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Platinum Equity Completes Acquisition of Textron Fastening Systems
LOS ANGELES (August 11, 2006) – Platinum Equity announced today that it has completed the acquisition of Textron Fastening Systems, a premier global provider of fastening technologies and services to customers in a broad range of industries. The seller was Textron Inc. (NYSE: TXT), which divested the $1.8 billion revenue unit as part of a strategic divestiture of non-core manufacturing businesses. “We appreciate Textron’s belief in us as the right acquirer for this business, and we are confident that it will be a great platform for future growth,” said Tom Gores, chairman and chief executive officer of Platinum Equity. The new business will be renamed, and details about the new name and brand image will be announced later this year as the transition process unfolds. Headquartered in Troy, Mich., Textron Fastening Systems is a premier global provider of full-service fastening systems to customers in the aerospace, automotive, construction, electronics, industrial equipment and non-automotive transportation industries. It offers a wide range of value-based fastening solutions, engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. The company has more than 9,000 employees serving customers in more than 150 countries worldwide. Revenue in 2005 was approximately $1.8 billion. “Textron Fastening Systems has really differentiated itself as a leader in the global fastener market with technology and other solutions that are revolutionizing the industry,” said Matt Young, senior vice president for mergers and acquisitions at Platinum Equity. “We are very pleased to add this business to our portfolio of operating companies.” 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, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $13 billion in aggregate annual revenue. Contact: Mark Barnhill, Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Read MorePlatinum Equity Signs Definitive Agreement to Acquire Textron Fastening Systems
Acquisition Represents Extension of Platinum’s Global Reach; Unit Serves Customers in 150+ Countries, Has Revenue of Approximately $1.8 Billion LOS ANGELES (June 1, 2006) – Platinum Equity announced today that it has signed a definitive agreement to acquire Textron Fastening Systems, a premier global provider of fastening technologies and services to customers in a broad range of industries. The seller is Textron Inc. (NYSE: TXT), which announced in late 2005 that it would sell the $1.8 billion revenue unit as part of a strategic divestiture of non-core manufacturing businesses. Platinum will pay $630 million in cash for the business, plus the assumption of certain liabilities. The transaction is expected to close during the third quarter of 2006. “We understand that this was a very competitive sale process, and we appreciate Textron’s belief in us as the right acquirer for TFS,” said Tom Gores, chairman and chief executive officer of Platinum Equity. “We’re acquiring a quality business with talented people, and we think this will be a great platform for growth in a consolidating market,” Mr. Gores said. “Everyone will benefit from our smooth transition process and our long-term plans to build this business.” The new business will be renamed, and details about the new name and brand image will be announced as the transition unfolds following completion of the acquisition. Headquartered in Troy, Mich., Textron Fastening Systems is a premier global provider of full-service fastening systems to customers in the aerospace, automotive, construction, electronics, industrial equipment and non-automotive transportation industries. It offers a wide range of value-based fastening solutions, engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. The company has more than 9,000 employees serving customers in more than 150 countries worldwide. Revenue in 2005 was approximately $1.8 billion. Textron Fastening Systems “has really differentiated itself as a leader” in the $38 billion global mechanical fastener market, said Matt Young, senior vice president for mergers and acquisitions at Platinum Equity. “TFS is widely recognized for its leadership in product development and technology,” Mr. Young said, pointing out that the company has a strong engineering and development capabilities as well as partnerships with other innovators like TZ Limited on Intevia® Intelligent Fastening Technology. “We’re acquiring a great company with a strong reputation for superior technology, quality and innovation.” 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, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $13 billion in aggregate annual revenue. About Textron Textron Inc. is a $10 billion multi-industry company operating in 33 countries with approximately 37,000 employees in continuing operations. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com. About Textron Fastening Systems Headquartered in Troy, Mich., USA, Textron Fastening Systems Inc. is a leading provider of value-based fastening solutions, engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. With 9,000 employees worldwide, Textron Fastening Systems supplies value-added products, systems and services to customers in more than 150 countries. Contact: Mark Barnhill, Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Read MorePlatinum Equity Acquires Metals Supply Company Ltd. As Add-On to Steel Services Platform PNA Group
Complementary Business Will Extend PNA’s Reach in North America LOS ANGELES (June 7, 2006) – Platinum Equity announced today that it has acquired Metals Supply Co. Ltd. (“MSC”), a large regional steel service center and distributor with annual revenue in excess of $100 million. The business will be integrated with PNA Group, a $1.5 billion revenue steel service and distribution platform that was acquired by Platinum Equity in May 2006. “Metals Supply Company has established a strong regional presence in Texas and the surrounding states, and we think it will be a terrific complement to the existing three businesses that make up PNA Group,” said Jacob Kotzubei, senior vice president for mergers & acquisitions at Platinum Equity. “We intend to integrate MSC into PNA Group, where it will operate alongside PNA’s Delta Steel, Feralloy and Infra-Metals units.” MSC is headquartered in Houston, Texas, and provides structural carbon steel products to commercial and industrial steel fabricators, metal building manufacturers, third-party distributors and other customers. The business was acquired from a private shareholder group. Financial terms were not disclosed. PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. In addition to MSC, it comprises the following independent business units: - Feralloy, which provides hot-rolled, pickled and oiled, cold-rolled coiled steel; - Delta Steel, which provides plates, structural beams, channels, tubes, hot-rolled coiled steel and multiple value-added steel processing services; - Infra-Metals, which provides steel structural products. 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, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $13 billion in aggregate revenue at time of acquisition.
Read MorePlatinum Equity Signs Definitive Agreement to Sell NextiraOne Europe to ABN AMRO Capital
Under Platinum’s Guidance, the Former Alcatel Business Unit Made a Successful Transition to Standalone Company, and Became One of Europe’s Leading Communications Service Providers LOS ANGELES and PARIS (May 10, 2006) – Platinum Equity announced today that it has agreed to sell portfolio company NextiraOne Europe to ABN AMRO Capital France, the French private equity business of ABN AMRO Capital. The transaction, subject to normal closing conditions and regulatory approval, is expected to be completed in several weeks. “NextiraOne Europe has been a landmark investment for our firm,” said Tom Gores, Platinum Equity’s chairman and CEO. “It was our first major acquisition in Europe, and helped fuel our European growth in a number of important ways. Since acquiring the company from Alcatel we have made a significant number of operational improvements, and we feel confident that a platform has been established which will facilitate ABN AMRO’s efforts to continue to take the company to new heights.” Platinum acquired the enterprise distribution and services business from Alcatel in 2002. The company provided voice and data telecommunications services to businesses throughout Europe. At the time of the acquisition, the business had a base of more than €1 billion in annual revenue. But it faced significant operational challenges in establishing itself as an independent, standalone company outside of Alcatel and transitioning to a full-service solutions provider. During the carve-out and transition phase, Platinum sent in a team of more than 20 operational executives who launched a series of initiatives designed to stabilize the company, ensure there was no disruption in customer service, and develop a strategic plan for the future. Those initiatives included appointment of a management team led by CEO Bruno D’Avanzo; re-launching the company under the name NextiraOne Europe with headquarters in Paris; developing new supplier relationships and re-training staff to expand the company’s service offerings; and executing add-on acquisitions in the United Kingdom, the Netherlands and the Czech Republic that further strengthened the company. “We broadened the focus of NextiraOne and shifted the business from a predominantly voice solutions provider to a fully enabled provider of integrated IP communications and managed services in Europe,” said Brian Wall, Platinum Equity’s managing director for Europe. “We expanded the delivery capability of the company and enhanced its geographic presence through acquisitions in the Czech Republic, Benelux and UK. We’re now handing off NextiraOne Europe to ABN AMRO Capital to take the company to the next level.” 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, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $12 billion in aggregate revenue at time of acquisition. Contact: Mark Barnhill Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com Chuck Dohrenwend The Abernathy MacGregor Group (212) 371-5999
Read MorePlatinum Equity Completes Acquisition of PNA Group, Inc.
LOS ANGELES (May 10, 2006) – Platinum Equity announced today that it has completed the acquisition of PNA Group, Inc., a leading processor and distributor of steel products with annual revenue of approximately $1.2 billion. The transaction was announced in February. The seller is TUI AG, the largest travel and tourism company in Europe, which has been divesting non-core industrial holdings in order to focus on its core tourism and shipping sectors. The PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. The company comprises three independent business units: - Feralloy, headquartered in Chicago, which provides hot-rolled coiled steel, galvanized and other rolled steel, and hot-rolled pickle; - Delta Steel, headquartered in Houston, which provides steel structural beams, channels, tubes, plates and hot-rolled coiled steel; - Infra-Metals, headquartered in Atlanta, which provides steel structural products. Each of the three businesses, and the group as a whole, are strong competitors in their respective markets. That makes the PNA Group a very attractive platform for growth in the steel services industry, said Jacob Kotzubei, senior vice president for mergers and acquisitions at Platinum. “We have great confidence in the future of the PNA Group,” Mr. Kotzubei said. “Each of the three businesses has solid fundamentals and an experienced team, and we look forward to working with them to build enterprise value.” The addition of PNA Group significantly increases Platinum’s operations in the steel services sector. The firm also owns ESM Group Inc., acquired in December 2005, which provides a variety of products and services to the steel production industry, including desulphurization and secondary metallurgy services, caster segment maintenance, equipment design and manufacture, as well as the supply of specialty magnesium to non-steel related industries. 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, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $12 billion in aggregate revenue at time of acquisition. Contact: Mark Barnhill Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Read MorePlatinum Equity to Acquire Americatel Corp.
Chile’s Entel to Divest its Shares in Telecommunications Carrier LOS ANGELES, Calif. (March 24, 2006) – Platinum Equity and Empresa Nacional de Telecommunications (“Entel”) announced today a definitive agreement for Platinum to acquire Entel’s holdings in Americatel Corporation, one of the largest U.S.-based providers of telecommunications services to the North American Hispanic market. Under the agreement, Platinum will acquire all of Entel International B.V.I. Corporation’s shares in Americatel. The transaction, which is subject to regulatory approval, is expected to be completed within 120 days. Americatel is a telecommunications carrier that provides long-distance service to countries in Latin America and the Caribbean. The company’s primary market is the rapidly growing segment of Hispanics in North America seeking competitive rates for domestic and international long-distance calls. Platinum Equity is global acquisition firm whose operations portfolio includes several telecommunications companies, including Matrix Telecom, a fully integrated, facilities-based carrier that provides voice, data and business technologies to global customers. Johnny O. Lopez, executive vice president for global mergers and acquisitions at Platinum, said the acquisition would significantly extend Platinum’s reach in the telecom arena. “Americatel has staked out a competitive position in a rapidly growing market,” Mr. Lopez said. “We look forward to partnering with the company to grow and create value as one of the premier providers of long-distance service from North America to Latin America and the Caribbean.” With this transaction, Entel is divesting all of its U.S. operations. “We are very satisfied with the outcome of Americatel’s sale process, which enables us to focus on our core business in the rest of the continent”, said Richard Büchi, Entel Corporate General Manager. About Americatel Corporation Americatel Corporation is one of the largest U.S.-based telecommunication carriers that provides high quality and competitively priced services specifically tailored to the needs of the U.S. Hispanic Market. This is achieved through Americatel's key products - 1010-123 (dial around code) and its presubscribed services. Americatel's success is built on two foundations: sophisticated applications using the best technology available and a constant dedication to building long lasting relationships with its customers. These factors have made Americatel one of the most respected and trusted telecommunications companies among the U.S. Hispanics. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized 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, software, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum has acquired more than 60 businesses with more than $12 billion in aggregate revenue at the time of acquisition. About Entel Entel is a leading provider of long distance, Internet and PCS telecommunications services in Chile, as well as El Salvador, Honduras and Guatemala. Its state-of-the-art technology allows the company to have global access through direct connections with over 40 international carriers. To learn more about Entel and its services, go to www.123.cl. CONTACT: Mark Barnhill Platinum Equity 310.228.9514 mbarnhill@platinumequity.com
Read MorePlatinum Equity Signs Definitive Agreement to Acquire PNA Group, Inc. from TUI AG
Acquisition Will Expand Platinum’s Holdings in Steel Services Sector LOS ANGELES (February 15, 2006) – Platinum Equity announced today that it has signed a definitive agreement to acquire PNA Group, Inc., a leading processor and distributor of steel products with annual revenue of approximately $1.2 billion. The seller is TUI AG, the largest travel and tourism company in Europe, which has been divesting non-core industrial holdings in order to focus on its core tourism and shipping sectors. PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. The company comprises three independent business units: - Feralloy, headquartered in Chicago, which provides hot-rolled coiled steel, galvanized and other rolled steel, and hot-rolled pickle; - Delta Steel, headquartered in Houston, which provides steel structural beams, channels, tubes, plates and hot-rolled coiled steel; - Infra-Metals, headquartered in Atlanta, which provides steel structural products. Platinum Equity Chairman and CEO Tom Gores views PNA Group as a strong platform for growth in the steel services industry, said Jacob Kotzubei, senior vice president for mergers and acquisitions at Platinum. “We are very enthusiastic about the steel and steel services sector,” Mr. Kotzubei said. “Platinum’s transition and operations expertise will help ensure a smooth separation of PNA Group from TUI, and we are excited to work with the management teams at each of the three business units to build enterprise value through both organic growth initiatives and potential add-on acquisitions.” The acquisition of PNA Group, which is subject to regulatory approval and normal closing conditions, will significantly increase Platinum’s operations in the steel and steel services sector. In December 2005, the firm acquired ESM Group Inc., which provides a variety of products and services to the steel production industry, including desulphurization and secondary metallurgy services, caster segment maintenance, equipment design and manufacture, as well as the supply of specialty magnesium to non-steel related industries. 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, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition. Contact: Mark Barnhill, Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Read MorePlatinum Equity Acquires Boyd Coddington Wheels; Hires Robert Swelgin to Lead American Racing
Investment firm continues building presence in automotive aftermarket LOS ANGELES (January 17, 2006) – Platinum Equity announced today that it has acquired Boyd Coddington specialty wheels from NRG Motorsports, Inc., a manufacturer and international distributor of automotive aftermarket parts and accessories. Platinum also announced an executive appointment involving its flagship company in the automotive aftermarket, naming Robert Swelgin as the new chief executive officer of American Racing Corporation, the industry leader in high-performance automotive wheels. The company was acquired by Platinum in July, 2005. In completing the transaction to acquire the Boyd Coddington business, Platinum purchased the portion of NRG that designs, manufactures and markets premium aluminum wheels and acquired a license to use their corresponding trademarks – “Genuine Boyd Coddington Wheels,” “Boyd’s Wheels,” and “Boyd Coddington” – exclusively within the wheels market place. The deal also establishes a consulting agreement with Boyd Coddington, Sr. who will assist American Racing with wheel designs, sales efforts, marketing, event appearances and promotions. Coddington, a nationally recognized auto enthusiast specializing in automotive restoration and customization, is the founder of NRG and host of the Discovery Channel television show “American Hot Rods.” “Platinum has now acquired two strong brands and businesses in the automotive wheel aftermarket. We intend to position them to leverage each other’s strengths and capitalize on complementing synergies,” explained Bob Wentworth, executive vice president for Platinum Equity. “American Racing will bring its extensive distribution network and strong operating infrastructure to the relationship. Boyd Coddington and his team will add innovation in wheel design, additional grassroots credibility within the auto enthusiast community, and the power of the Boyd Coddington nameplate, a premium brand within the wheels industry.” In addition to closing the Boyd Coddington acquisition, Platinum also recently completed a national executive search with the hiring of Robert Swelgin as the new CEO of American Racing. Swelgin was previously vice president of operations for Panasonic Automotive Systems, a $1.3 billion automobile audio systems manufacturing business. He was instrumental in helping Panasonic Automotive increase revenue by 40 percent and profitability by 150 percent over a three-year period while the rest of the industry was experiencing severe price erosion. Swelgin also brought significant operating efficiencies to Panasonic, reducing manufacturing cycle time by 30 percent and on-hand inventory by 50 percent. Earlier in his career, Swelgin held positions as chief operating officer at Galtronics Corporation, an international manufacturer of antenna and wireless products, and he was part of the executive team at Tyco International’s Flow Control Division serving as vice president of manufacturing and president of the organization’s India and China operations. “We’re committed to growing and diversifying American Racing, and Bob Swelgin is a leader who can make that happen,” said Rob Joubran, chief operating officer and treasurer for Platinum Equity. “Bob’s past achievements speak volumes about his operational expertise and leadership abilities. We’re excited about the prospects of Bob guiding American Racing to similar results.” Swelgin replaces Joe D’Angelo, vice president of portfolio asset management for Platinum Equity. D’Angelo served as interim CEO of American Racing while Platinum conducted its search for a permanent executive to lead the business. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized 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, software, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum has built a multi-billion-dollar portfolio of operating companies with 40,000 employees and 600,000 customer sites throughout the world. Platinum was also recently named the 18th largest private company in the United States by Forbes magazine. About American Racing American Racing Equipment, Inc. (www.americanracing.com) is one of the leading producers of lightweight, high performance aftermarket wheels. American Racing brand lines include American Racing Vintage, American Racing Pro Series, American Racing Muscle, ATX Off Road, as well as related brand lines Twenty Inches Strong (TIS), Dropstars, Motegi Racing, Motto, Riax Performance Alloys, Imola and RO_JA Motorsports. The company virtually launched the custom wheels craze in the early 1960s with the introduction of its five-spoke "Torq Thrust" wheel, considered by many enthusiasts to be the most famous custom wheel of all time. Today, approaching its 50th anniversary, American Racing produces a wide-ranging line of more than 100 precision crafted alloy wheel styles, including the newly released ATX series of Teflon coated off-road wheels. CONTACTS: Platinum Equity Mark Barnhill 310.993.7131 mbarnhill@platinumequity.com Bill Kobel 717.649.8705 wkobel@platinumequity.com
Read MorePlatinum Equity Completes Sale of ACR Logistics to Kuehne + Nagel International
Operational Performance and Enterprise Value Grew Dramatically Under Platinum Ownership LOS ANGELES (October 17, 2005) – Platinum Equity announced today that it has agreed to sell portfolio company ACR Logistics to Kuehne + Nagel International AG, one of world’s largest logistics companies. The agreement values ACR Logistics at nearly €500 million euros. The transaction, which is subject to regulatory approval, is expected to be completed in early 2006. “ACR Logistics has been an outstanding investment for Platinum Equity, and we are confident the company will continue to thrive under Kuehne + Nagel,” said Platinum Chairman and CEO Tom Gores. “I am very pleased that under our ownership over the past two years, ACR was able to solidify itself as a leader in the world of contract logistics,” Mr. Gores said. “We were fortunate to work with a strong management team that executed well on its plans. This is a great company, and it will be a strong asset for Kuehne + Nagel.” Platinum acquired the business, which was known as Hays Logistics, from Hays plc in February 2004, established the organization as a standalone company and re-launched it under the new name, ACR Logistics. Subsequently, Platinum’s operations executives worked with CEO Xavier Urbain and his management team to drive operational improvements within the business, and empowered management team to grow enterprise value. ACR Logistics is forecasting revenue in excess of €1.3 billion in 2005. The company is headquartered in Paris, with operations in 11 countries throughout Europe. ACR provides supply-chain design; information systems and data management; distribution center and transport services; and asset management of returnable transport packaging and not-for-sale goods. Kuehne + Nagel has annual revenue of €7.5 billion and operations in 98 countries worldwide. With 25,000 employees at 620 locations, Kuehne + Nagel is one of the world’s leading logistics companies. Its strong market position lies in the seafreight, airfreight and contract logistics businesses, with a clear focus on providing IT-based supply chain management services. In announcing the transaction, Kuehne + Nagel described ACR Logistics as “an ideal strategic fit” that provides complementary geographic and industry penetration with blue-chip customers, a strong information technology platform, and an experienced and capable management team. “We could see powerful synergies between the two companies and knew this could be a substantial opportunity for ACR to continue its development,” said Brian Wall, Managing Director of Platinum Equity’s European operations, based in Paris. “The creation and development of ACR Logistics and this transaction combine to form another success story for our organization. This adds to our track record of success and gives us a great deal of momentum as we continue pursuing new transaction opportunities in Europe.” Mr. Urbain, the CEO of ACR Logistics, said that under Platinum the business quickly completed an operational turnaround and distinguished itself as a strong player in the European contract logistics sector with a focus on achieving superior results and a high level of customer satisfaction. He said those qualities would continue under the new ownership. "ACR Logistics has an approach that goes above and beyond simply providing economies of scale and lower costs. Our objective is to provide added value for our customers by turning logistics into a competitive advantage and a means for them to grow in their respective markets,” Mr. Urbain said. “As part of Kuehne + Nagel, we are better than ever positioned to be that long-term force in the industry our customers look for,” he said. “I firmly believe that we have the right partner to pursue our development for the benefit of our customers and employees.” About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized 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, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses and built a portfolio of operating companies that today has more than 40,000 employees, more than 600,000 customer sites and aggregate annual revenue of approximately $8 billion. In 2004, Platinum was named the 32nd largest private company in the United States by Forbesmagazine. Contacts: For Platinum Equity Mark Barnhill Platinum Equity (310) 228-9514 mbarnhill@platinumequity,com Bill Kobel Platinum Equity (717) 649-8705 wkobel@platinumequity.com Philip Gawith / Alastair Crabbe The Maitland Consultancy +44 20 7379 5151 pgawith@maitland.co.uk acrabbe@maitland.co.uk For Kuehne + Nagel International AG Inge Lauble-Meffert Tel. +41 (0)44 786 96 78 Fax +41 (0)44 786 96 90 inge.lauble@kuehne-nagel.com For ACR Logistics Mireille Dutruge Tel.. +33 (0)1 48 07 39 22 mireille.dutruge@acr-logistics.com
Read MorePlatinum Equity Appoints CEO and CFO for its New Company, Turf Care Supply Corp.
Chief Executive Officer is William J. Milowitz; Chief Financial Officer is Richard C. Nihei LOS ANGELES (January 5, 2006) – Platinum Equity announced today that William J. Milowitz has been appointed as Chief Executive Officer and Richard C. Nihei has been appointed Chief Financial Officer of Turf Care Supply Corp., the firm’s newly created manufacturer and distributor of professional turf care products and supplies. Turf Care Supply was established by Platinum Equity in October 2005, following the acquisition of substantially all of the supply chain and distribution assets of LESCO Inc., a leading provider of products and services to the professional turf care industry. Mr. Milowitz comes from Duro Industries, Inc., a manufacturer and distributor of textile products, where he has been a senior executive since 2001. Prior to that, he was Senior Vice President and Chief Operating Officer of Consoltex Holdings, one of the largest textile manufacturers in North America, and President & CEO of the company’s U.S. affiliate. “William J. Milowitz is a talented leader with significant experience managing the manufacturing and distribution operations of large businesses,” said Rob Joubran, chief operating officer and treasurer at Platinum Equity. “We are very pleased to have him at the helm as we launch the Turf Care Supply business.” Mr. Nihei is the former Senior Vice President and Chief Financial Officer for Terry’s Tire Town, one of the Midwest’s largest distributors of automobile tires and parts. Previously, he was Vice President for Finance and Chief Financial Officer for Weatherchem Corp., which provides packaging solutions to the food, pharmaceutical, vitamin and household markets. Turf Care Supply produces fertilizer, seed and combination products for the professional turf care industry. Under a long-term supply agreement with LESCO Inc., it will continue to supply products under the LESCO brand name to that company’s customers. In addition, Turf Care expects over time to diversify its customer base and product lines. Mr. Milowitz said he expects Turf Care Supply to thrive as a standalone company. “All of the fundamentals are in place,” Mr. Milowitz said. “We have very strong manufacturing and supply chain capabilities, headed by executives who came over as part of the LESCO transition, and we’re going to build a world-class sales organization to grow this business.” As part of its diversification strategy, Turf Care recently introduced an outsource offering that leverages the company’s manufacturing resources and national distribution network. “We have the capabilities to become the premier outsource provider in this industry,” said Frank Vetter, COO for Turf Care Supply. “Our LESCO products are widely recognized as the highest quality products in the industry, our manufacturing facilities are capable of producing products at any level of specialization and scale, our distribution infrastructure spans the entire country, and we’re able to manufacture at a very competitive cost,” Mr. Vetter said. “As an outsource provider, we bring a compelling value proposition to the market place.” In addition to its new outsource offering, the company has also announced future plans to introduce a Turf Care-branded line of products and expand the geographic footprint of its national distribution network by opening new facilities in Dallas and Chicago. 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, manufacturing and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition. Contact: Mark Barnhill, Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
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