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American Commercial Lines Awarded Membership in the Louisiana Environmental Leadership Program
JEFFERSONVILLE, IN – American Commercial Lines Inc. announced today that it has been awarded membership in the Louisiana Environmental Leadership Program (ELP). Membership in the voluntary program, led by the Louisiana Department of Environmental Quality, is awarded to businesses, federal entities, municipalities, and academic and community organizations based upon commitment to the program's core principles and submission of pollution prevention and waste reduction goals to improve and preserve Louisiana's environment. Progress in achieving these goals is tracked annually, and membership is renewed every three years based upon demonstrated, measurable results. ACL, a barge transportation company headquartered in Jeffersonville, IN and operating throughout the U.S. inland waterways system, has a Southern Division headquarters in Harahan, LA and operates three port service facilities in the state, located in Baton Rouge, Vacherie, and Harahan. An environmental management system is in place throughout ACL's network that includes pollution prevention, energy and resource conservation, environmental audits and training, and community outreach and education. "We are honored to obtain membership in the Louisiana Environmental Leadership Program," Michael Ryan, ACL president and CEO, stated. "Protection of the environment is one of the core values that guide all that we do at ACL. We look forward to partnering with the state and other businesses and entities who share ACL's commitment to environmental stewardship." American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately 2,500 employees and a fleet of 125 towboats and 2,500 barges as of December 31, 2009. For more information about American Commercial Lines Inc. visit www.aclines.com.
Read MoreSan Diego Union-Tribune: Mission Valley Makeover
SD Metro Magazine features The San Diego Union-Tribune on its March, 2011 cover, highlighting the venerable newspaper's new life since being acquired by Platinum Equity. Citing the tough challenges faced by the Union-Tribune and Platinum since the acquisition, SD Metro reports publisher Ed Moss and editor Jeff Light appear to have no doubts about the Union-Tribune being back on the right track. Quoted in SD Metro, Ed Moss says, "We tell [new recruits] that you can come in here and you can really build your own dynamics and help us build a new model for the newspaper industry. We can do it quickly and we have tremendous support from our ownership to do that." Jeff Light provides some insights into changes that have been occurring around the newsroom, including content strategy, investigative reporting, and more effective in-depth reports. Quoted in SD Metro, Light says of his newsroom environment "From a journalism point of view, we're talking about turning all of us into triathletes...faster, more disciplined, multi-talented." Heralding the end of "the good old days" of newspaper publishing, Moss and Light are focused on new advertising models like "The Daily Deal", strengthening partnerships with different industry groups, and building recognition for Union-Tribune Media, which includes the newspaper, its online portal Sign On San Diego, and a key Spanish-language publication Enlace. Full Article »
Read MorePlatinum Equity Acquires Nampak Cartons and Healthcare Packaging Business in Europe
Los Angeles, CA —Platinum Equity announced today that it has completed the acquisition of Nampak Cartons and Nampak Healthcare from South Africa-based Nampak Limited [JSE:NPK].Nampak Cartons produces cartons for the food and beverage sectors from two sites in the United Kingdom and one in Holland. Nampak Healthcare manufactures cartons, leaflets, labels, and blister pack foils for the pharmaceutical industry from 11 sites across Europe.“These are sound businesses with great people and a lot of potential,” said Brian Wall, partner at Platinum who led the team pursuing the acquisition. “We see real opportunity as a standalone enterprise for growth and value creation through operational improvement and strategic acquisitions.”Mr. Wall said the acquisition is the culmination of discussions that first started with Nampak in 2006.“Over the last five years we have developed a strong relationship with the management team and Nampak, which helped facilitate this transaction opportunity,” said Mr. Wall. “We look forward to working alongside Tom Reid, Leon Taviansky and the rest of the talented team in Cartons and Healthcare.”Tom Reid, former managing director, Nampak Europe, who has overseen Nampak Cartons and Nampak Healthcare since 2007, will continue leading the businesses under the new ownership. Mr. Reid had been with Nampak in a variety of positions since 1990.“We are excited about the change in ownership and are very optimistic about the new opportunities this transition presents for our company and our customers,” said Mr. Reid. “We are eager to move forward and are already acting on plans to upgrade and improve our business.”Last week the healthcare business announced plans to invest in a new facility that would replace and provide an upgrade to the company’s current factory in Portsmouth, England. All current Portsmouth staff would be retained and transfer to the new site in nearby Segensworth, which is scheduled to be fully functional by the end of 2011.A transition team of Platinum in-house operations specialists is working to establish the newly acquired businesses as a standalone company. A rebranding campaign is underway and a new company identity will be announced as that process unfolds.“We are focused on executing a seamless transition while maintaining the highest standards of quality manufacturing and customer service,” explained Mr. Wall.Affiliates of Platinum Equity signed a definitive agreement to acquire the two Nampak businesses in December 2010. The European Commission approved the acquisition in February.“We collaborated closely with Nampak and executed a European divestiture solution while creating an excellent investment opportunity for Platinum,” added Seth Romans, vice president at Platinum and M&A lead for the Nampak transaction. “Our ability to complete this transaction with speed and certainty also proved beneficial to all parties involved.”About Platinum EquityPlatinum 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.
Read MorePlatinum Equity Company Ulticom Names Bruce Swail CEO
Mt Laurel, New Jersey – Ulticom, Inc. today announced the appointment of Bruce D. Swail as Chief Executive Officer (CEO), effective immediately. Ulticom is a premier provider of signaling software that enables telecommunications network equipment and service providers to deploy services within wireless, IP, and wireline networks. Ulticom was acquired by Platinum Equity in December 2010. Mr. Swail joins Ulticom from US Robitics, a leading provider of internet access and networking products, where he has served as CEO since 2007. US Robotics is also a Platinum Equity company. "Bruce is a proven leader and accomplished communications industry veteran," said David Anglin, partner at Platinum Equity. "He has the right combination of management experience and engineering expertise to lead Ulticom into the future." Ulticom's Signalware products interconnect the complex switching, database and messaging systems found in telecom networks and manage the vital number, routing, and billing information that form the backbone of today's global public networks. Mr. Swail succeeds Shawn Osborne, who has served as Ulticom CEO since 1997. Mr. Osborne is leaving Ulticom to pursue other opportunities. Mr. Osborne was responsible for leading Ulticom’s successful Initial Public Offering in April 2000 and positioning the company as a premier telecommunications hardware and software provider. Mr. Osborne will be available over the next several weeks to help ensure a smooth leadership transition for both clients and associates. Prior to US Robotics, Mr. Swail served as Vice President and General Manager of the Digital MultiMedia Division of Flextronics. He also worked for 20 years at Motorola in various business, operations and engineering positions during the advent of Wi-Fi and wireless data communications. Mr. Swail began his career in the aerospace industry for Bristol Aerospace Ltd., a subsidiary of Rolls-Royce, PLC. Mr. Swail, 52, earned a Bachelor of Science degree in Electrical Engineering and a Masters of Business Administration from The University of Manitoba, Canada. He is also the author of two U.S. patents in wireless data communications. About Ulticom, Inc. Ulticom (www.ulticom.com) provides service essential signaling component and system solutions for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy broadband mobile access, multimedia transport control, subscriber data management and enhanced communication services. Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe, and Asia.
Read MoreAcument Keeps Operations in Metro Detroit, 50 Hires Planned This Year
DETROIT, MI (metromode)--The transformation of Acument over the past few years typifies what Detroit auto suppliers experienced: loss of work and shrinking operations. Today, however, Acument is a promising sign of things to come. Acument, a Platinum Equity portfolio company, recently struck a deal with the Michigan Economic Development Corp to expand its Sterling Heights, Holly, and Fenton plants. It expects to hire 50 people in Metro Detroit this year, expanding its workforce to 500 personnel by 2012 and 600 by 2014. Read full story... Source: Timothy Weir, director of communications and public affairs for Acument Writer: Jon Zemke
Read MoreRobert Klap Joins Platinum Equity as Principal
LOS ANGELES, CA – (Marketwire) – Platinum Equity announced today that Robert Klap will join the firm as a principal based in London, where he will assist the firm's investor relations, capital raising and deal origination programs.Most recently, Mr. Klap was an executive at UBS in London, responsible for managing private equity fund investments in the bank's wealth management group. Previously, he was a private equity portfolio manager at Shell Asset Management Company and a fund manager at Mn Services, each of which are institutional investors in Platinum's private equity funds."I am delighted that Robert is joining Platinum Equity," said Tom Gores, chairman and CEO of the firm. "We have a long history together, in which he has distinguished himself not only as an investment professional, but also as a trusted adviser. He's a smart and talented executive who will bring tremendous value to Platinum."Mark Barnhill, the principal who leads global investor relations and capital raising for Platinum, said the addition of Mr. Klap would substantially increase the firm's capabilities in managing current and future investment funds."Robert is creative, engaging and very insightful about the global private equity landscape," Mr. Barnhill said. "He'll be a strong presence for us not only in Europe, where he'll be based, but also globally as we expand our investor relations platform and prepare for future rounds of capital raising."Mr. Klap said, "I have watched up close as Platinum has developed into one of the strongest and most capable private equity firms in the world. Platinum's operational expertise, investment judgment and stellar track record speak for themselves. But what's most exciting for me is the opportunity to help the firm grow. I believe Platinum has only started to tap its full potential, and I am very excited to be a part of the next phase in the firm's development."About Platinum EquityPlatinum 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.
Read MorePlatinum Equity Completes Acquisition of American Commercial Lines
Los Angeles, CA--Platinum Equity announced today that it has completed the acquisition of American Commercial Lines Inc. (“ACL”), one of the largest and most diversified inland marine transportation and service companies in the United States. The acquisition was a public-to-private transaction in which Platinum Equity agreed to acquire most outstanding shares of ACL stock for $33.00 per share. ACL stockholder GVI Holdings, Inc. and certain of its affiliates are receiving $31.25 per share. The company previously traded on the NASDAQ Global Select Market under the ticker symbol “ACLI.” On October 18, 2010, Platinum Equity signed a definitive agreement to acquire ACL by merger. ACL shareholders approved the merger transaction on December 14, 2010. "ACL has strong management, a talented workforce and a proud tradition as a leader in marine transportation and manufacturing," said Louis Samson, principal, Platinum Equity, who led the team pursuing the ACL acquisition. “Mike Ryan and the management team have made a lot of progress in recent years transforming and positioning the business. We are excited to roll up our sleeves and provide additional support to the company’s efforts." Platinum Equity has already deployed a transition team to support ACL. “Platinum Equity’s extensive resources and operational expertise will enable us to accelerate the execution of our strategic business initiatives and position us to expand our role as a top transportation services provider,” said Mike Ryan, ACL president and chief executive officer. “We are pleased to begin a new chapter in ACL’s history and are excited about the future.” Mr. Ryan, who joined ACL in 2005 and has served as chief executive officer since 2008, will continue to lead the company under Platinum Equity’s ownership. Mr. Samson said that in addition to providing operations support, Platinum Equity’s M&A team will continue working closely with ACL as well. “ACL has strong fundamentals and is well positioned for growth, both organically and through prospective acquisitions,” said Mr. Samson. “We will work with the management team to identify, evaluate and pursue attractive opportunities to grow and expand the business.” 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. For more information, go to www.platinumequity.com. About American Commercial Lines Inc. American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately $850 million in revenues and approximately 2,570 employees as of December 31, 2009. For more information about American Commercial Lines Inc., visit www.aclines.com.
Read MorePlatinum Equity Acquires Schutt Sports
LOS ANGELES, CA – Platinum Equity announced today that it has completed the acquisition of substantially all the assets of Schutt Sports through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. The United States Bankruptcy Court for the District of Delaware approved the transaction on December 15, 2010. Schutt Sports is a leading domestic manufacturer of protective sports equipment and aftermarket reconditioning services. "Schutt Sports is a great company with a strong brand, quality products and enormous potential,” said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Schutt acquisition. “The business also has a strong management team, talented employees and loyal customers. We are excited to help the company achieve its full potential with the support of Platinum Equity’s financial resources and operations expertise.” Robert Erb, Schutt Sports CEO since 2007, will continue to lead the company under Platinum Equity’s ownership. “I am grateful for the tremendous loyalty we have received throughout this process and am excited to emerge a stronger, healthier company poised for long-term growth and profitability,” said Mr. Erb. “I am especially proud of the continued hard work and support of our outstanding employees, dealers and suppliers. Their extraordinary resolve and commitment to serving our customers is a primary reason we are now positioned for long-term success.” Mr. Kotzubei said that Platinum Equity’s operations team is now acting on a plan to assist Schutt Sports following the change in ownership. “Schutt Sports has done an exceptional job maintaining focus and continuing to serve its customers throughout this process,” said Mr. Kotzubei. “We are now deploying additional operations resources to support their efforts.” About Platinum Equity Platinum Equity (www.platinumequity.com) 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 100 acquisitions. 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.
Read MorePlatinum Equity Acquires Ulticom
Los Angeles, CA —Platinum Equity announced today that it has completed the acquisition of Ulticom, Inc., a provider of signaling software used in communications networks. The acquisition was a public-to-private transaction in which Platinum Equity acquired outstanding shares of Ulticom stock for merger consideration of $2.33 per share, after payment of a special dividend in the amount of $5.74 per share in cash. Shares of Ulticom stock held by Ulticom’s controlling shareholder, Comverse Technology, Inc., did not receive merger consideration but were instead purchased pursuant to a share purchase agreement immediately prior to the closing of the merger for consideration of up to $2.33 per share. The company previously traded on the NASDAQ Global Market under the ticker symbol “ULCM.” Affiliates of Platinum Equity signed a definitive agreement to acquire Ulticom, Inc., on October 12, 2010. Ulticom shareholders approved the acquisition on Thursday, December 2, 2010. “Ulticom is well recognized for quality and innovation, and we believe the company is positioned to thrive as the market for high-bandwidth services continues to evolve,” said Matt Young, principal for Platinum Equity. Ulticom’s signaling software enables telecommunications network equipment and service providers to deploy services within wireless, IP, and wireline networks. Ulticom's products interconnect complex switching, database and messaging systems and manage number, routing, and billing information. Mr. Young said that Platinum Equity has already launched a process focused on transitioning Ulticom to private ownership and improving overall business performance. “We believe Ulticom and its customers will benefit from our operations expertise and our commitment to delivering world-class products and exceptional customer service,” said Mr. Young. Paul, Hastings, Janofsky & Walker LLP acted as legal counsel to Platinum Equity. Morgan Keegan Technology Group acted as lead financial advisor to Ulticom and Duff & Phelps, LLC also provided a fairness opinion to Ulticom’s Board of Directors. Weil, Gotshal & Manges LLP acted as legal counsel to Ulticom in the transaction and Flaster/Greenberg P.C. acted as special New Jersey Counsel to Ulticom. About Ulticom, Inc. Ulticom provides service essential signaling component and system solutions for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy broadband mobile access, multimedia transport control, subscriber data management and enhanced communication services. Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe, and Asia. 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.
Read MorePlatinum Equity Acquires Ecka Granules Assets
Los Angeles, CA —Platinum Equity announced today it has acquired substantially all material assets of ECKA Granules, a Germany-based manufacturer and distributor of metal powders to a broad range of industries. The acquisition which includes copper, aluminum and magnesium powder manufacturing plants and sales offices will, upon registration of all share transfers, include Australia, Austria, Bahrain, China, Germany, Slovenia, Switzerland, the U.K. and the United States. Terms of the transaction were not disclosed. Platinum also owns SCM Metal Products, Inc., a U.S. manufacturer and distributor of metal powders and pastes with production facilities in the United States and China. Platinum acquired SCM Metal Products, Inc. in November 2008. “ECKA Granules is synonymous with quality products and leading-edge technology, and the brand aligns perfectly with SCM Metal Products, Inc.’s customer-focused business model,” said Jacob Kotzubei, the partner at Platinum who led the ECKA Granules transaction. “This acquisition is part of an ongoing strategy to expand our presence in the metal powders space. ECKA Granules is an excellent strategic fit in our portfolio.” ECKA Granules and SCM Metal Products, Inc. are both expected to benefit from shared ownership, though each company will continue marketing under its own brand. SCM Metal Products, Inc. President Barton White will serve as CEO of both companies. Mr. White noted that by combining SCM Metal Products, Inc. and ECKA Granules’ technical capabilities and complementary footprints, and supporting them both with Platinum’s operational and financial resources, this acquisition creates tremendous potential for growth. “We can now offer customers a unique, international combination of manufacturing plants, technical support and direct sales and marketing channels in the United States, Asia and Europe,” explained Mr. White. “By expanding our reach and moving closer to customers around the world, we can decrease lead times and optimize our plants to improve the supply chain and ultimately increase value.” The acquisition follows a period of financial distress and uncertainty at ECKA Granules triggered by the global economic crisis. ECKA Granules and certain of its subsidiaries initiated insolvency proceedings in August 2009. “ECKA Granules’ employees, customers and suppliers have gone through a lot over the past 12-15 months and we are grateful for their hard work, patience and continued support,” said Mr. White. “We are committed to stabilizing and growing the business while charting a new path toward long-term health and profitability.” 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 SCM Metal Products, Inc.: SCM Metal Products, Inc. is a global leader in the manufacturing and distribution of copper based powder and pastes and copper oxide powders to a wide array of industries. SCM Metal Products, Inc. has manufacturing facilities in North Carolina, USA, and Suzhou, China.
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