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Platinum Equity Completes Acquisition of Healthcare Marketing Services Unit from Cardinal Health
Home / News / Platinum Equity Completes Acquisition Of Healthcare
LOS ANGELES, CA (January 19, 2007) – Platinum Equity announced today it has completed the acquisition of the Healthcare Marketing Services (HMS) unit of Cardinal Health (NYSE: CAH). Terms of the transaction, which was announced in November, were not disclosed. A transition is now underway to separate the business from Cardinal Health and establish it as a standalone company. The new company will be renamed, and details about the new name and brand image will be announced as the transition process unfolds. “HMS delivers vital services in a rapidly growing market, and has strong relationships with major pharmaceutical and biotech customers,” said Matt Young, principal lead on Platinum Equity’s transaction team. “We believe that’s a very solid platform for future growth.” HMS provides sales and marketing communications services and materials to the pharmaceutical and biotechnology industries. The business, which generated close to $200 million in revenue in 2005, delivers promotional and strategic communications, certified education and event data management services, and contract sales services to some of the world’s largest pharmaceutical and biotechnology companies. It has more than 700 employees and offices in California, Illinois, New Jersey, Ohio and Virginia. 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 65 businesses with more than $15.5 billion in aggregate annual revenue at the time of acquisition.
Platinum Equity Appoints Maurice S. Nelson Jr. as Chief Executive Officer of PNA Group
Home / News / Platinum Equity Appoints Maurice S Nelson Jr As Chief
LOS ANGELES (January 10, 2007) – Platinum Equity announced today that Maurice S. Nelson Jr. has been appointed as Chief Executive Officer of its portfolio company PNA Group, a premier processor and distributor of steel products to fabricators, manufacturers and distributors.PNA Group was acquired by Platinum Equity in May 2006, and then expanded via the add-on acquisition of Metals Supply Company a short time later. The business generates annual revenue of more than $1.5 billion.Mr. Nelson, who will join the company on Feb. 1, is a seasoned steel industry executive who will help lead the company into the next phase of its growth and development, said Jacob Kotzubei, the Platinum Equity executive responsible for the PNA Group investment.“Sandy Nelson is an experienced senior executive with an outstanding reputation for building value in the steel industry,” Mr. Kotzubei said. “We are very pleased to have him at the helm as we continue to build the PNA business. Our goal is to build the highest-quality customer service organization in the industry, offering a wide breadth of products across North America. We are confident that Sandy has the leadership skills and vision to deliver on that promise.”Mr. Nelson most recently served as Chief Executive Officer and Director of Earle M. Jorgensen Company, a large distributor of metal products in North America, where he also previously served as President and Chief Operating Officer. Prior to that, he was President and CEO of the Inland Steel Company. Previously, he was President of the Aerospace and Commercial Division of the Aluminum Company of America (Alcoa)."I am excited to join PNA Group and its high-energy senior management team,” Mr. Nelson said. “Under the leadership of Platinum Equity, the company is poised for growth as a leading provider of steel products and services to a wide range of steel consuming industries. I’m looking forward to helping sustain PNA’s momentum for shareholders, for our outstanding employees, and for our highly valued customers and partners.”About PNA GroupPNA Group is one of the largest steel service center providers in North America. The group operates under four brands – Delta Steel, Infra-Metals, Feralloy and Metals Supply Company – that provide steel service and distribution solutions to industrial customers.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, manufacturing and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 65 businesses with more than $15 billion in aggregate annual revenue at time of acquisition.Contact:Mark Barnhill, Platinum Equity(310) 228-9514mbarnhill@platinumequity.com
Platinum Equity Signs Definitive Agreement to Acquire Healthcare Services Unit from Cardinal Health
Home / News / Platinum Equity Signs Definitive Agreement To Acquire Healthcare Services Unit
LOS ANGELES, CA (November 7, 2006) – Platinum Equity announced today it has signed a definitive agreement to acquire the Healthcare Marketing Services (HMS) unit of Cardinal Health (NYSE: CAH). Terms of the transaction, which is expected to close prior to the end of 2006, were not disclosed. HMS provides sales and marketing communications services and materials to the pharmaceutical and biotechnology industries. The company, which generated close to $200 million in revenue in 2005, delivers promotional and strategic communications, certified education and event data management services, and contract sales services to some of the world’s largest pharmaceutical and biotechnology companies. It has approximately 850 employees and offices in California, Illinois, New Jersey, Ohio and Virginia. Platinum Equity intends to establish HMS as a standalone business and grow market share both organically and through potential complementary acquisitions. “HMS provides vital services in a rapidly growing market, and has strong relationships with major pharmaceutical and biotech customers,” said Matt Young, principal lead on Platinum Equity’s transaction team. “We believe that’s a very solid platform for future growth.” 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 65 businesses with more than $15.5 billion in aggregate annual revenue.
Platinum Equity Completes Acquisition of Textron Fastening Systems
Home / News / Platinum Equity Completes Acquisition Of Textron Fastening
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
Platinum Equity Signs Definitive Agreement to Acquire Textron Fastening Systems
Home / News / Platinum Equity Signs Definitive Agreement To Acquire
Acquisition Represents Extension of Platinum’s Global Reach; Unit Serves Customers in 150+ Countries, Has Revenue of Approximately $1.8 BillionLOS 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 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, 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 TextronTextron 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 SystemsHeadquartered 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) 228-9514mbarnhill@platinumequity.com
Platinum Equity Acquires Metals Supply Company Ltd. As Add-On to Steel Services Platform PNA Group
Home / News / Platinum Equity Acquires Metals Supply Company Ltd As Add On
Complementary Business Will Extend PNA’s Reach in North AmericaLOS 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 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, 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.
Platinum Equity Completes Acquisition of PNA Group, Inc.
Home / News / Platinum 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
Platinum Equity Signs Definitive Agreement to Sell NextiraOne Europe to ABN AMRO Capital
Home / News / Platinum Equity Signs Definitive Agreement To Sell
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
Platinum Equity to Acquire Americatel Corp.
Home / News / Platinum 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
Platinum Equity Signs Definitive Agreement to Acquire PNA Group, Inc. from TUI AG
Home / News / Platinum Equity Signs Definitive Agreement To Acquire Pna
Acquisition Will Expand Platinum’s Holdings in Steel Services SectorLOS 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 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, 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) 228-9514mbarnhill@platinumequity.com
