Press Releases
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Platinum Equity Acquires OAO Technology Solutions
Los Angeles, CA and Greenbelt, MD (January 19, 2010) — Platinum Equity announced today it has acquired OAO Technology Solutions, Inc. (“OAOT”) from an affiliate of J.F. Lehman & Company and the other stockholders of OAOT. Terms of the transaction were not disclosed. OAOT provides managed IT services and solutions for Fortune 500 corporations, global outsourcers and government agencies. “OAOT has long-standing relationships with valued customers, an outstanding international workforce and a reputation for delivering exceptional customer service,” said Jacob Kotzubei, the partner at Platinum that is leading the OAOT investment. “Throughout the world the need for high-quality cost-effective managed IT services is growing and OAOT offers a full-range of solutions to meet that increasing demand.” A team of Platinum in-house operations specialists is now working with OAOT management to develop a long-term plan and transition the business into Platinum’s portfolio. “In the midst of a challenging worldwide economic climate, over the last three years OAOT has expanded its market share, enhanced its commercial IT services offerings, and significantly improved the company’s operational effectiveness, profitability and financial performance,” said Sidney E. Fuchs, OAOT president and chief executive officer. “This acquisition provides incredible momentum and creates a platform for rapid growth as we join the top-tier group of IT services companies in the Platinum Equity portfolio.” Mr. Kotzubei explained that acquiring OAOT is a natural investment for Platinum, given the firm’s history of investing in IT companies. “We know and understand the industry well and have had a lot of success creating value in this space,” explained Mr. Kotzubei. Jeff Fine and Jared Jensen of Kirkland & Ellis LLP served as legal advisers to Platinum Equity on the acquisition of OAOT. Bill Rustum and Dennis Wallace of Gibson, Dunn & Crutcher LLP served as legal advisors and KippsDeSanto & Co. and The Chesapeake Group served as financial advisors to OAOT in the transaction. About OAO Technology Solutions, Inc. OAOT (www.oaot.com) is a global leader in Managed IT Services and Solutions to Fortune 500 corporations, global outsourcers and government agencies. The Company's expertise includes applications outsourcing, data center and infrastructure management and staffing solutions. Headquartered in Greenbelt, Maryland, our 1,600 worldwide employees are located throughout the United States, Canada and Europe. 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 nearly 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 J.F. Lehman & Company J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the defense, aerospace and maritime sectors. The firm has offices in New York, Washington and London. For more information about J.F. Lehman & Company, please visit www.jflpartners.com.
Read MorePomeroy IT Solutions, Inc. Announces Agreement to be Acquired by Platinum Equity for $6.50 Per Share
HEBRON, KY September 25 -- Pomeroy IT Solutions, Inc. (Nasdaq: PMRY), an information technology ("IT") solutions provider (the "Company"), announced today that it has entered into a definitive merger agreement to be acquired by affiliates of private equity firm Platinum Equity, LLC. Under the terms of the merger agreement, Platinum Equity, through its affiliates, will acquire all of the outstanding common stock of the Company for $6.50 per share. The Company also announced that, immediately prior to entering into the merger agreement with Platinum Equity's affiliates, the Company terminated its previously announced merger agreement with Hebron LLC, Desert Mountain Acquisition Co., and David B. Pomeroy, II. In accordance with the terms of that previous merger agreement, the Company paid a termination fee of approximately $1.0 million to Hebron LLC. The Company's Board of Directors, acting upon the unanimous recommendation of a Special Committee composed solely of independent directors unrelated to Platinum Equity, approved the merger agreement with Platinum Equity and resolved to recommend that the Company's stockholders vote to adopt and approve that agreement. "In spite of the downturn in the economy, the Company has improved profitability and grown its business in 2009," said Christopher C. Froman, the Company's President and CEO. "We are pleased that Platinum Equity has agreed to purchase our company. Platinum Equity has a distinguished record of success merging, acquiring and operating IT services and solutions companies and we believe they will add value to our business going forward." "Following receipt of Platinum Equity's acquisition proposal, the Special Committee oversaw a competitive bidding process that has benefited stockholders through additional consideration to shareholders of over $4.8 million. We believe this all cash sale of the Company to Platinum Equity is in the best interests of the Company's stockholders," said Debbie Tibey, the Chairwoman of the Special Committee. "We know the IT products and services business very well and have had great success creating value in this space," said Jacob Kotzubei, partner at Platinum that is leading the investment. "Pomeroy has a compelling product and service offering, strong customer and vendor relationships, and exceptionally talented employees. We believe the management team has done an excellent job navigating the economic downturn and we look forward to supporting their growth using our full complement of mergers, acquisitions and operations capabilities." The merger with Platinum Equity's affiliates, which is expected to close in the fourth quarter of 2009, is subject to approval by the holders of a majority of the Company's outstanding common stock and other customary closing conditions. Houlihan Lokey is serving as the exclusive financial advisor to the Special Committee of the Board of Directors on the transaction. Sheppard, Mullin, Richter & Hampton LLP is serving as legal advisor to the Special Committee of the Company's Board of Directors in connection with the transaction. About Pomeroy IT Solutions, Inc. Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies. Leveraging its core competencies in IT Outsourcing and Professional Services, Pomeroy delivers consulting, deployment, operational, staffing and product sourcing solutions through the disciplines of Six-Sigma, program and project management, and industry best practices. Pomeroy's consultative approach and adaptive methodology enables Fortune 2000 corporations, government entities, and mid-market clients to realize their business goals and objectives by leveraging information technology to simplify complexities, increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com. Contact: Christopher C. Froman, President & CEO Pomeroy IT Solutions, Inc. (859) 586-0600 x1419 cfroman@pomeroy.com About Platinum Equity, LLC 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 nearly 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. Further Information About the Transaction The Company has filed with the SEC a Schedule 13E-3, a preliminary proxy statement and one amendment to each such document in connection with its previous merger with Hebron LLC, Desert Mountain Acquisition Corp. and David B. Pomeroy, II. The Company plans to file a second amendment to the preliminary proxy statement in connection with the agreement to merge with the Platinum Equity affiliate. The Company plans to file a definitive proxy statement with the SEC and mail such definitive proxy statement to stockholders of record on the record date for the meeting at which stockholders will be asked to adopt the merger agreement with the Platinum Equity affiliate. INVESTORS AND STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and stockholders may obtain a free copy of the definitive proxy statement when it becomes available, and other documents filed by us with the SEC, including the preliminary proxy statements, at the SEC's web site at http://www.sec.gov. Free copies of the definitive proxy statement, when it becomes available, and the Company's other filings with the SEC may also be obtained from the Company by directing a request to Pomeroy IT Solutions, Inc., 1020 Petersburg Road, Hebron, KY 41048, Attention: Secretary. The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from the Company's stockholders with respect to the proposed merger. Information regarding the persons who may be considered "participants" in the solicitation of proxies will be set forth in the definitive proxy statement when it is filed with the SEC. Information regarding certain of these persons and their beneficial ownership of the Company's common stock as of August 5, 2009 is also set forth in the first amendment to the preliminary proxy statement filed with the SEC on August 20, 2009. Additional information regarding the interests of such potential participants may be included in the definitive proxy statement and the other relevant documents filed with the SEC when they become available. Forward-Looking Statements Statements about the expected timing, completion and effects of the proposed merger, and all other statements in this press release other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, each of which is qualified in its entirety by reference to the following cautionary statements. Forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. A number of the matters discussed herein that are not historical or current facts deal with potential future circumstances and developments, in particular, whether and when the transactions contemplated by the merger agreement will be consummated. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: any conditions imposed on the parties in connection with consummation of the transactions described herein; approval of the merger by the Company's stockholders; satisfaction of various other conditions to the closing of the transactions described herein; and the risks that are described from time to time in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended January 5, 2009, as amended, and the Company's Quarterly Reports on Form 10-Q for the quarters ended April 5, 2009, as amended, and July 5, 2009. This press release speaks only as of its date, and we disclaim any duty to update the information herein.
Read MorePlatinum Equity Acquires Geesinknorba from Oshkosh Corporation
LOS ANGELES, CA (July 1, 2009) – Platinum Equity today announced it has completed the acquisition of The Geesink Norba Group from Oshkosh Corporation (NYSE:OSK). The company, which has recently been rebranded GEESINKNORBA, is based in Emmeloord, The Netherlands, and is a leading European manufacturer of refuse collection vehicles (RCVs). “GEESINKNORBA is an established business with talented employees and long-standing relationships with valued customers,” said Tom Gores, Platinum Equity Chairman and CEO. “The company has an extraordinary opportunity to thrive as an independent business and we look forward to helping it reach its full potential.” A transition team of Platinum in-house operations specialists is working to establish the newly acquired business as a standalone company. “We are now focused on executing a seamless and efficient transition, while maintaining the highest standards of quality and customer service,” explained Mr. Gores. GEESINKNORBA’s key products include rear-loading and side-loading RCVs and static and portable compactors. The company’s primary markets include the UK, Benelux, Scandinavia, France, Spain and Eastern Europe. GEESINKNORBA also provides value-added parts and services. GEESINKNORBA’s latest innovation has been the successful launch of the world’s first “Plug-in” RCV that operates all of its functions electrically. This innovation is environmentally friendly and reduces both fuel consumption as well as noise during operation. The transaction was first announced on May 4. Financial terms of the acquisition were not disclosed. Oshkosh will retain ownership of its Romanian facility that supplies fabrications to both GEESINKNORBA and JLG Industries, an Oshkosh Corporation company. “We worked hard with Oshkosh to create a divestiture solution that meets the diverse needs of all interested parties,” said Seth Romans, Vice President at Platinum and M&A execution lead for the GEESINKNORBA transaction. “Our ability to offer a European solution to a U.S.-based corporate seller, and to execute with speed and certainty, worked to everyone’s advantage.” Platinum maintains an active and growing presence in Europe, working from the firm’s London-based European headquarters. With significant financial resources, a unique operations-focused investment approach, and experience executing complex European transactions, Platinum offers customized solutions to sellers and is actively seeking new opportunities. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. About GEESINKNORBA: GEESINKNORBA is specialized in one-stop solutions for a wide range of waste management needs. Its premium-quality products and services focus on efficient refuse collection and compaction. For more information, log on to www.geesinknorba.com.
Read MorePlatinum Completes Acquisition of Wire Harness and Electrical Distribution Business from Alcoa
LOS ANGELES, CA (June 15, 2009) – Platinum Equity today announced it has completed the acquisition of the wire harness and electrical distribution business of Alcoa (NYSE:AA). Financial terms of the acquisition were not disclosed. The transaction was first announced on April 30. The wire harness and electrical distribution business is the largest piece of Alcoa’s Electrical and Electronic Solutions division, and its customers include major domestic and international automotive original equipment manufacturers and tier-one suppliers. “Closing this transaction with Alcoa is a significant step in our overall commitment to the auto sector,” said Platinum Equity Chairman and CEO Tom Gores. “The industry faces very tough challenges, and its transformation will require a major commitment and a lot of hard work. We are eager to roll up our sleeves and contribute to the effort." The sale includes operations in 13 countries and involves approximately 17,500 employees. “Platinum’s track record in helping organizations reach their full potential makes them the ideal partner for AEES,” said Jon A. Jensen, President of AEES. “We’re looking forward to collaborating with their experts to accelerate the repositioning of our automotive and commercial vehicle business for sustainable success.” “AEES has great potential and is a perfect fit for Platinum’s operations-focused, long-term approach to creating value,” explained Phil Norment, partner at Platinum responsible for all aspects of operations at Platinum’s portfolio companies. “AEES has high-quality engineering and manufacturing capabilities, a valued customer base and talented employees around the world.” “Our immediate priority is stabilizing the business and ensuring continuity of supply to AEES’ global customer base, while following a new path to long-term health and profitability,” said Mr. Norment. Transition teams composed of Platinum’s in-house operations specialists have been engaged on a global basis with management on conversion plans to establish the newly acquired business as a standalone company. “Platinum’s approach to investing requires deep understanding of a company’s operations very early in the acquisition process,” explained Mr. Norment. “We devote considerable time, energy and resources to learning the business and developing long-term strategic plans well before a transaction closes. Our commitment to operations throughout the process promotes seamless transition and integration after closing, and keeps the organization focused on serving customers and delivering high-quality products. “ Plans for naming the business and other details of the transition will be announced over the coming weeks and months. Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity Completes Acquisition of San Diego Union-Tribune
BEVERLY HILLS, CA – May 4, 2009 – Platinum Equity announced today that it has completed the acquisition of San Diego’s leading daily newspaper, The San Diego Union-Tribune, from The Copley Press Inc. The transaction was previously announced on March 18. Platinum also announced the appointment of Paul Bridwell as the Union-Tribune’s Chief Restructuring Officer. Pending the appointment of a permanent publisher, Mr. Bridwell will be the senior executive at the newspaper, responsible for day-to-day operations and long-term strategic planning. Louis Samson, the Platinum Equity principal who led the acquisition, said the Union-Tribune is at an important crossroads in terms of re-inventing itself in a declining market while preserving the vital role it plays as one of San Diego’s most important institutions. “The newspaper industry is under enormous pressure to redefine itself and stem the loss of readers and advertisers,” Mr. Samson said. “The Union-Tribune is not immune from those pressures. But we are certain it can succeed with Platinum’s operational support and guidance.” Platinum Equity specializes in acquiring businesses facing complex operational challenges in declining or transitioning markets. Mr. Bridwell is an experienced turnaround specialist who has served in senior executive positions in several Platinum Equity companies. He said his top priority in the near term would be to improve the newspaper’s financial performance while working with senior management on a long-term plan to grow the business. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity Acquires Canvas Systems LLC
LOS ANGELES, CA (April 30, 2009) – Platinum Equity announced today that it has acquired a majority stake in Canvas Systems LLC, a global supplier of used and refurbished enterprise-class IT equipment and services. Platinum acquired the controlling interest from OHC, LLC, an Atlanta-based company that also owns global IT consulting group Corus360. OHC will maintain a minority interest in Canvas. Terms of the transaction were not disclosed. “Canvas is a growing business with talented people and a compelling value proposition,” said Jacob Kotzubei, partner at Platinum who oversaw the investment. “Platinum has the operations, business development and financial resources to help the company grow and realize its full potential.” “Joining forces with Platinum Equity will create new opportunities for our company and our customers,” said Mark Metz, Chief Executive Officer of Canvas Systems LLC. “As the economic dislocation continues pressuring companies to reduce spending and preserve capital, interest in high-quality refurbished IT solutions has increased. Canvas offers a full range of products and services to meet that growing demand.” Canvas’ products include refurbished networking, storage, server and IP Telephony equipment from manufacturers such as IBM, HP, Sun, and Cisco. Canvas has over 3,500 customers in more than 65 countries, ranging from mid-sized businesses to Fortune 500 companies. Mr. Kotzubei said the Canvas investment is a natural fit, given Platinum’s history in the IT equipment and services industry. “We have had tremendous success creating value in this space,” explained Mr. Kotzubei. “We know the business and are excited by the potential at Canvas.” In October 2004, Platinum acquired CompuCom, a provider of information technology solutions that help clients through the requisition, procurement, deployment, management and retirement lifecycle of their IT assets. Platinum grew the business through add-on acquisition and by providing the financial and hands-on operational resources necessary to help CompuCom mature into an industry leader. Platinum divested CompuCom in October 2007 and realized a substantial return on its investment. Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation. About Canvas Systems Founded in 1998, Canvas Systems is a leading, global IT lifecycle management company that is based in Norcross, Georgia with offices in the United Kingdom and Netherlands. Canvas specializes in providing clients with fast and affordable green IT services, integration and financial solutions, third-party maintenance, disaster recovery and business continuity planning, and asset management programs. The company focuses on flexible and innovative green IT solutions that recycle, redeploy and reuse equipment, data center relocations and rentals, data erasure and more. Canvas has an extensive $100 million inventory, offers same day shipment to over 70 countries and saves significant money for clients ranging from Fortune 500 companies to small businesses. Canvas is part of OHC, LLC, an IT services holding company. For more information, call 1-877-CANVAS-9 or visit www.canvassystems.com. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity to Acquire Wire Harness and Electrical Distribution Business from Alcoa
Signing Comes as Platinum Announces Separate Acquisition of Canvas Systems LLC LOS ANGELES, CA (April 30, 2009) – Platinum Equity today announced that it has signed a definitive agreement to purchase the wire harness and electrical distribution business of Alcoa (NYSE:AA). Financial terms of the acquisition were not disclosed. The transaction is expected to be completed by the end of the second quarter of 2009. Separately, Platinum also announced today that it has acquired a majority stake in Canvas Systems LLC, a global supplier of used and refurbished enterprise-class IT equipment and services. A press release announcing details of the Canvas acquisition is available at www.platinumequity.com. The Alcoa transaction is one of several pending deals in Platinum’s pipeline, including the recently announced acquisition of the San Diego Union-Tribune, which is expected to close during the second quarter. “Many businesses are struggling and need a partner with a steady hand, deep operational expertise and the ability to navigate through these times,” said Platinum Equity Chairman and CEO Tom Gores. “We’re fortunate to have the knowledge, experience and capital required right now to help these businesses survive, and to be positioned to thrive when the markets eventually rebound.” The wire harness and electrical distribution business is the largest piece of Alcoa’s Electrical and Electronic Solutions division, and its customers include major domestic and international automotive original equipment manufacturers and tier-one suppliers. The sale includes operations in 13 countries and involves approximately 17,500 employees. “The automotive sector plays well to our strengths,” said Phil Norment, partner at Platinum responsible for all aspects of business strategy and operations at Platinum’s portfolio companies. “It’s an industry requiring transformation, yet filled with hard-working, talented people committed to rolling up their sleeves and getting the job done. We’ve spent the last several years working in and around the auto industry and believe strongly in its potential to thrive.” Platinum’s current portfolio includes Acument Global Technologies, a full-service provider of fastening systems to the automotive, aerospace, construction, electronics, industrial equipment and non-automotive transportation industries that Platinum acquired from Textron in 2006. Other Platinum operating companies with significant automotive-related business include 3B Fibreglass, a manufacturer of thermoplastics and reinforced fibreglass products, and DyStar, a manufacturer of high-quality textile dyestuffs, leather and other specialty textile auxiliary products. Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity to Acquire the San Diego Union-Tribune from the Copley Press, Inc.
SAN DIEGO and BEVERLY HILLS, CA – March 18, 2009 – The Copley Press, Inc. and Platinum Equity announced today that they have signed a definitive agreement under which an affiliate of Platinum will acquire San Diego’s leading daily newspaper, The San Diego Union-Tribune. The transaction, which is expected to be completed during the second quarter, culminates a sales process that began in July 2008 when Copley announced it had engaged an adviser to explore strategic alternatives for the newspaper. Harold W. Fuson, Jr., executive vice president for Copley, said that Platinum Equity emerged from that process as the bidder best equipped to ensure that the Union-Tribune – which last changed owners in 1928 – maintains its position as one of San Diego’s leading community institutions. “This is a vital business with a long tradition of public service and a preeminent position in one of America’s finest media markets,” Mr. Fuson said. “At this important juncture, we believe that Platinum Equity is the right partner for the Union-Tribune, its employees and the San Diego community.” Platinum is a private equity firm that specializes in acquiring businesses facing complex operational challenges in declining or transitioning markets. Louis Samson, the Platinum Equity principal leading the acquisition, called the Union-Tribune “a good fit for Platinum” and its operations-focused approach. “We have a long history of creating value by helping established companies navigate difficult market transitions,” Mr. Samson said. “The Union-Tribune is more than a business, it’s an institution in San Diego. But it faces enormous challenge in a period of tremendous upheaval for the newspaper industry. We will bring a strong operational focus that helps ensure the Union-Tribune not only survives in this market, but thrives.” The Platinum team includes David H. Black, an experienced newspaper owner and operator whose holdings include more than 150 newspapers and websites in the United States and Canada. “The Union-Tribune is a premier media property in an outstanding market,” Mr. Black said. “We are extremely excited about partnering with the management team and dedicated employees of the Union-Tribune, and building this franchise for the future.” Financial terms of the transaction were not disclosed. Evercore Partners and Munger, Tolles & Olson LLP advised Copley on the transaction. Platinum Equity was advised by Hughes Hubbard & Reed and Alvarez & Marsal’s Transaction Advisory Group. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity Acquires Majority Stake in DAUM Commercial Real Estate Services
LOS ANGELES, CA – DAUM Commercial Real Estate Services announced today that Platinum Equity has purchased a majority stake in the company. Terms of the transaction were not disclosed. “Joining forces with Platinum Equity will create tremendous opportunities for our company, our customers and our shareholders,” said Michael Nubel, Chief Executive Officer of DAUM Commercial Real Estate Services. “Our team has worked hard to successfully expand DAUM’s reach and service lines to meet the ever-changing needs of our clients in today’s global economy. We are now entering a new phase and partnering with Platinum Equity will unlock even greater possibilities.” Founded in 1904, DAUM has 10 offices throughout Southern California and Arizona. The company provides a full array of commercial real estate services, including brokerage, consulting, leasing, sales and property management. “DAUM is a respected brand with talented people and an impressive, long-standing track record,” said Brian Wall, partner at Platinum who oversaw the investment. “DAUM’s management team has proven its ability to consistently deliver exceptional customer service and despite a difficult economic environment we believe that the company is positioned to achieve long-term growth.” Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support to realize their full potential and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation. Mr. Wall said the DAUM investment is a natural fit for Platinum’s approach. “We have had a lot of success creating value inside companies that are navigating difficult industry dynamics,” explained Mr. Wall. “Platinum’s operations expertise will further strengthen DAUM’s ability to manage its business through continued uncertainty, while our business development resources and access to capital can propel DAUM to new levels. We look forward to helping DAUM capitalize on strategic add-on opportunities and partnerships in the commercial real estate services industry.” Mr. Nubel said he believes Platinum will make a strong partner. “Platinum shares the same fundamental commitment to innovation and exceptional customer service that has guided DAUM for more than 100 years,” said Mr. Nubel. About DAUM DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company. DAUM has 10 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com. DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International members represent over 50 independent commercial real estate brokerages, with more than 2,200 associates, in over 170 offices throughout 32 countries. In 2007 ONCOR International members were collectively responsible for approximately $38.4 billion in commercial real estate volume and over 17,000 commercial real estate transactions. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. More information is available at www.oncorintl.com. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity Completes Purchase of SCM Metal Products
FOR IMMEDIATE RELEASE LOS ANGELES (November 11, 2008) – Platinum Equity announced today it has completed the acquisition of SCM Metal Products, Inc. from Gibraltar Industries, Inc. (NASDAQ: ROCK). Details of the transaction were not disclosed. SCM is a global leader in the manufacturing and distribution of copper-based powder and pastes and copper oxide powders to a broad range of industries. “Platinum is very excited about the acquisition of SCM Metals,” said Jacob Kotzubei, the Platinum partner who led the SCM transaction. “We are eager to collaborate with SCM’s management team, employees, customers and other partners to create new enterprise value and help SCM reach its full potential.” On October 9, 2008 Platinum first announced it had signed a definitive agreement to purchase SCM from Gibraltar. “Gibraltar sought to sell the SCM business in order to focus on core operating segments,” explained Kotzubei. “Together we formulated a divestiture solution to fit their needs and worked quickly to close the transaction. We’re now focused on transitioning the business into a standalone organization and we expect that to be a seamless process.” Kotzubei also explained how the current economic environment is presenting great opportunities for Platinum. “With the continued economic downturn and extreme market volatility, many sellers are under increasing pressure to address liquidity challenges and re-focus their business strategies. The opportunities for operations specialists who can react swiftly to changing market conditions and create value in non-core, underperforming or otherwise distressed assets are increasing rapidly,” explained Kotzubei. “Platinum’s agility, access to capital, and demonstrated skill in transitioning and operating businesses position us well to succeed in this market.” In September 2008 Platinum Equity announced the closing of a $2.75 billion leveraged buyout fund focused on acquiring businesses that can benefit from Platinum’s operational expertise and resources. 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. About SCM: SCM Metal Products, Inc. (www.scmmetals.com) 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 has manufacturing facilities in Research Triangle Park, N.C. and Suzhou, China.
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