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Karen Davidson and Tom Gores Reach Agreement on Sale of Detroit Pistons
Home / News / Karen Davidson And Tom Gores Reach Agreement On Sale Of
AUBURN HILLS, MI - Palace Sports and Entertainment (PS&E) and Detroit Pistons Basketball Company (DPBC) owner Karen Davidson today announced a definitive agreement to sell PS&E, DPBC, and their respective assets -- including the NBA's Detroit Pistons, The Palace of Auburn Hills, DTE Energy Music Theatre and the operating rights to Meadow Brook Music Festival -- to financier Tom Gores and his investment firm, Platinum Equity.Terms of the agreement, which is still subject to review and approval by the NBA's Board of Governors, were not disclosed."We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," said Karen Davidson. "Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill's footsteps, and carry on his legacy.""From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at the Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future."Mr. Gores is the Chairman and CEO of Platinum Equity, a global investment firm whose holdings include 34 portfolio companies in such diverse business sectors as technology, media and entertainment, industrials, metals processing, automotive supply, and distribution and logistics.The firm specializes in navigating complex business environments, and Mr. Gores said he sees great potential for revitalizing PS&E and the Pistons franchise."I am very proud to have this opportunity to be part of such a tremendous organization," Mr. Gores said. "I know it's been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward."Comerica Bank, a longtime financing partner of Platinum Equity, will provide financing on the transaction. The transaction is expected to close by June 30, pending league approval and normal closing conditions.Citi Private Bank's Sports Advisory group acted as sell-side advisor on the transaction.Outside of these statements, all parties have agreed to continue to abide by the terms of their confidentiality agreement pending final close of the transaction.For a press kit on Tom Gores and Platinum Equity visit: www.platinumequity.com/our-news/Contacts:For Karen Davidson:Michael LayneMarx Layne & Co.248.320.6202Email ContactFor Tom Gores and Platinum Equity:Mark BarnhillPlatinum Equity310.712.1850Email Contact
Platinum Equity Acquires Majority Interest in Keystone Automotive Operations, Inc.
Home / News / Platinum Equity Acquires Majority Interest In Keystone
LOS ANGELES, CA – Platinum Equity announced today that it has acquired a majority interest in Keystone Automotive Holdings, Inc., the parent company of Keystone Automotive Operations, Inc. (“Keystone”), and will work with the company’s management team on an operational plan to improve Keystone’s ability to compete in the specialty aftermarket auto parts industry. Platinum was previously Keystone’s largest bond holder and worked closely with Keystone and the company’s other debt holders to develop and execute a recapitalization plan that resulted in Platinum becoming the majority owner of the business.Platinum achieved its majority ownership position through an exchange offer that closed on March 29, 2011 in which Platinum and other bond holders converted debt to equity and acquired additional common stock through a rights offering.“Keystone has a strong management team, dedicated employees and an unparalleled distribution network,” said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Keystone acquisition. “With a restructured balance sheet, ample liquidity and the added support of Platinum’s operations team and M&A resources, Keystone is now well positioned for growth and long-term success.” Ed Orzetti, Keystone CEO since 2006, will continue to lead the company under Platinum Equity’s ownership."Partnering with Platinum Equity and successfully recapitalizing our business is great news for Keystone’s customers, suppliers and employees," said Mr. Orzetti. "We will continue offering the most comprehensive inventory selection in our industry, the highest levels of customer service, and the innovative marketing support our partners expect and deserve."Platinum has already deployed a team to work with Keystone on a plan to improve overall business performance. Mr. Kotzubei said that Platinum’s M&A resources will actively support Keystone going forward as well.“We will work closely with Keystone to identify and pursue opportunities to grow the business organically and through additional acquisitions,” said Mr. Kotzubei.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 115 acquisitions.About Keystone AutomotiveKeystone Automotive Operations Inc. and its affiliates are wholesale distributors and retailers of aftermarket automotive accessories and equipment, with operations servicing customers in all regions of the United States and provinces of Canada, as well as various other international locations. The Company's fleet of over 300 trucks provide multi-day per week delivery and returns covering the 48 contiguous states and nine provinces of Canada. The Company sells and distributes specialty automotive products, such as light truck/SUV accessories, car accessories and trim items, specialty wheels, tires and suspension parts, and high performance products to a fragmented base of approximately 15,000 customers. The Company's wholesale operations include an electronic service strategy providing customers the ability to view inventory and place orders via its proprietary electronic catalog. The Company also operates 20 retail stores in Pennsylvania. The Company's corporate headquarters is in Exeter, Pennsylvania.
Platinum Equity Company Ryerson Acquires Singer Steel
Home / News / Platinum Equity Company Ryerson Acquires Singer Steel
CHICAGO, IL – Ryerson Inc., a leading distributor and processor of metals in North America and China, announced today that it has acquired Singer Steel Company ("Singer"), a value-added flat rolled steel processor based in Streetsboro, Ohio. Terms of the transaction were not announced.Singer is a full-service steel value-added processor with state-of-the-art processing equipment. The company enjoys an excellent reputation in the market and serves a variety of industrial applications. For over 85 years and 4 generations, Singer Steel has consistently worked towards providing the finest materials and superior customer service. Singer had approximately $50 million in revenue in 2010."This acquisition represents another step in Ryerson's ongoing initiative to expand our product and service offering. We believe that Singer's capabilities strongly enhance Ryerson's offering in the Midwest and Northeast and we are very excited about this expansion of our presence there," said Mike Arnold, Ryerson's Chief Executive Officer."We are thrilled about the acquisition of Singer Steel," added Michael Burbach, President of Ryerson's Midwest Region. "Singer has a strong reputation for customer service and they bring tremendous processing capabilities along with an excellent group of committed employees that will help with our strategic intention to invest in and grow the business."Singer is Ryerson's fourth acquisition in the past 14 months. Ryerson acquired Houston-based Texas Steel Processing Inc. in January 2010; the assets of Mobile, Alabama-based Cutting Edge Metal Processing Inc. in May 2010; and Houston-based SFI-Gray Steel Inc. in August 2010.About RyersonRyerson Inc., a Platinum Equity company, is a leading distributor and processor of metals headquartered in Chicago, IL. The Company services customers through a network of service centers across the United States, Canada, Mexico and China.
Platinum Equity Company Turf Care Supply Corporation to be Featured on Upcoming Episode of American Farmer
Home / News / Platinum Equity Company Turf Care Supply Corporation To Be
Brunswick, OH -- Turf Care Supply Corporation, one of the nation's largest providers of agronomic services and blended products to the professional turf, ornamental, and grass seed industries, announced today that they will be featured in an upcoming episode of American Farmer.The episode will focus on granular and liquid fertilizers, as well as granular control products, including insecticides, pre-emergent herbicides, post-emergent herbicides and fungicides. These products play a major role in crop production and crop protection, from the fields to our plates. Broadcast is scheduled for Q3, 2011 on a combination of national cable and satellite networks, dates and show times TBA.“The products TCS provides are an important part of a vital fertilizer and control products industry – feeding the world most importantly, and in our case keeping our lawns and golf courses healthy and green – we’re happy to be participating in American Farmer,” said William Milowitz, President & CEO of Turf Care Supply Corporation, a portfolio company of Platinum Equity, a Beverly Hills, CA based private equity firm.Not only does Turf Care specialize in fertilizer applications and granular control products, they are also one of the nation’s largest suppliers of turf grass seed blending and packaging services, processing over 50 million pounds annually. Turf Care's production staff works with a broad group of experienced turf grass seed growers throughout the Northwestern US to produce top quality seed for use on golf courses, parks, sports facilities, sod farms, and home lawns throughout the United States.“We are proud to be partnering with Turf Care as we take our viewers on an exciting and educational journey into the world of fertilizers and seeds,” said Adrien Aniceto, producer for the series. “At the end of the day, fertilizer, seed and control products such as these are a critical components in the global food supply chain,” she added.About American Farmer:American Farmer is a breakthrough program on a mission to showcase the latest advancements in agriculture and farming. From seed to harvest to food production, their producers have traveled the country covering the people, places and issues impacting all areas of farm country. American Farmer is produced and distributed by DMG Productions, an award-winning content provider of educational programming to the television industry.
Platinum Equity Company Alliance Entertainment Acquires Edge Entertainment Distribution
Home / News / Platinum Equity Company Alliance Entertainment Acquires Edge
Coral Springs, FL – Platinum Equity and The Gores Group announced today that Alliance Entertainment has acquired EDGE Entertainment Distribution, a wholesale distributor of pre-recorded music and movie titles, related accessories and other products. EDGE primarily serves independent music retailers, public libraries and college book stores.Financial terms of the EDGE acquisition were not disclosed.EDGE provides one-stop access to more than 140,000 titles of compact discs, DVD and Blu-Ray movies, and other entertainment-related accessory products.Alliance was acquired by a joint venture between affiliates of Platinum Equity and The Gores Group in 2010.“Alliance has a long-standing commitment to serving the distribution needs of the music industry and independent retailers in particular,” said Bryan Kelln, president of portfolio operations for Platinum Equity."Alliance understands their needs and looks forward to continuing to deliver the high level of customer service they deserve."“As the market for distributing media content continues to evolve, we will keep pursuing opportunities to grow and diversify Alliance’s business organically and through additional acquisitions,” added Jon Gimbel, principal, The Gores Group.About Alliance EntertainmentAlliance Entertainment manages a physical inventory of 400,000 CD, DVD and videogame titles in its distribution center in Shepherdsville, KY. Alliance Entertainment is the largest wholesale distributor of CD, DVD and videogame titles in the United States, providing distribution, fulfillment and other services to such retailers as Barnes & Noble, Borders, Amazon.com, Target.com and BestBuy.com. The company has 2,900 unique customers and ships to 14,500 locations throughout the United States.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 The Gores Group LLCThe Gores Group LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of more than $4 billion. Headquartered in Los Angeles, The Gores Group, LLC maintains offices in Boulder, CO, and London.
American Commercial Lines Awarded Membership in the Louisiana Environmental Leadership Program
Home / News / American Commercial Lines Awarded Membership In The
JEFFERSONVILLE, IN – American Commercial Lines Inc. announced today that it has been awarded membership in the Louisiana Environmental Leadership Program (ELP). Membership in the voluntary program, led by the Louisiana Department of Environmental Quality, is awarded to businesses, federal entities, municipalities, and academic and community organizations based upon commitment to the program's core principles and submission of pollution prevention and waste reduction goals to improve and preserve Louisiana's environment. Progress in achieving these goals is tracked annually, and membership is renewed every three years based upon demonstrated, measurable results.ACL, a barge transportation company headquartered in Jeffersonville, IN and operating throughout the U.S. inland waterways system, has a Southern Division headquarters in Harahan, LA and operates three port service facilities in the state, located in Baton Rouge, Vacherie, and Harahan. An environmental management system is in place throughout ACL's network that includes pollution prevention, energy and resource conservation, environmental audits and training, and community outreach and education. "We are honored to obtain membership in the Louisiana Environmental Leadership Program," Michael Ryan, ACL president and CEO, stated. "Protection of the environment is one of the core values that guide all that we do at ACL. We look forward to partnering with the state and other businesses and entities who share ACL's commitment to environmental stewardship."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 2,500 employees and a fleet of 125 towboats and 2,500 barges as of December 31, 2009. For more information about American Commercial Lines Inc. visit www.aclines.com.
San Diego Union-Tribune: Mission Valley Makeover
Home / News / San Diego Union Tribune Mission Valley Makeover
SD Metro Magazine features The San Diego Union-Tribune on its March, 2011 cover, highlighting the venerable newspaper's new life since being acquired by Platinum Equity. Citing the tough challenges faced by the Union-Tribune and Platinum since the acquisition, SD Metro reports publisher Ed Moss and editor Jeff Light appear to have no doubts about the Union-Tribune being back on the right track.Quoted in SD Metro, Ed Moss says, "We tell [new recruits] that you can come in here and you can really build your own dynamics and help us build a new model for the newspaper industry. We can do it quickly and we have tremendous support from our ownership to do that."Jeff Light provides some insights into changes that have been occurring around the newsroom, including content strategy, investigative reporting, and more effective in-depth reports. Quoted in SD Metro, Light says of his newsroom environment "From a journalism point of view, we're talking about turning all of us into triathletes...faster, more disciplined, multi-talented."Heralding the end of "the good old days" of newspaper publishing, Moss and Light are focused on new advertising models like "The Daily Deal", strengthening partnerships with different industry groups, and building recognition for Union-Tribune Media, which includes the newspaper, its online portal Sign On San Diego, and a key Spanish-language publication Enlace.Full Article »
Platinum Equity Acquires Nampak Cartons and Healthcare Packaging Business in Europe
Home / News / Platinum Equity Acquires Nampak Cartons And Healthcare
Los Angeles, CA —Platinum Equity announced today that it has completed the acquisition of Nampak Cartons and Nampak Healthcare from South Africa-based Nampak Limited [JSE:NPK].Nampak Cartons produces cartons for the food and beverage sectors from two sites in the United Kingdom and one in Holland. Nampak Healthcare manufactures cartons, leaflets, labels, and blister pack foils for the pharmaceutical industry from 11 sites across Europe.“These are sound businesses with great people and a lot of potential,” said Brian Wall, partner at Platinum who led the team pursuing the acquisition. “We see real opportunity as a standalone enterprise for growth and value creation through operational improvement and strategic acquisitions.”Mr. Wall said the acquisition is the culmination of discussions that first started with Nampak in 2006.“Over the last five years we have developed a strong relationship with the management team and Nampak, which helped facilitate this transaction opportunity,” said Mr. Wall. “We look forward to working alongside Tom Reid, Leon Taviansky and the rest of the talented team in Cartons and Healthcare.”Tom Reid, former managing director, Nampak Europe, who has overseen Nampak Cartons and Nampak Healthcare since 2007, will continue leading the businesses under the new ownership. Mr. Reid had been with Nampak in a variety of positions since 1990.“We are excited about the change in ownership and are very optimistic about the new opportunities this transition presents for our company and our customers,” said Mr. Reid. “We are eager to move forward and are already acting on plans to upgrade and improve our business.”Last week the healthcare business announced plans to invest in a new facility that would replace and provide an upgrade to the company’s current factory in Portsmouth, England. All current Portsmouth staff would be retained and transfer to the new site in nearby Segensworth, which is scheduled to be fully functional by the end of 2011.A transition team of Platinum in-house operations specialists is working to establish the newly acquired businesses as a standalone company. A rebranding campaign is underway and a new company identity will be announced as that process unfolds.“We are focused on executing a seamless transition while maintaining the highest standards of quality manufacturing and customer service,” explained Mr. Wall.Affiliates of Platinum Equity signed a definitive agreement to acquire the two Nampak businesses in December 2010. The European Commission approved the acquisition in February.“We collaborated closely with Nampak and executed a European divestiture solution while creating an excellent investment opportunity for Platinum,” added Seth Romans, vice president at Platinum and M&A lead for the Nampak transaction. “Our ability to complete this transaction with speed and certainty also proved beneficial to all parties involved.”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.
Schutt Sports: Business Booming for Once-Troubled Company
Home / News / Schutt Sports Business Booming For Once Troubled Company
Since being acquired by Platinum Equity, business at Schutt Sports is booming. Acquired by Platinum Equity out of a lengthy and troubling bankruptcy, the re-energized company is refocused on its core businesses of manufacturing and reconditioning sports safety equipment, including football helmets.Emerging from the uncertainty of bankruptcy, the Schutt Sports helmet reconditioning facility recently signed a multi-year lease and is creating new jobs in Palmer Township, Pennsylvania, as recently reported by WFMZ-TV.Schutt Sports reconditions over 300,000 helmets at its 72,000 square foot facility that employs between 150 and 200 workers depending on the season. Schutt Sports also operates manufacturing facilities in Litchfield, IL and Salem, IL.WFMZ-TV Article and Video »Lehigh Valley Article »
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 »
