867 items found
BlueCrest
BlueCrest Corporate Divestiture Active North America Industrials Business Services Leading global provider of mission-critical “data through delivery” solutions, including equipment, software and services for postal and parcel automation integrity Company Overview Global leader in enterprise postal, parcel, e-commerce, and customer communication solutions Provides a wide range of inserters, sorters, printers, sortation equipment, and software for the postal, parcel and e-Commerce industries The company’s equipment delivers mission-critical services, safeguarding the integrity and compliance of customers’ mailings in addition to automating fulfillment and sortation center operations Over 10,000 active clients globally, including in-house mailers, outsourced print service bureaus, and e-commerce logistic providers Transaction Description Acquired from Pitney Bowes in July 2018 M&A Activity Acquired BCC Software in December 2020 Acquired Fluence Automation in October 2021 Acquired Window Book in February 2022 37 Executive Drive, Danbury, CT 06810 United States www.bluecrestinc.com See BlueCrest news 3.5K+ Global Clients 14 Countries With Office Locations Latest News View Full Directory Read More Platinum Equity Invests in HVAC/R Distributor Motors & Armatures Firm to partner with MARS’ current shareholders and management team, which will continue as equity partners Transac... Read More Read More Héroux-Devtek Enters into Definitive Agreement to be Acquired by Platinum Equity LONGUEUIL, QC, July 11, 2024 – Héroux-Devtek Inc. (TSX: HRX) (“Héroux-Devtek” or the “Corporation”), a leadi... Read More Read More Platinum Equity to Acquire Sunrise Medical Investment in Germany-based maker of wheelchairs and mobility solutions adds to momentum of Platinum’s European invest... Read More Read More How Platinum Equity Earned ‘Trust’ as Investment Partner for Kohler Co. In late 2019, Platinum Equity was performing diligence on Kohler Co.’s energy resilience division. Kohler Co., a gl... Read More Read More Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone Leading dairy products brands projected to benefit from Platinum Equity’s carve-out experience and operational experti... Read More Read More Platinum Equity Invests in TAK Communications Firm to partner with TAK’s current shareholders and management team, which will continue as equity partners in the bus... Read More Read More Platinum Equity Completes Sale of Yak Access to United Rentals for $1.1 Billion LOS ANGELES (March 15, 2024) – Platinum Equity announced today that the sale of Yak Access, LLC, Yak Mat, LLC and Ne... Read More Read More Platinum Equity Acquires Premium Rum Blending Specialist E&A Scheer LOS ANGELES (Jan. 11, 2024) – Platinum Equity announced today the acquisition of premium rum blending specialist E&... Read More Read More Platinum Equity Acquires Augusta Sportswear Brands and Founder Sport Group Youth sports performance apparel businesses joining forces to create expanded portfolio of brand, product and service of... Read More Read More Platinum Equity to Acquire Horizon Organic and Wallaby from Danone Leading dairy products brands projected to benefit from Platinum Equity’s carve-out experience and operational experti... Read More Previous Next Our Portfolio Explore the full Platinum Equity portfolio of companies by transaction type, industry, location or ownership status. BROWSE NOW
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Pitney Bowes Completes Sale of Document Messaging Technologies Business to Platinum Equity
STAMFORD, Conn. July 2, 2018 --- Pitney Bowes Inc. (NYSE:PBI) today announced that the previously disclosed sale of its Document Messaging Technologies (DMT) production mail and supporting software business to Platinum Equity has been completed, with the exception of certain non-U.S. jurisdictions that are each expected to close sometime in the third or early fourth quarter, subject to individual country regulatory requirements. The company expects to use the majority of the net proceeds from the sale to pay down debt. Pitney Bowes is a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and data. The company first announced the sale of DMT to Platinum Equity in April. DMT is a global leader in enterprise print, mail and customer communications solutions. The sale includes DMT’s enterprise mail, print and data management software business that integrates data with print streams to optimize document output for high-volume production mailers. "DMT is an outstanding business with industry leading solutions, a loyal and growing client base, and an experienced leadership team at the helm,” said Platinum Equity Principal Adam Cooper. “We are excited by the opportunities we see for this business and look forward to investing in DMT’s growth, both organically and through strategic acquisitions.” Grant Miller, President and CEO, Document Messaging Technologies, said: “This is a landmark evolution of our business, which will benefit our clients and our employees as we become a standalone company with the flexibility and resources to take our business to the next level. Over the past several years, we have extended our leadership position in the enterprise print and mail market by delivering unmatched service and value to our clients around the world. We will continue to outpace the market by delivering new and innovative printing, inserting and sorting solutions that are underpinned by software, data and world-class service.” Platinum Equity is a leading global private equity firm with a highly specialized focus on business operations and more than 20 years’ experience acquiring and operating businesses that have been part of large corporate entities. “DMT is an outstanding business with industry leading solutions, a loyal and growing client base, and an experienced leadership team at the helm,” said Platinum Equity Principal Adam Cooper. “We are excited by the opportunities we see for this business and look forward to investing in DMT’s growth, both organically and through strategic acquisitions.” Goldman Sachs & Co. LLC served as financial advisor to Pitney Bowes and Debevoise & Plimpton LLP was the Company’s legal advisor. Morgan, Lewis & Bockius LLP served as legal advisor to Platinum. Recast Financial Statements The operations of DMT production mail and supporting software business will be reclassified to discontinued operations in the Company's second quarter 2018 reported results on Form 10-Q. Amounts for the prior periods will be reclassified to conform to this presentation. Certain reclassified historical financial information reflecting the operations of the DMT production mail and supporting software business as a discontinued operations, can be found at the company’s website at www.pb.com/investorrelations under Financial Reporting. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions. About Pitney Bowes Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of office mailing and shipping; mailing and parcel sortation; retail fulfillment, shipping and returns; global ecommerce; location data; and software. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at https://www.pitneybowes.com/us. Contacts Pitney Bowes Bill Hughes – Media Relations William.Hughes@pb.com 203-351-6785 Adam David – Investor Relations Adam.david@pb.com 203-351-717 Platinum Equity Dan Whelan dwhelan@platinumequity.com 310-282-9202
Read MorePlatinum Equity Hires Kris Agarwal as General Counsel
LOS ANGELES (July 1, 2018) – Platinum Equity announced today the hiring of Kris Agarwal as the firm’s General Counsel. Mr. Agarwal recently joined the firm and oversees Platinum Equity’s legal department, legal support for Platinum Equity’s fund and investor relations, and legal affairs for the firm’s portfolio companies. Mr. Agarwal succeeds Eva Kalawski, who is retiring after serving as Platinum Equity’s General Counsel for more than 20 years. Prior to joining Platinum Equity, Mr. Agarwal spent nearly 10 years with Lime Rock Management, where he was General Counsel and Managing Director, providing legal and strategic advice on transactions, fund activity, litigation, regulatory compliance, and IT/Cybersecurity matters. Mr. Agarwal began his legal career at Skadden, Arps, Slate, Meagher & Flom LLP and subsequently worked at Vinson & Elkins LLP. While in private practice in New York City he focused on corporate and transactional matters, including cross-border transactions and representation of private equity firms and public companies in connection with public and private acquisitions, divestitures, and investment transactions. Mr. Agarwal has B.B.A. and M.B.A. degrees from Texas A&M, and a Juris Doctor (J.D.) degree from the Southern Methodist University School of Law. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 200 acquisitions
Read MoreVerra Mobility Announces Merger Agreement with Gores Holdings II, Inc.
Verra Mobility to be Publicly Listed Company with $2.4 Billion Enterprise Value upon Consummation of Transaction LOS ANGELES (June 21, 2018) – Verra Mobility (“Verra Mobility” or the “Company”), the leading provider of tech-enabled smart transportation solutions and a portfolio company of Platinum Equity, announced it has entered into a definitive agreement and plan of merger with Gores Holdings II, Inc. (“Gores Holdings II”) (NASDAQ CM: GSHT, GSHTU, and GSHTW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC (“The Gores Group” or “Gores”). Upon closing, this transaction will introduce Verra Mobility as a publicly listed company, with an anticipated initial enterprise value of approximately $2.4 billion or 11.0x the Company’s estimated 2018 pro forma Adjusted EBITDA of approximately $219 million. The consideration payable to the stockholders of Verra Mobility will consist of a combination of cash and shares of Gores Holdings II common stock. In addition to the $400 million of cash held in Gores Holdings II’s trust account, additional investors have committed to participate in the transaction through a $400 million private placement, led by Alec Gores, Chairman and CEO of The Gores Group, and including large institutional investors such as GIC, Hamilton Lane and Northwestern Mutual. Upon completion of the transaction, including the private placement, Platinum Equity and other minority owners of Verra Mobility expect to hold approximately 42% of the newly public Verra Mobility, subject to various purchase price adjustments. Verra Mobility is a global leader in smart mobility, serving the world's largest commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras. Verra Mobility maintains its leadership position in the marketplace through meaningful scale and has demonstrated consistent revenue growth underscored by its differentiated transaction processing model. “We are thrilled to start the next chapter in the Verra Mobility story alongside the Gores and Platinum teams,” said David Roberts, CEO of Verra Mobility. “Platinum Equity’s operational expertise ensured we had the resources we needed to diversify our product portfolio and position our company for future growth. This transaction benefits our company, our employees, our stockholders and most importantly our customers who rely on us to bring them smart transportation solutions that make mobility safer and easier. We are very excited to continue to grow Verra Mobility as a publicly listed company.” Jacob Kotzubei, Partner at Platinum Equity, said, “Verra Mobility is an incredible success story and an excellent example of the effectiveness of Platinum’s integrated M&A&O approach. Through a combination of growth through acquisition and operational discipline, we partnered with management to rapidly transform the company. Today, Verra Mobility is a global enterprise that delivers a broad range of modern transportation services and solutions. We believe the company is well-positioned for continued growth and has a very bright future ahead.” Mark Stone, CEO of Gores Holdings II, said, “Verra Mobility is our ideal partner given its remarkable business, proven management team and compelling growth opportunities ahead. At Gores, we pride ourselves in our operational roots and are excited that Verra Mobility fits our high standard for investment and offers a superior option for our stockholders. We look forward to partnering with Platinum, management and the board to continue the momentum Verra Mobility has achieved over the last several years and to take this business to the next level.” Until recently, Verra Mobility was known as American Traffic Solutions, and was rebranded following the acquisitions of Highway Toll Administration and Euro Parking Collection, transactions that helped transform the business into a global enterprise with a broad range of transportation technology solutions. Verra Mobility is headquartered in Mesa, Arizona and currently operates in 15 countries. Key Transaction Terms The transaction will be effected pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), entered into by and among Gores Holdings II, Greenlight Holding II Corporation (Verra Mobility’s parent) and the other parties thereto. Concurrently with the consummation of the transaction, additional investors will purchase shares of common stock of Gores Holdings II in a private placement. After giving effect to any redemptions by the public stockholders of Gores Holdings II, the balance of the approximately $400 million in cash held in Gores Holdings II’s trust account, together with the $400 million in private placement proceeds, will be used to pay cash consideration to certain stockholders of the Company, pay transaction expenses and reduce Verra Mobility’s existing indebtedness to 3.9x 2018 estimated pro forma Adjusted EBITDA. The remainder of the consideration payable to the stockholders of Verra Mobility will consist of shares of Gores Holdings II common stock. In order to facilitate the transaction, Gores Holdings II’s sponsor has agreed to cancel a portion of the 10,000,000 founder shares. As a result of such cancellation, the acquisition of shares of common stock of Gores Holdings II in the private placement will be issued at a discount. In addition, the shares of Gores Holdings II common stock received by the stockholders of the Company in the transaction will be restricted from trading for at least 180 days following the completion of the transaction. As part of the transaction, Gores Holdings II will also enter into a tax receivable agreement with certain stockholders of the Company, which will provide for the sharing of tax benefits relating to certain pre-transaction tax attributes as those attributes are realized by Gores Holdings II. The transaction has been unanimously approved by the boards of directors of both Gores Holdings II and the Company, and is expected to close in the third quarter of 2018, subject to customary closing conditions, including the receipt of regulatory approval, and approval of the stockholders of Gores Holdings II. Upon closing of the transaction, the name of Gores Holdings II will be changed to Verra Mobility Corporation. Deutsche Bank Securities Inc. acted as lead capital markets advisor, lead private placement agent, and financial advisor to Gores Holdings II. Goldman, Sachs & Co acted as joint capital markets advisor and joint private placement agent and financial advisor along with Moelis & Company and Credit Suisse LLC as financial advisors. Weil, Gotshal & Manges LLP acted as legal advisor to Gores Holdings II. Gibson, Dunn & Crutcher LLP acted as legal advisor to Platinum Equity and Verra Mobility. Conference Call Information Investors may listen to a presentation regarding the proposed transaction on Thursday, June 21, 2018, starting at 11:00 a.m. ET. The call can be accessed by dialing (888) 820-4544 (domestic toll-free number) or (471) 279-3876 (international) and providing the conference ID: 89361, or asking for the Gores transaction announcement call. A replay of the teleconference and webcast will also be available from June 21, 2018 at 2:00 p.m. ET to June 28, 2018 at 11:59 p.m. ET. The replay can be accessed by dialing (800) 839-5128 (domestic toll-free number) or (402) 220-1504 (international). About Verra Mobility Verra Mobility is a global leader in smart mobility. The Company develops technology-enabled solutions that help the world move safely and easily. The Company serves the world's largest commercial fleets and rental car companies to manage tolling transactions and violations for more than 8.5 million vehicles. Verra Mobility is a leading provider of connected systems, processing nearly 165 million transactions each year through connectivity with more than 50 individual tolling authorities and more than 400 issuing authorities. Verra Mobility fosters the development of safe cities, working with police departments and municipalities by operating more than 4,000 red-light, speed, and school bus stop arm safety. Arizona-based Verra Mobility Corporation currently operates in 15 countries and in 18 languages. For more information, visit VerraMobility.com. About Gores Holdings II, Inc. Gores Holdings II is a special purpose acquisition company sponsored by an affiliate of The Gores Group, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Gores Holdings II completed its initial public offering in January 2017, raising approximately $400 million in cash proceeds. Gores Holdings II’s officers and certain of its directors are affiliated with The Gores Group. Founded in 1987 by Alec Gores, The Gores Group is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. Over its 30 year history, The Gores Group has become a leading investor having demonstrated a reliable track record of creating value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 200 acquisitions. Forward-Looking Statements This press release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning Gores Holdings II’s or the Company’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether this transaction will generate returns for stockholders. These forward-looking statements are based on Gores Holdings II’s or the Company’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Gores Holdings II’s or the Company’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed transaction contemplated thereby; (2) the inability to complete the transaction contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of Gores Holdings II or other conditions to closing in the Merger Agreement; (3) the ability to meet NASDAQ’s listing standards following the consummation of the transaction contemplated by the Merger Agreement; (4) the inability to complete the private placement; (5) the risk that the proposed transaction disrupts current plans and operations of the Company as a result of the announcement and consummation of the transaction described herein; (6) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (7) costs related to the proposed transaction; (8) changes in applicable laws or regulations; (9) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (10) other risks and uncertainties indicated from time to time in the final prospectus of Gores Holdings II, including those under “Risk Factors” therein, and other documents filed or to be filed with the Securities and Exchange Commission (“SEC”) by Gores Holdings II. Forward-looking statements included in this release speak only as of the date of this release. Neither Gores Holdings II nor the Company undertakes any obligation to update its forward-looking statements to reflect events or circumstances after the date of this release. Additional risks and uncertainties are identified and discussed in Gores Holdings II’s reports filed with the SEC and available at the SEC’s website at www.sec.gov. Non-GAAP Financial Measures Pro forma Adjusted EBITDA is a non-GAAP financial measure and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP). Additional Information about the Transaction and Where to Find It Gores Holdings II intends to file with the SEC a preliminary proxy statement of Gores Holdings II in connection with the proposed transaction and will mail a definitive proxy statement and other relevant documents to its stockholders. This press release does not contain all the information that should be considered concerning the proposed transaction and the other matters to be voted upon at the special meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Gores Holdings II’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, the amendments thereto, and the definitive proxy statement in connection with Gores Holdings II’s solicitation of proxies for the special meeting to be held to approve the proposed transaction and other related matters, as these materials will contain important information about the Company and Gores Holdings II and the proposed transaction. The definitive proxy statement will be mailed to the stockholders of Gores Holdings II as of a record date to be established for voting on the proposed transaction and the other matters to be voted upon at the special meeting. Such stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at http://www.sec.gov, or by directing a request to: Gores Holdings II, 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (jchou@gores.com). Participants in the Solicitation Gores Holdings II and its directors and officers may be deemed participants in the solicitation of proxies of Gores Holdings II stockholders in connection with the proposed transaction. Gores Holdings II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Holdings II in Gores Holdings II’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC on March 30, 2018. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Holdings II stockholders in connection with the proposed transaction will be set forth in the proxy statement for the transaction when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction and the other matters to be voted upon at the special meeting will be included in the proxy statement that Gores Holdings II intends to file with the SEC. For inquiries regarding The Gores Group and affiliates, please contact: Jennifer Kwon Chou Managing Director The Gores Group 310-209-3010 jchou@gores.com Michael Sitrick Sitrick & Company 310-432-4150 Mike_Sitrick@sitrick.com For investor inquiries regarding Platinum Equity, please contact: Dan Whelan Platinum Equity 310-282-9202 dwhelan@platinumequity.com For investor inquiries regarding Verra Mobility, please contact: Charles Territo Senior Vice President, Sales, Account Management and Marcomm Verra Mobility 480-443-7000 media@verramobility.com
Read MoreBall Corporation Agrees to Sell U.S. Steel Food and Steel Aerosol Assets, Form Joint Venture with Platinum Equity
BROOMFIELD, Colo., (June 21, 2018) — Ball Corporation (NYSE:BLL) and Platinum Equity today announced that they have entered into joint venture and definitive purchase agreements to form Ball Metalpack, a new packaging company that manufactures steel containers for aerosol products, food, household consumables, pet food, nutritional and other products in the United States. Platinum Equity will own 51percent of Ball Metalpack and Ball Corporation will own 49 percent. Ball Corporation will contribute its U.S. steel food and aerosol packaging manufacturing assets to the joint venture. These include the following tinplate steel assets: Canton (Brookline and Warner Rd.) and Columbus, Ohio; Milwaukee and Deforest, Wisconsin; Chestnut Hill, Tennessee; Horsham, Pennsylvania; Springdale, Arkansas, and Oakdale, California. In 2017, these U.S. tinplate steel assets had sales of $746 million and comparable operating earnings of $48 million. Jim Peterson, who currently manages those assets, will act as CEO of the joint venture. In return, Ball Corporation will receive more than $600 million in pre-tax proceeds from the transaction and will retain a 49 percent interest in Ball Metalpack, for a total value of approximately $675 million. Ball Corporation will continue to wholly own and operate its aluminum aerosol packaging facilities in the U.S., Canada, Europe, India and Mexico, and its steel aerosol facilities in Argentina, as well as the Findlay, Ohio, metal packaging facility, which largely produces aluminum beverage containers. The Findlay, Ohio facility will continue to produce two-piece steel food cans for Ball Metalpack under a long-term supply contract. “We have a long-standing relationship with the Platinum Equity team. They have created tremendous value in the packaging sector, our management knows them well and we are confident they are the ideal partner. The upfront cash proceeds and our retained stake in the joint venture company will benefit Ball shareholders,” said John A. Hayes, chairman, president and CEO. “This agreement enhances our ability to immediately return additional value to shareholders via share repurchases, reduce Ball’s leverage and grow EVA dollars. More than half of the proceeds from today’s announcement will be used to repurchase stock, increasing the 2018 share buyback to be in the range of $675 million by year end. Our 2019 financial goals of $2 billion of comparable EBITDA and free cash flow in excess of $1 billion remain unchanged, although they will be slightly more challenging to achieve following the sale of these assets and its related earnings and cash flow.” Platinum Equity is a global private equity firm with $13 billion of assets under management and a highly specialized focus on business operations. The firm has substantial packaging expertise, and more than 20 years’ experience acquiring and operating businesses that have been part of large corporate entities. Platinum Equity previously owned BWAY, a North American manufacturer of rigid metal and plastic containers. During Platinum Equity’s ownership, BWAY’s EBITDA grew 45 percent through a combination of operational improvements and growth initiatives. “Platinum has a lot of experience in this sector, and our M&A&O® playbook is proven to drive earnings growth and create value,” said Platinum Equity Partner Louis Samson. “We are excited to partner with Ball Corporation and the Ball Metalpack management team headed up by Jim Peterson, and are confident that together we’ll deliver for customers and shareholders alike.” Ball expects the U.S. steel asset sale and joint venture transaction to close in July 2018 with approximately 1,300 employees transferring from Ball to the joint venture. Post-close, Ball Metalpack’s financial results will be reported in equity in results of affiliates within Ball’s consolidated statements of earnings. Ball’s global aluminum aerosol and Argentine tinplate steel aerosol businesses will be led by Stan Platek, vice president and general manager, and its financial results will be reported in the Other non-reportable segment. Goldman Sachs & Co. LLC is serving as financial advisor to Ball Corporation, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as Ball Corporation’s legal counsel. Latham & Watkins LLP is serving as Platinum Equity’s legal counsel. About Ball Corporation Ball Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 18,300 people worldwide and reported 2017 net sales of $11 billion. For more information, visit www.ball.com, or connect with us on Facebook or Twitter. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 200 acquisitions. Forward-Looking Statements This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," “believes,” “targets,” “likely” and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements and any of such statements should be read in conjunction with, and, qualified in their entirety by, the cautionary statements referenced below. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Additional factors that might affect: a) our packaging segments include product demand fluctuations; availability/cost of raw materials; competitive packaging, pricing and substitution; changes in climate and weather; competitive activity; failure to achieve synergies, productivity improvements or cost reductions; mandatory deposit or other restrictive packaging laws; customer and supplier consolidation, power and supply chain influence; changes in major customer or supplier contracts or a loss of a major customer or supplier; political instability and sanctions; currency controls; changes in foreign exchange or tax rates, including due to the effects of the 2017 U.S. Tax Cuts and Jobs Act; and tariffs or other governmental actions in any country affecting goods produced by us or in our supply chain, including imported raw materials, such as pursuant to section 232 of the U.S. Trade Expansion Act of 1962; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the company as a whole include those listed plus: changes in senior management; regulatory action or issues including tax, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; litigation; strikes; labor cost changes; rates of return on assets of the company's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies both in the U.S. and in other countries, including the U.S. government elections, budget, sequestration and debt limit; reduced cash flow; ability to achieve cost-out initiatives and synergies; interest rates affecting our debt; and successful or unsuccessful joint ventures, acquisitions and divestitures, including with respect to the Rexam PLC acquisition and its integration, or the associated divestiture; the effect of the acquisition or the divestiture on our business relationships, operating results and business generally. These forward-looking statements in this press release are based on numerous assumptions regarding the present and future business strategies of Ball, Platinum Equity and the joint venture and the environment in which each will operate in the future. These forward-looking statements are based largely on the expectations of Ball and Platinum Equity and are subject to a number of risks and uncertainties. These include, but are not limited to, the ability to achieve the expected benefits from the transaction within the time frames indicated or at all; and that the separation of the operations of the joint venture may be more difficult or costly than expected.
Read MorePlatinum Equity to Sell Worldwide Flight Services for €1.2 Billion
Successful investment adds to Platinum Equity’s continued momentum in Europe LOS ANGELES (June 19, 2018) – Platinum Equity today announced it has signed a definitive agreement to sell Worldwide Flight Services (WFS) to affiliates of Cerberus Capital Management, L.P. in a transaction valued at approximately €1.2 billion. The sale is expected to close during Q4 2018, subject to regulatory approval and certain closing conditions. Since Platinum Equity acquired the company in 2015, WFS has grown significantly, both organically and through a transformative add-on acquisition, and is now the world’s largest air cargo handler and one of the world’s leading providers of ground handling and technical services, with annual revenues of more than €1.2 billion. “Through a combination of growth and operational initiatives, WFS has evolved and expanded significantly over the past three years and today enjoys record top-line and earnings performance,” said Platinum Equity Partner Louis Samson. “The company’s success is a tribute to a strong partnership with a talented management team, and the dedication of hardworking employees all over the world. We are proud of everything we accomplished together. WFS is now well positioned to continue its growth trajectory in the years to come with an experienced and capable new partner.” During Platinum Equity’s ownership, WFS strengthened its leadership team underneath CEO Craig Smyth, installed new financial controls and other best practices throughout the organization, and expanded the company’s footprint. In February 2016 WFS acquired Consolidated Aviation Services (CAS), one of the leading cargo handlers in the United States. Combined, they currently employ approximately 22,800 employees and serve 300 airlines at 198 airports in 22 countries on five continents. “In recent years, WFS has successfully transformed into a leading cargo and ground handler with a truly global presence,” said Mr. Smyth. “Platinum Equity’s financial and operational support has been instrumental to our success. They invested in our growth and as a result we are well positioned for long-term success.” Mr. Samson said Europe is an important focus for Platinum Equity as it continues deploying its most recent fund, Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. “We have more than 20 years of experience in Europe, a dedicated team in London and our portfolio companies employ more than 16,000 people in the region,” said Mr. Samson. “We have the capital base and the depth of experience to continue growing our European portfolio and will remain very active in this market.” Platinum Equity recently completed the $1.3 billion acquisition of Wyndham’s European vacation rental business and in Q4 2017 acquired Pattonair, a global aerospace and defense supply chain provider headquartered in Derby, UK. Other European investments in Platinum Equity’s current portfolio include Exterion Media, Terratest, Ecka Granules and Electro Rent. Bank of America Merrill Lynch and Morgan Stanley served as financial advisors to Platinum Equity and Baker McKenzie was Platinum Equity’s legal advisor. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions. About WFS Founded in 1971, WFS (www.wfs.aero) is the world’s largest air cargo handler and one of the leading providers of ground handling and technical services with annual revenues of over €1.2 billion. Its 22,800 employees serve over 300 airlines at 198 major airports in 22 countries on five continents.
Read MoreJohnson & Johnson Announces Acceptance of Binding Offer From Platinum Equity To Acquire LifeScan, Inc.
NEW BRUNSWICK, N.J. (June 12, 2018) – Johnson & Johnson (NYSE: JNJ) today announced that it has accepted the binding offer from Platinum Equity, previously announced on March 16, 2018, to acquire its LifeScan business for approximately $2.1 billion. LifeScan, Inc. is a world leader in blood glucose monitoring and maker of the OneTouch® brand of products. This acceptance was made after consultation with relevant works councils and trade unions. The transaction is expected to close by the end of 2018, subject to the satisfaction of regulatory clearances and other customary closing conditions. “We have great respect for Johnson & Johnson and appreciate their confidence in our ability to execute,” said Platinum Equity Chairman and CEO Tom Gores. “This is an important investment for us in a business that serves millions of patients around the world. We are committed to putting our financial resources and global operating expertise to work in support of the company’s core mission to improve the quality of life for people living with diabetes.” The Johnson & Johnson Family of Companies will continue to serve those impacted by diabetes through innovative products, services and solutions from its Medical Device, Pharmaceuticals and Consumer businesses. These include important leadership and innovation in areas such as bariatric surgery and through medicines such as INVOKANA® (canagliflozin) and INVOKAMET® (canagliflozin/metformin HCl). About LifeScan LifeScan, Inc. is a world leader in blood glucose monitoring. In the U.S., LifeScan, Inc. is the leading maker of blood glucose monitoring systems and its OneTouch® brand products are recommended by more endocrinologists and primary care physicians than any other brand.1 Globally, more than 20 million people depend on OneTouch® brand products for simple testing and accurate results to help them manage their diabetes. For more information visit: www.OneTouch.com. About Johnson & Johnson At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. Note on Forward-Looking Statements This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to the divestiture of the LifeScan business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: the possibility that the transaction will not be completed, or if completed, not completed in the expected timeframe, and the potential that the expected strategic benefits or opportunities from any divestiture may not be realized, or may take longer to realize than expected. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in the company's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. 1 Global Brand Equity Insights Study, February 2015
Read MoreAwaze
Awaze Active Corporate Divestiture Europe Consumer Hospitality Leading provider of holiday resorts and vacation rentals in Europe Company Overview Europe’s largest vacation rental manager and a leading owner of holiday parks, with more than 110,000 units across 36 countries Transaction Description Acquired from Wyndham Worldwide in May 2018 M&A Activity Prolific M&A platform, with extensive add-on activity under Platinum’s ownership Sunway House, Raglan Road, Lowestoft, NR32 2LW United Kingdom www.awaze.com 110K+ Accommodation Choices 36 Countries With Rental Locations 8M Annual Vacationers Photo Gallery Latest News View Full Directory Read More Platinum Equity to Invest in Grand Appliance Leading Midwest appliance distributor to join forces with Platinum-backed R&B Wholesale Distributors LOS ANGELES (Jul... Read More Read More Platinum Equity to Acquire Tangent Technologies Company products are used for outdoor living, marine decking, other applications. Read More Read More Platinum Equity to Sell Heat Controller to Lennox Sale represents final exit of investment in HVAC/R distributor Motors & Armatures. Read More Read More Platinum Equity’s Louis Samson Discusses Key Industry Topics at Milken Global Conference 2026 Firm co-president shares perspective on the state of private equity, market outlook. Read More Read More Platinum Equity Completes Sale of Unical Aviation to Satair, an Airbus Company Exit from aerospace aftermarket company follows four-year operations transformation. Read More Read More Platinum Equity's Credit Team Leads Financing for Soulshine Farms Financing deal reflects sector expertise, partnering with management, sponsors. Read More Read More Platinum Equity Announces Acquisition of Infratech With half century of experience, company provides infrared electric heating solutions. Read More Read More Platinum Equity and Ares Commercial Finance Provide Financing for Kingswood Capital Management’s Acquisition of Daramic Transaction highlights firm’s ability to support businesses with capital solutions. Read More Read More Platinum Equity’s Female Leaders Explain How They Drive the Firm’s Success VP Sports & Entertainment Sarah Clay: ‘We bring different strengths to the table.’ Read More Read More Three Deals in Two Weeks: Small Cap Continues Momentum in 2026 After Platinum Equity’s $2.28B Fundraise Founder and CEO Tom Gores: Three decades of experience drives firm’s dedicated lower-middle market investment team. Read More Previous Next Our Portfolio Explore the full Platinum Equity portfolio of companies by transaction type, industry, location or ownership status. Browse Now
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Wyndham Worldwide Announces Completion of its Sale of its European Vacation Rentals Business
PARSIPPANY, N.J. (May 9, 2018) — Wyndham Worldwide Corporation (NYSE: WYN) today announced the successful completion of its previously announced sale of its European vacation rentals business to an affiliate of Platinum Equity, LLC, a leading global private equity firm, for approximately $1.3 billion. The industry-leading European vacation rentals business is the largest manager of holiday rentals in Europe, with more than 110,000 units in over 600 destinations across more than 25 countries. The business operates more than two dozen local brands, including cottages.com, James Villa Holidays, Landal GreenParks, Novasol and Hoseasons. In conjunction with the sale, the European vacation rentals business entered into a 20-year agreement under which it will pay a royalty fee of 1% of net revenue to Wyndham’s hotel business for the right to use the “by Wyndham Vacation Rentals®” endorser brand. The European vacation rentals business will also participate as a redemption partner in the award-winning Wyndham Rewards® loyalty program. “We have worked closely with Wyndham Worldwide to craft a divestiture solution that creates value for all sides and puts the European vacation rental business on a path for long-term success as a standalone business,” said Platinum Equity Partner Louis Samson. “We are excited to partner with the management team to ensure a seamless transition while preparing our plans to drive additional growth, both organically and through prospective add-on acquisitions.” “The completion of this transaction is a major milestone toward our becoming two strong, independent public companies leading the way in vacation ownership and hospitality,” said Stephen P. Holmes, Chairman and Chief Executive Officer of Wyndham Worldwide. “We are confident that the European vacation rental brands will continue to succeed with the support of Platinum Equity, and we are proud to continue our partnership with these customer-focused brands, underscored by the Wyndham Vacation Rentals® endorsement and participation in our award-winning Wyndham Rewards® loyalty program.” Wyndham Worldwide intends to use the net proceeds from the sale primarily to reduce its existing indebtedness. Deutsche Bank and Goldman Sachs served as financial advisors, and Kirkland & Ellis International LLP and Dechert LLP served as legal advisors to Wyndham Worldwide. ABOUT WYNDHAM WORLDWIDE Wyndham Worldwide Corporation (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership and unique accommodations including vacation exchange and managed vacation rentals. With a collective inventory of over 22,000 places to stay across 110 countries on six continents, Wyndham Worldwide and its 39,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s award-winning guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com. FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by words such as "will," "expect," “believe," "plan," "anticipate," "intend," "goal," "future," "target," "estimate" and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the European vacation rentals business, Wyndham Worldwide, Wyndham Hotels & Resorts, Inc., Wyndham Destinations, Inc. or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to Wyndham Worldwide's current views and expectations with respect to the sale and the use of proceeds therefrom. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, general economic conditions; the performance of the financial and credit markets; the economic environment for the hospitality industry; the impact of war, terrorist activity or political strife; operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses; uncertainties that may delay or negatively impact the planned spin-off of Wyndham Hotels or the planned acquisition of La Quinta's hotel franchising and management businesses or cause the spin-off or the La Quinta acquisition to be delayed or to not occur at all; uncertainties related to Wyndham Worldwide's and Wyndham Hotels' ability to realize the anticipated benefits of the spin-off, the La Quinta acquisition or the divestiture of the European vacation rentals business; uncertainties related to Wyndham Worldwide's ability to successfully complete the spin-off on a tax-free basis within the expected time frame or at all; uncertainties related to Wyndham Worldwide's and Wyndham Hotels' ability to obtain financing or the terms of such financing, including in connection with the spin-off and the La Quinta acquisition; unanticipated developments related to the impact of the spin-off, the La Quinta acquisition and the divestiture of the European vacation rentals business, and in each case related transactions on Wyndham Worldwide's and Wyndham Hotels' relationships with their respective customers, suppliers, employees and others with whom they have relationships; unanticipated developments resulting from possible disruption to the operations of Wyndham Worldwide and Wyndham Hotels resulting from the proposed spin-off, the proposed La Quinta acquisition and the divestiture of the European vacation rentals business; the potential negative effects of the spin-off, the La Quinta acquisition, the divestiture of the European vacation rentals business and related transactions on the credit ratings of Wyndham Worldwide and Wyndham Hotels; uncertainties related to the successful integration of Wyndham Worldwide's and Wyndham Hotels' business with La Quinta's hotel franchising and management businesses; the timing and amount of future share repurchases and dividends; as well as those risks described in Wyndham Worldwide's Annual Report on Form 10-K, filed with the SEC on February 16, 2018, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Read MorePlatinum Equity Completes Acquisition of American & Efird
LOS ANGELES (May 1, 2018) – Platinum Equity announced today that it has completed the acquisition of American & Efird (A&E) from an affiliate of KPS Capital Partners, LP. Financial terms were not disclosed. Headquartered in Mt. Holly, North Carolina, A&E is the largest U.S. manufacturer and the world’s second-largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles. A&E thread is used by producers of apparel, automotive components, home furnishings, medical supplies, footwear and certain industrial products. Kirkland & Ellis served as legal counsel to Platinum Equity on the A&E transaction. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions. About American & Efird A&E is the largest U.S. manufacturer and the world’s second-largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles. Producers of apparel, automotive components, home furnishings, medical supplies, footwear and a diverse range of industrial products rely on A&E industrial sewing thread to manufacture their products. Customers select A&E as the preferred choice for industrial sewing thread, embroidery thread and technical textiles because of A&E’s dedication to providing its customers with the finest products and services, at the highest quality, delivered globally. Through its global network, A&E’s products are manufactured in 21 countries, distributed in 50 countries and sold in over 100 countries. In addition to A&E’s steadfast commitment to superior quality and customer service, A&E is a recognized industry leader in environmental sustainability and corporate social responsibility, and operates its global facilities with the utmost regard for the safety and health of its associates employed worldwide. A&E owns or operates 27 manufacturing facilities and employs over 10,000 associates around the world directly or in partnership with joint venture partners.
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