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Platinum Equity Company Schutt Sports Gets Boost

Home / News / Platinum Equity Company Schutt Sports Gets Boost

Schutt Sports, now part of the Platinum Equity portfolio, is reported by the St. Louis Post Dispatch to be poised to regain its footing after a lengthy bankruptcy triggered by a patent dispute.Acquired by Platinum in December 2010, Schutt Sports  makes sports safety equipment such as helmets worn by a third of all NFL players (Green Bay quarterback Aaron Rodgers wore a Schutt helmet in the Super Bowl), bases for Major League Baseball, and a variety of youth sports equipment.With the bankruptcy and lawsuit behind it, Schutt Sports is now concentrating on its product lineup and growing its brand.Full Story »

Platinum Equity Company Ulticom Names Bruce Swail CEO

Home / News / Platinum Equity Company Ulticom Names Bruce Swail Ceo

Mt Laurel, New Jersey – Ulticom, Inc. today announced the appointment of Bruce D. Swail as Chief Executive Officer (CEO), effective immediately.Ulticom is a premier provider of signaling software that enables telecommunications network equipment and service providers to deploy services within wireless, IP, and wireline networks. Ulticom was acquired by Platinum Equity in December 2010.Mr. Swail joins Ulticom from US Robitics, a leading provider of internet access and networking products, where he has served as CEO since 2007. US Robotics is also a Platinum Equity company."Bruce is a proven leader and accomplished communications industry veteran," said David Anglin, partner at Platinum Equity. "He has the right combination of management experience and engineering expertise to lead Ulticom into the future."Ulticom's Signalware products interconnect the complex switching, database and messaging systems found in telecom networks and manage the vital number, routing, and billing information that form the backbone of today's global public networks.Mr. Swail succeeds Shawn Osborne, who has served as Ulticom CEO since 1997. Mr. Osborne is leaving Ulticom to pursue other opportunities.Mr. Osborne was responsible for leading Ulticom’s successful Initial Public Offering in April 2000 and positioning the company as a premier telecommunications hardware and software provider. Mr. Osborne will be available over the next several weeks to help ensure a smooth leadership transition for both clients and associates.Prior to US Robotics, Mr. Swail served as Vice President and General Manager of the Digital MultiMedia Division of Flextronics.  He also worked for 20 years at Motorola in various business, operations and engineering positions during the advent of Wi-Fi and wireless data communications. Mr. Swail began his career in the aerospace industry for Bristol Aerospace Ltd., a subsidiary of Rolls-Royce, PLC.Mr. Swail, 52, earned a Bachelor of Science degree in Electrical Engineering and a Masters of Business Administration from The University of Manitoba, Canada. He is also the author of two U.S. patents in wireless data communications.About Ulticom, Inc.Ulticom (www.ulticom.com) provides service essential signaling component and system solutions for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy broadband mobile access, multimedia transport control, subscriber data management and enhanced communication services. Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe, and Asia.

Acument Keeps Operations in Metro Detroit, 50 Hires Planned This Year

Home / News / Acument Keeps Operations In Metro Detroit 50 Hires Planned

DETROIT, MI (metromode)--The transformation of Acument over the past few years typifies what Detroit auto suppliers experienced: loss of work and shrinking operations. Today, however, Acument is a promising sign of things to come.Acument, a Platinum Equity portfolio company,  recently struck a deal with the Michigan Economic Development Corp to expand its Sterling Heights, Holly, and Fenton plants. It expects to hire 50 people in Metro Detroit this year, expanding its workforce to 500 personnel by 2012 and 600 by 2014.Read full story...Source: Timothy Weir, director of communications and public affairs for AcumentWriter: Jon Zemke

Robert Klap Joins Platinum Equity as Principal

Home / News / Robert Klap Joins Platinum Equity As Principal

LOS ANGELES, CA – (Marketwire) – Platinum Equity announced today that Robert Klap will join the firm as a principal based in London, where he will assist the firm's investor relations, capital raising and deal origination programs.Most recently, Mr. Klap was an executive at UBS in London, responsible for managing private equity fund investments in the bank's wealth management group. Previously, he was a private equity portfolio manager at Shell Asset Management Company and a fund manager at Mn Services, each of which are institutional investors in Platinum's private equity funds."I am delighted that Robert is joining Platinum Equity," said Tom Gores, chairman and CEO of the firm. "We have a long history together, in which he has distinguished himself not only as an investment professional, but also as a trusted adviser. He's a smart and talented executive who will bring tremendous value to Platinum."Mark Barnhill, the principal who leads global investor relations and capital raising for Platinum, said the addition of Mr. Klap would substantially increase the firm's capabilities in managing current and future investment funds."Robert is creative, engaging and very insightful about the global private equity landscape," Mr. Barnhill said. "He'll be a strong presence for us not only in Europe, where he'll be based, but also globally as we expand our investor relations platform and prepare for future rounds of capital raising."Mr. Klap said, "I have watched up close as Platinum has developed into one of the strongest and most capable private equity firms in the world. Platinum's operational expertise, investment judgment and stellar track record speak for themselves. But what's most exciting for me is the opportunity to help the firm grow. I believe Platinum has only started to tap its full potential, and I am very excited to be a part of the next phase in the firm's development."About Platinum EquityPlatinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.

Platinum Equity Completes Acquisition of American Commercial Lines

Home / News / Platinum Equity Completes Acquisition Of American Commercial

Los Angeles, CA--Platinum Equity announced today that it has completed the acquisition of American Commercial Lines Inc. (“ACL”), one of the largest and most diversified inland marine transportation and service companies in the United States.The acquisition was a public-to-private transaction in which Platinum Equity agreed to acquire most outstanding shares of ACL stock for $33.00 per share. ACL stockholder GVI Holdings, Inc. and certain of its affiliates are receiving $31.25 per share. The company previously traded on the NASDAQ Global Select Market under the ticker symbol “ACLI.”On October 18, 2010, Platinum Equity signed a definitive agreement to acquire ACL by merger. ACL shareholders approved the merger transaction on December 14, 2010."ACL has strong management, a talented workforce and a proud tradition as a leader in marine transportation and manufacturing," said Louis Samson, principal, Platinum Equity, who led the team pursuing the ACL acquisition. “Mike Ryan and the management team have made a lot of progress in recent years transforming and positioning the business. We are excited to roll up our sleeves and provide additional support to the company’s efforts."Platinum Equity has already deployed a transition team to support ACL.“Platinum Equity’s extensive resources and operational expertise will enable us to accelerate the execution of our strategic business initiatives and position us to expand our role as a top transportation services provider,” said Mike Ryan, ACL president and chief executive officer. “We are pleased to begin a new chapter in ACL’s history and are excited about the future.”Mr. Ryan, who joined ACL in 2005 and has served as chief executive officer since 2008, will continue to lead the company under Platinum Equity’s ownership.Mr. Samson said that in addition to providing operations support, Platinum Equity’s M&A team will continue working closely with ACL as well.“ACL has strong fundamentals and is well positioned for growth, both organically and through prospective acquisitions,” said Mr. Samson.  “We will work with the management team to identify, evaluate and pursue attractive opportunities to grow and expand the business.”About Platinum EquityPlatinum Equity is a global M&A&O® firm specializing in the merger, acquisition, and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing, and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. For more information, go to www.platinumequity.com.About American Commercial Lines Inc.American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately $850 million in revenues and approximately 2,570 employees as of December 31, 2009. For more information about American Commercial Lines Inc., visit www.aclines.com.

Platinum Equity Acquires Schutt Sports

Home / News / Platinum Equity Acquires Schutt Sports

LOS ANGELES, CA – Platinum Equity announced today that it has completed the acquisition of substantially all the assets of Schutt Sports through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. The United States Bankruptcy Court for the District of Delaware approved the transaction on December 15, 2010.Schutt Sports is a leading domestic manufacturer of protective sports equipment and aftermarket reconditioning services."Schutt Sports is a great company with a strong brand, quality products and enormous potential,” said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Schutt acquisition.  “The business also has a strong management team, talented employees and loyal customers. We are excited to help the company achieve its full potential with the support of Platinum Equity’s financial resources and operations expertise.”Robert Erb, Schutt Sports CEO since 2007, will continue to lead the company under Platinum Equity’s ownership.“I am grateful for the tremendous loyalty we have received throughout this process and am excited to emerge a stronger, healthier company poised for long-term growth and profitability,” said Mr. Erb.  “I am especially proud of the continued hard work and support of our outstanding employees, dealers and suppliers.  Their extraordinary resolve and commitment to serving our customers is a primary reason we are now positioned for long-term success.”Mr. Kotzubei said that Platinum Equity’s operations team is now acting on a plan to assist Schutt Sports following the change in ownership.“Schutt Sports has done an exceptional job maintaining focus and continuing to serve its customers throughout this process,” said Mr. Kotzubei.  “We are now deploying additional operations resources to support their efforts.”About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more 100 acquisitions.About Schutt SportsSchutt Sports is a domestic manufacturer and the world’s leading maker of football helmets and faceguards. Three out of four professional football players take the field wearing Schutt® gear. The ION 4D, AiR XP, and DNA line of helmets are the world’s only football helmets to feature TPU Cushioning – the same material used by the US military for helmets for fighter pilots and paratroopers. Schutt faceguards are the best in the world, both in form and in function. Schutt is also the manufacturer and supplier of bases to Major League Baseball and Minor League Baseball, as well as the official batter’s helmet supplier to the Team USA National Softball Team. Schutt gear is designed for maximum performance based on standards dictated by the most important person in our world – the player.

Renewable Energy Device Supplier KEMET is Back

Home / News / Renewable Energy Device Supplier Kemet Is Back

E•Boom Finance coverage of the role Platinum Equity played in the survival and long-term fitness of capacitor manufacturer KEMET.A global supplier of devices critical to the renewable energy and other sectors, KEMET went public in October 1992. When its markets collapsed in 2008 and with looming debt repayment deadlines, KEMET shares plummeted and the company was delisted from the New York Stock Exchange.Platinum Equity met with the KEMET management team and created an equity financing deal that was key to KEMET's survival. Relieved of much of its financial pressure, KEMET was able to focus on the growing hybrid electric vehicle market, the wind energy market, and the solar power markets. Showing a substantial recovery since Platinum Equity engaged, KEMET's six-month 2011 results (ended 9/30/2010) posted a $14.8 million profit on revenues of $492 million.Full story »

Platinum Equity Acquires Ulticom

Home / News / Platinum Equity Acquires Ulticom

Los Angeles, CA —Platinum Equity announced today that it has completed the acquisition of Ulticom, Inc., a provider of signaling software used in communications networks.The acquisition was a public-to-private transaction in which Platinum Equity acquired outstanding shares of Ulticom stock for merger consideration of $2.33 per share, after payment of a special dividend in the amount of $5.74 per share in cash.  Shares of Ulticom stock held by Ulticom’s controlling shareholder, Comverse Technology, Inc., did not receive merger consideration but were instead purchased pursuant to a share purchase agreement immediately prior to the closing of the merger for consideration of up to $2.33 per share.  The company previously traded on the NASDAQ Global Market under the ticker symbol “ULCM.”Affiliates of Platinum Equity signed a definitive agreement to acquire Ulticom, Inc., on October 12, 2010.  Ulticom shareholders approved the acquisition on Thursday, December 2, 2010.“Ulticom is well recognized for quality and innovation, and we believe the company is positioned to thrive as the market for high-bandwidth services continues to evolve,” said Matt Young, principal for Platinum Equity.Ulticom’s signaling software enables telecommunications network equipment and service providers to deploy services within wireless, IP, and wireline networks. Ulticom's products interconnect complex switching, database and messaging systems and manage number, routing, and billing information.Mr. Young said that Platinum Equity has already launched a process focused on transitioning Ulticom to private ownership and improving overall business performance.“We believe Ulticom and its customers will benefit from our operations expertise and our commitment to delivering world-class products and exceptional customer service,” said Mr. Young.Paul, Hastings, Janofsky & Walker LLP acted as legal counsel to Platinum Equity. Morgan Keegan Technology Group acted as lead financial advisor to Ulticom and Duff & Phelps, LLC also provided a fairness opinion to Ulticom’s Board of Directors. Weil, Gotshal & Manges LLP acted as legal counsel to Ulticom in the transaction and Flaster/Greenberg P.C. acted as special New Jersey Counsel to Ulticom.About Ulticom, Inc.Ulticom provides service essential signaling component and system solutions for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy broadband mobile access, multimedia transport control, subscriber data management and enhanced communication services. Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe, and Asia.About Platinum EquityPlatinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.

Platinum Equity Acquires Ecka Granules Assets

Home / News / Platinum Equity Acquires Ecka Granules Assets

Los Angeles, CA —Platinum Equity announced today it has acquired substantially all material assets of ECKA Granules, a Germany-based manufacturer and distributor of metal powders to a broad range of industries. The acquisition which includes copper, aluminum and magnesium powder manufacturing plants and sales offices will, upon registration of all share transfers, include Australia, Austria, Bahrain, China, Germany, Slovenia, Switzerland, the U.K. and the United States.Terms of the transaction were not disclosed.Platinum also owns SCM Metal Products, Inc., a U.S. manufacturer and distributor of metal powders and pastes with production facilities in the United States and China. Platinum acquired SCM Metal Products, Inc. in November 2008.“ECKA Granules is synonymous with quality products and leading-edge technology, and the brand aligns perfectly with SCM Metal Products, Inc.’s customer-focused business model,” said Jacob Kotzubei, the partner at Platinum who led the ECKA Granules transaction. “This acquisition is part of an ongoing strategy to expand our presence in the metal powders space. ECKA Granules is an excellent strategic fit in our portfolio.”ECKA Granules and SCM Metal Products, Inc. are both expected to benefit from shared ownership, though each company will continue marketing under its own brand. SCM Metal Products, Inc. President Barton White will serve as CEO of both companies.Mr. White noted that by combining SCM Metal Products, Inc. and ECKA Granules’ technical capabilities and complementary footprints, and supporting them both with Platinum’s operational and financial resources, this acquisition creates tremendous potential for growth.“We can now offer customers a unique, international combination of manufacturing plants, technical support and direct sales and marketing channels in the United States, Asia and Europe,” explained Mr. White. “By expanding our reach and moving closer to customers around the world, we can decrease lead times and optimize our plants to improve the supply chain and ultimately increase value.”The acquisition follows a period of financial distress and uncertainty at ECKA Granules triggered by the global economic crisis.  ECKA Granules and certain of its subsidiaries initiated insolvency proceedings in August 2009.“ECKA Granules’ employees, customers and suppliers have gone through a lot over the past 12-15 months and we are grateful for their hard work, patience and continued support,” said Mr. White. “We are committed to stabilizing and growing the business while charting a new path toward long-term health and profitability.”About Platinum EquityPlatinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.About SCM Metal Products, Inc.:SCM Metal Products, Inc. is a global leader in the manufacturing and distribution of copper based powder and pastes and copper oxide powders to a wide array of industries. SCM Metal Products, Inc. has manufacturing facilities in North Carolina, USA, and Suzhou, China.

Ryerson Announces New Iowa Plate Processing Center

Home / News / Ryerson Announces New Iowa Plate Processing Center

CHICAGO -- Ryerson Inc., a leading processor and distributor of metals in North America and China today announced that it will open a plate processing center in Eldridge, Iowa. The 175,000-square-foot facility is expected to begin operations in July 2011. The processing capabilities include laser cutting, plasma and oxy-fuel burning, robotic beveling, plate blasting, machining and press brake bending."This new facility is a platform for serving our customers' growing demand for the processed carbon plate market in the Midwest. The expanded capabilities combined with the strategic location and logistical access to suppliers and customers, will allow us to remain a leading source to serve our customers," said Michael Burbach, President of Ryerson Midwest.Matthias Heilmann, Executive Vice President and Chief Operating Officer of Ryerson Inc. added, "the expanded capabilities in Iowa along with our existing coast-to-coast plate processing operations further solidify Ryerson as the leading plate processor in North America. We have made significant investments in plate operations including our recent acquisitions in Texas and Alabama. Over the past two years we have invested in plate processing capabilities across our network of more than 30 plate operations and the Iowa project exemplifies our strategic goal of further growing our value-add capabilities."About Ryerson Ryerson Inc., a Platinum Equity company, is a leading distributor and processor of metals in North America. The Company services customers through a network of service centers across the United States, Canada, Mexico and China.Terence R. Rogers, EVP and CFO of Ryerson Inc.+1-773-788-3720terence.rogers@ryerson.com