robert Erb, Schutt Sports CEO. “We are excited because this acquisition will expand our relationship with the team dealer market and will enhance our lineup, allowing us to offer quality football products to a wider variety of customers.” Adams has been manufacturing and marketing sporting goods for more than 50 years. Its football helmets and faceguards are popular in the youth football market where Adams’ reputation for quality combines with a strong value proposition. Adams also manufactures other sports-related equipment, and the company will continue to market those products independently. “We sold our football headgear product lines in order to focus on improving and expanding our offerings in other areas of the sporting goods market,” said Adams USA CEO David Wright. “Adams has a proud football heritage and we have great confidence in Schutt Sports’ ability to build on that tradition and move forward with these products.” Platinum Equity acquired Schutt Sports in December 2010. Jacob Kotzubei, the partner at Platinum whose team led the acquisition of Schutt Sports, said the Adams add-on investment is a strong complementary fit. “This is a strategic acquisition that will expand the Schutt Sports’ product line and take advantage of the company’s world class manufacturing and marketing capabilities,” said Mr. Kotzubei. “We view Schutt Sports as a compelling growth platform and we will continue looking for opportunities to expand the business organically and through additional investments.” About Schutt Sports Schutt Sports is a domestic manufacturer and the world’s leading maker of football helmets and faceguards. Three out of four professional football players take the field wearing Schutt® gear. The ION 4D, AiR XP, and DNA line of helmets are the world’s only football helmets to feature TPU Cushioning – the same material used by the US military for helmets for fighter pilots and paratroopers. Schutt faceguards are the best in the world, both in form and in function. Schutt is also the manufacturer and supplier of bases to Major League Baseball and Minor League Baseball, as well as the official batter’s helmet supplier to the Team USA National Softball Team. Schutt gear is designed for maximum performance based on standards dictated by the most important person in our world – the player. About Platinum Equity Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more 120 acquisitions.
Read MoreNBA Board of Governors Unanimously Approves Sale of Detroit Pistons to Tom Gores
New York, NY – The NBA Board of Governors has unanimously approved the sale of the Detroit Pistons to Tom Gores and his investment firm, Platinum Equity. The transaction is expected to close shortly."We are delighted that the NBA’s Board of Governors approved Tom Gores’ purchase of majority ownership of the Pistons,” said NBA Commissioner David Stern. “We look forward to the Pistons’ continued growth, both on and off the court, under his leadership.”
Read MorePlatinum Equity Acquires Active Aero Group
Los Angeles, CA and Belleville, MI – Platinum Equity announced today that it has acquired a majority stake in Active Aero Group, Inc. (“Active Aero”), a provider of expedited transportation and logistics solutions. Platinum acquired the majority stake in Active Aero from a consortium of sellers, including Berkshire Partners LLC and Greenbriar Equity Group LLC. The sellers retained a minority interest in the business. Terms of the transaction were not disclosed. “Active Aero’s enthusiastic and highly-skilled logistics experts deliver expedited transportation solutions to its customers every day. The company’s customer-first orientation, combined with its IT systems and unique business model, provide a strong foundation to build upon going forward,” said Brian Wall, partner at Platinum who led the team pursuing the acquisition. “We look forward to working closely with Chris Healy and his team in order to further solidify Active Aero’s position in the premium transportation and logistics market.” Based in Belleville, Michigan, Active Aero provides its customers on-demand air and ground transportation solutions through an expansive network of third-party providers and its owned fleet of assets. The business utilizes its own proprietary procurement and execution IT platform and provides its customers the highest level of customer service and visibility to ensure critical deadlines are met while minimizing disruption during times of need and supply chain disorder. Active Aero’s sophisticated IT systems also provide customers with unparalleled choices through the ability to easily weigh the costs and benefits of different transportation options to determine which solution best meets their individual needs. Active Aero CEO Chris Healy, who has been with the company in various capacities since 2001, will continue leading the businesses under the new ownership. “Partnering with Platinum Equity will create exciting new opportunities for our company and our customers. We expect to diversify our product offering and accelerate our plans for expansion,” said Mr. Healy. “We have an exceptional track record for safety, on-time delivery and customer service. With Platinum’s operations expertise and M&A resources we are poised for an exciting period of growth and new possibilities.” About Active Aero Group Active Aero Group is a privately held company headquartered in Belleville, Michigan. Active Aero Group owns and manages two primary business units: Active On-Demand and USA Jet Airlines. Active On-Demand provides the world’s largest shippers and manufacturers with expedited ground, air, and emergency air charter services. Active On-Demand's online transportation management solution provides shippers with access to greater capacity, more bids, more service options, and the best available price for every shipment. USA Jet Airlines provides air cargo charter shippers, business executives, athletic teams, and music and entertainment professionals with private jet charter services to and from more than 5,000 airports throughout North America and the Caribbean. About Platinum Equity Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 115 acquisitions.
Read MoreHow a Newspaper is Fending Off Groupon
In light of the overwhelming success of Groupon and LivingSocial, a program created by The San Diego Union-Tribune is, according to DigiDay Daily, giving them a run for their money. The Daily Deal program at the Union-Tribune negotiates discounts with local merchants much like Groupon and LivingSocial. The edge that the Daily Deal maintains, however, is its front-page placement on the newspaper which is seen by over 1 million subscribers weekly. In addition, the Daily Deal reaches the Union Tribune's online audience. DigiDay Daily also notes that the Union-Tribune's Daily Deal is one of the biggest revenue generating programs across all San Diego media and the largest daily deal program among newspapers nationwide. Much of its success, according to Vin Vacanti, CEO of Yipit, a daily deals aggregator, is because businesses don't see it as advertising--instead the Daily Deal is geared more like a sales commission paid to the newspaper. This enables businesses of all sizes--even small local restaurants--to leverage the Union-Tribune's wide demographic. Read Full Article »
Read MoreKaren Davidson and Tom Gores Reach Agreement on Sale of Detroit Pistons
AUBURN HILLS, MI - Palace Sports and Entertainment (PS&E) and Detroit Pistons Basketball Company (DPBC) owner Karen Davidson today announced a definitive agreement to sell PS&E, DPBC, and their respective assets -- including the NBA's Detroit Pistons, The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival -- to financier Tom Gores and his investment firm, Platinum Equity. Terms of the agreement, which is still subject to review and approval by the NBA's Board of Governors, were not disclosed. "We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," said Karen Davidson. "Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill's footsteps, and carry on his legacy." "From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at the Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future." Mr. Gores is the Chairman and CEO of Platinum Equity, a global investment firm whose holdings include 34 portfolio companies in such diverse business sectors as technology, media and entertainment, industrials, metals processing, automotive supply, and distribution and logistics. The firm specializes in navigating complex business environments, and Mr. Gores said he sees great potential for revitalizing PS&E and the Pistons franchise. "I am very proud to have this opportunity to be part of such a tremendous organization," Mr. Gores said. "I know it's been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward." Comerica Bank, a longtime financing partner of Platinum Equity, will provide financing on the transaction. The transaction is expected to close by June 30, pending league approval and normal closing conditions. Citi Private Bank's Sports Advisory group acted as sell-side advisor on the transaction. Outside of these statements, all parties have agreed to continue to abide by the terms of their confidentiality agreement pending final close of the transaction. For a press kit on Tom Gores and Platinum Equity visit: www.platinumequity.com/our-news/ Contacts: For Karen Davidson: Michael Layne Marx Layne & Co. 248.320.6202 Email Contact For Tom Gores and Platinum Equity: Mark Barnhill Platinum Equity 310.712.1850 Email Contact
Read MorePlatinum Equity Acquires Majority Interest in Keystone Automotive Operations, Inc.
LOS ANGELES, CA – Platinum Equity announced today that it has acquired a majority interest in Keystone Automotive Holdings, Inc., the parent company of Keystone Automotive Operations, Inc. (“Keystone”), and will work with the company’s management team on an operational plan to improve Keystone’s ability to compete in the specialty aftermarket auto parts industry. Platinum was previously Keystone’s largest bond holder and worked closely with Keystone and the company’s other debt holders to develop and execute a recapitalization plan that resulted in Platinum becoming the majority owner of the business. Platinum achieved its majority ownership position through an exchange offer that closed on March 29, 2011 in which Platinum and other bond holders converted debt to equity and acquired additional common stock through a rights offering. “Keystone has a strong management team, dedicated employees and an unparalleled distribution network,” said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Keystone acquisition. “With a restructured balance sheet, ample liquidity and the added support of Platinum’s operations team and M&A resources, Keystone is now well positioned for growth and long-term success.” Ed Orzetti, Keystone CEO since 2006, will continue to lead the company under Platinum Equity’s ownership. "Partnering with Platinum Equity and successfully recapitalizing our business is great news for Keystone’s customers, suppliers and employees," said Mr. Orzetti. "We will continue offering the most comprehensive inventory selection in our industry, the highest levels of customer service, and the innovative marketing support our partners expect and deserve." Platinum has already deployed a team to work with Keystone on a plan to improve overall business performance. Mr. Kotzubei said that Platinum’s M&A resources will actively support Keystone going forward as well. “We will work closely with Keystone to identify and pursue opportunities to grow the business organically and through additional acquisitions,” said Mr. Kotzubei. About Platinum Equity Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 115 acquisitions. About Keystone Automotive Keystone Automotive Operations Inc. and its affiliates are wholesale distributors and retailers of aftermarket automotive accessories and equipment, with operations servicing customers in all regions of the United States and provinces of Canada, as well as various other international locations. The Company's fleet of over 300 trucks provide multi-day per week delivery and returns covering the 48 contiguous states and nine provinces of Canada. The Company sells and distributes specialty automotive products, such as light truck/SUV accessories, car accessories and trim items, specialty wheels, tires and suspension parts, and high performance products to a fragmented base of approximately 15,000 customers. The Company's wholesale operations include an electronic service strategy providing customers the ability to view inventory and place orders via its proprietary electronic catalog. The Company also operates 20 retail stores in Pennsylvania. The Company's corporate headquarters is in Exeter, Pennsylvania.
Read MorePlatinum Equity Company Ryerson Acquires Singer Steel
CHICAGO, IL – Ryerson Inc., a leading distributor and processor of metals in North America and China, announced today that it has acquired Singer Steel Company ("Singer"), a value-added flat rolled steel processor based in Streetsboro, Ohio. Terms of the transaction were not announced.Singer is a full-service steel value-added processor with state-of-the-art processing equipment. The company enjoys an excellent reputation in the market and serves a variety of industrial applications. For over 85 years and 4 generations, Singer Steel has consistently worked towards providing the finest materials and superior customer service. Singer had approximately $50 million in revenue in 2010."This acquisition represents another step in Ryerson's ongoing initiative to expand our product and service offering. We believe that Singer's capabilities strongly enhance Ryerson's offering in the Midwest and Northeast and we are very excited about this expansion of our presence there," said Mike Arnold, Ryerson's Chief Executive Officer."We are thrilled about the acquisition of Singer Steel," added Michael Burbach, President of Ryerson's Midwest Region. "Singer has a strong reputation for customer service and they bring tremendous processing capabilities along with an excellent group of committed employees that will help with our strategic intention to invest in and grow the business."Singer is Ryerson's fourth acquisition in the past 14 months. Ryerson acquired Houston-based Texas Steel Processing Inc. in January 2010; the assets of Mobile, Alabama-based Cutting Edge Metal Processing Inc. in May 2010; and Houston-based SFI-Gray Steel Inc. in August 2010.About RyersonRyerson Inc., a Platinum Equity company, is a leading distributor and processor of metals headquartered in Chicago, IL. The Company services customers through a network of service centers across the United States, Canada, Mexico and China.
Read MorePlatinum Equity Company Turf Care Supply Corporation to be Featured on Upcoming Episode of American Farmer
Brunswick, OH -- Turf Care Supply Corporation, one of the nation's largest providers of agronomic services and blended products to the professional turf, ornamental, and grass seed industries, announced today that they will be featured in an upcoming episode of American Farmer. The episode will focus on granular and liquid fertilizers, as well as granular control products, including insecticides, pre-emergent herbicides, post-emergent herbicides and fungicides. These products play a major role in crop production and crop protection, from the fields to our plates. Broadcast is scheduled for Q3, 2011 on a combination of national cable and satellite networks, dates and show times TBA. “The products TCS provides are an important part of a vital fertilizer and control products industry – feeding the world most importantly, and in our case keeping our lawns and golf courses healthy and green – we’re happy to be participating in American Farmer,” said William Milowitz, President & CEO of Turf Care Supply Corporation, a portfolio company of Platinum Equity, a Beverly Hills, CA based private equity firm. Not only does Turf Care specialize in fertilizer applications and granular control products, they are also one of the nation’s largest suppliers of turf grass seed blending and packaging services, processing over 50 million pounds annually. Turf Care's production staff works with a broad group of experienced turf grass seed growers throughout the Northwestern US to produce top quality seed for use on golf courses, parks, sports facilities, sod farms, and home lawns throughout the United States. “We are proud to be partnering with Turf Care as we take our viewers on an exciting and educational journey into the world of fertilizers and seeds,” said Adrien Aniceto, producer for the series. “At the end of the day, fertilizer, seed and control products such as these are a critical components in the global food supply chain,” she added. About American Farmer: American Farmer is a breakthrough program on a mission to showcase the latest advancements in agriculture and farming. From seed to harvest to food production, their producers have traveled the country covering the people, places and issues impacting all areas of farm country. American Farmer is produced and distributed by DMG Productions, an award-winning content provider of educational programming to the television industry.
Read MorePlatinum Equity Company Alliance Entertainment Acquires Edge Entertainment Distribution
Coral Springs, FL – Platinum Equity and The Gores Group announced today that Alliance Entertainment has acquired EDGE Entertainment Distribution, a wholesale distributor of pre-recorded music and movie titles, related accessories and other products. EDGE primarily serves independent music retailers, public libraries and college book stores. Financial terms of the EDGE acquisition were not disclosed. EDGE provides one-stop access to more than 140,000 titles of compact discs, DVD and Blu-Ray movies, and other entertainment-related accessory products. Alliance was acquired by a joint venture between affiliates of Platinum Equity and The Gores Group in 2010. “Alliance has a long-standing commitment to serving the distribution needs of the music industry and independent retailers in particular,” said Bryan Kelln, president of portfolio operations for Platinum Equity. "Alliance understands their needs and looks forward to continuing to deliver the high level of customer service they deserve." “As the market for distributing media content continues to evolve, we will keep pursuing opportunities to grow and diversify Alliance’s business organically and through additional acquisitions,” added Jon Gimbel, principal, The Gores Group. About Alliance Entertainment Alliance Entertainment manages a physical inventory of 400,000 CD, DVD and videogame titles in its distribution center in Shepherdsville, KY. Alliance Entertainment is the largest wholesale distributor of CD, DVD and videogame titles in the United States, providing distribution, fulfillment and other services to such retailers as Barnes & Noble, Borders, Amazon.com, Target.com and BestBuy.com. The company has 2,900 unique customers and ships to 14,500 locations throughout the United States. About Platinum Equity Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. About The Gores Group LLC The Gores Group LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of more than $4 billion. Headquartered in Los Angeles, The Gores Group, LLC maintains offices in Boulder, CO, and London.
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