Content Type
Platinum Equity Acquires Boyd Coddington Wheels; Hires Robert Swelgin to Lead American Racing
Home / News / Platinum Equity Acquires Boyd Coddington Wheels Hires Robert
Investment firm continues building presence in automotive aftermarket LOS ANGELES (January 17, 2006) – Platinum Equity announced today that it has acquired Boyd Coddington specialty wheels from NRG Motorsports, Inc., a manufacturer and international distributor of automotive aftermarket parts and accessories. Platinum also announced an executive appointment involving its flagship company in the automotive aftermarket, naming Robert Swelgin as the new chief executive officer of American Racing Corporation, the industry leader in high-performance automotive wheels. The company was acquired by Platinum in July, 2005. In completing the transaction to acquire the Boyd Coddington business, Platinum purchased the portion of NRG that designs, manufactures and markets premium aluminum wheels and acquired a license to use their corresponding trademarks – “Genuine Boyd Coddington Wheels,” “Boyd’s Wheels,” and “Boyd Coddington” – exclusively within the wheels market place. The deal also establishes a consulting agreement with Boyd Coddington, Sr. who will assist American Racing with wheel designs, sales efforts, marketing, event appearances and promotions. Coddington, a nationally recognized auto enthusiast specializing in automotive restoration and customization, is the founder of NRG and host of the Discovery Channel television show “American Hot Rods.” “Platinum has now acquired two strong brands and businesses in the automotive wheel aftermarket. We intend to position them to leverage each other’s strengths and capitalize on complementing synergies,” explained Bob Wentworth, executive vice president for Platinum Equity. “American Racing will bring its extensive distribution network and strong operating infrastructure to the relationship. Boyd Coddington and his team will add innovation in wheel design, additional grassroots credibility within the auto enthusiast community, and the power of the Boyd Coddington nameplate, a premium brand within the wheels industry.” In addition to closing the Boyd Coddington acquisition, Platinum also recently completed a national executive search with the hiring of Robert Swelgin as the new CEO of American Racing. Swelgin was previously vice president of operations for Panasonic Automotive Systems, a $1.3 billion automobile audio systems manufacturing business. He was instrumental in helping Panasonic Automotive increase revenue by 40 percent and profitability by 150 percent over a three-year period while the rest of the industry was experiencing severe price erosion. Swelgin also brought significant operating efficiencies to Panasonic, reducing manufacturing cycle time by 30 percent and on-hand inventory by 50 percent. Earlier in his career, Swelgin held positions as chief operating officer at Galtronics Corporation, an international manufacturer of antenna and wireless products, and he was part of the executive team at Tyco International’s Flow Control Division serving as vice president of manufacturing and president of the organization’s India and China operations. “We’re committed to growing and diversifying American Racing, and Bob Swelgin is a leader who can make that happen,” said Rob Joubran, chief operating officer and treasurer for Platinum Equity. “Bob’s past achievements speak volumes about his operational expertise and leadership abilities. We’re excited about the prospects of Bob guiding American Racing to similar results.” Swelgin replaces Joe D’Angelo, vice president of portfolio asset management for Platinum Equity. D’Angelo served as interim CEO of American Racing while Platinum conducted its search for a permanent executive to lead the business. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum has built a multi-billion-dollar portfolio of operating companies with 40,000 employees and 600,000 customer sites throughout the world. Platinum was also recently named the 18th largest private company in the United States by Forbes magazine. About American Racing American Racing Equipment, Inc. (www.americanracing.com) is one of the leading producers of lightweight, high performance aftermarket wheels. American Racing brand lines include American Racing Vintage, American Racing Pro Series, American Racing Muscle, ATX Off Road, as well as related brand lines Twenty Inches Strong (TIS), Dropstars, Motegi Racing, Motto, Riax Performance Alloys, Imola and RO_JA Motorsports. The company virtually launched the custom wheels craze in the early 1960s with the introduction of its five-spoke "Torq Thrust" wheel, considered by many enthusiasts to be the most famous custom wheel of all time. Today, approaching its 50th anniversary, American Racing produces a wide-ranging line of more than 100 precision crafted alloy wheel styles, including the newly released ATX series of Teflon coated off-road wheels. CONTACTS: Platinum Equity Mark Barnhill 310.993.7131 mbarnhill@platinumequity.com Bill Kobel 717.649.8705 wkobel@platinumequity.com
Platinum Equity Completes Sale of ACR Logistics to Kuehne + Nagel International
Home / News / Platinum Equity Completes Sale Of Acr Logistics To Kuehne
Operational Performance and Enterprise Value Grew Dramatically Under Platinum Ownership LOS ANGELES (October 17, 2005) – Platinum Equity announced today that it has agreed to sell portfolio company ACR Logistics to Kuehne + Nagel International AG, one of world’s largest logistics companies. The agreement values ACR Logistics at nearly €500 million euros. The transaction, which is subject to regulatory approval, is expected to be completed in early 2006. “ACR Logistics has been an outstanding investment for Platinum Equity, and we are confident the company will continue to thrive under Kuehne + Nagel,” said Platinum Chairman and CEO Tom Gores. “I am very pleased that under our ownership over the past two years, ACR was able to solidify itself as a leader in the world of contract logistics,” Mr. Gores said. “We were fortunate to work with a strong management team that executed well on its plans. This is a great company, and it will be a strong asset for Kuehne + Nagel.” Platinum acquired the business, which was known as Hays Logistics, from Hays plc in February 2004, established the organization as a standalone company and re-launched it under the new name, ACR Logistics. Subsequently, Platinum’s operations executives worked with CEO Xavier Urbain and his management team to drive operational improvements within the business, and empowered management team to grow enterprise value. ACR Logistics is forecasting revenue in excess of €1.3 billion in 2005. The company is headquartered in Paris, with operations in 11 countries throughout Europe. ACR provides supply-chain design; information systems and data management; distribution center and transport services; and asset management of returnable transport packaging and not-for-sale goods. Kuehne + Nagel has annual revenue of €7.5 billion and operations in 98 countries worldwide. With 25,000 employees at 620 locations, Kuehne + Nagel is one of the world’s leading logistics companies. Its strong market position lies in the seafreight, airfreight and contract logistics businesses, with a clear focus on providing IT-based supply chain management services. In announcing the transaction, Kuehne + Nagel described ACR Logistics as “an ideal strategic fit” that provides complementary geographic and industry penetration with blue-chip customers, a strong information technology platform, and an experienced and capable management team. “We could see powerful synergies between the two companies and knew this could be a substantial opportunity for ACR to continue its development,” said Brian Wall, Managing Director of Platinum Equity’s European operations, based in Paris. “The creation and development of ACR Logistics and this transaction combine to form another success story for our organization. This adds to our track record of success and gives us a great deal of momentum as we continue pursuing new transaction opportunities in Europe.” Mr. Urbain, the CEO of ACR Logistics, said that under Platinum the business quickly completed an operational turnaround and distinguished itself as a strong player in the European contract logistics sector with a focus on achieving superior results and a high level of customer satisfaction. He said those qualities would continue under the new ownership. "ACR Logistics has an approach that goes above and beyond simply providing economies of scale and lower costs. Our objective is to provide added value for our customers by turning logistics into a competitive advantage and a means for them to grow in their respective markets,” Mr. Urbain said. “As part of Kuehne + Nagel, we are better than ever positioned to be that long-term force in the industry our customers look for,” he said. “I firmly believe that we have the right partner to pursue our development for the benefit of our customers and employees.” About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses and built a portfolio of operating companies that today has more than 40,000 employees, more than 600,000 customer sites and aggregate annual revenue of approximately $8 billion. In 2004, Platinum was named the 32nd largest private company in the United States by Forbesmagazine. Contacts: For Platinum Equity Mark Barnhill Platinum Equity (310) 228-9514 mbarnhill@platinumequity,com Bill Kobel Platinum Equity (717) 649-8705 wkobel@platinumequity.com Philip Gawith / Alastair Crabbe The Maitland Consultancy +44 20 7379 5151 pgawith@maitland.co.uk acrabbe@maitland.co.uk For Kuehne + Nagel International AG Inge Lauble-Meffert Tel. +41 (0)44 786 96 78 Fax +41 (0)44 786 96 90 inge.lauble@kuehne-nagel.com For ACR Logistics Mireille Dutruge Tel.. +33 (0)1 48 07 39 22 mireille.dutruge@acr-logistics.com
Platinum Equity Appoints CEO and CFO for its New Company, Turf Care Supply Corp.
Home / News / Platinum Equity Appoints Ceo And Cfo For Its New Company
Chief Executive Officer is William J. Milowitz; Chief Financial Officer is Richard C. NiheiLOS ANGELES (January 5, 2006) – Platinum Equity announced today that William J. Milowitz has been appointed as Chief Executive Officer and Richard C. Nihei has been appointed Chief Financial Officer of Turf Care Supply Corp., the firm’s newly created manufacturer and distributor of professional turf care products and supplies.Turf Care Supply was established by Platinum Equity in October 2005, following the acquisition of substantially all of the supply chain and distribution assets of LESCO Inc., a leading provider of products and services to the professional turf care industry.Mr. Milowitz comes from Duro Industries, Inc., a manufacturer and distributor of textile products, where he has been a senior executive since 2001. Prior to that, he was Senior Vice President and Chief Operating Officer of Consoltex Holdings, one of the largest textile manufacturers in North America, and President & CEO of the company’s U.S. affiliate.“William J. Milowitz is a talented leader with significant experience managing the manufacturing and distribution operations of large businesses,” said Rob Joubran, chief operating officer and treasurer at Platinum Equity. “We are very pleased to have him at the helm as we launch the Turf Care Supply business.”Mr. Nihei is the former Senior Vice President and Chief Financial Officer for Terry’s Tire Town, one of the Midwest’s largest distributors of automobile tires and parts. Previously, he was Vice President for Finance and Chief Financial Officer for Weatherchem Corp., which provides packaging solutions to the food, pharmaceutical, vitamin and household markets.Turf Care Supply produces fertilizer, seed and combination products for the professional turf care industry. Under a long-term supply agreement with LESCO Inc., it will continue to supply products under the LESCO brand name to that company’s customers. In addition, Turf Care expects over time to diversify its customer base and product lines.Mr. Milowitz said he expects Turf Care Supply to thrive as a standalone company.“All of the fundamentals are in place,” Mr. Milowitz said. “We have very strong manufacturing and supply chain capabilities, headed by executives who came over as part of the LESCO transition, and we’re going to build a world-class sales organization to grow this business.”As part of its diversification strategy, Turf Care recently introduced an outsource offering that leverages the company’s manufacturing resources and national distribution network.“We have the capabilities to become the premier outsource provider in this industry,” said Frank Vetter, COO for Turf Care Supply.“Our LESCO products are widely recognized as the highest quality products in the industry, our manufacturing facilities are capable of producing products at any level of specialization and scale, our distribution infrastructure spans the entire country, and we’re able to manufacture at a very competitive cost,” Mr. Vetter said. “As an outsource provider, we bring a compelling value proposition to the market place.”In addition to its new outsource offering, the company has also announced future plans to introduce a Turf Care-branded line of products and expand the geographic footprint of its national distribution network by opening new facilities in Dallas and Chicago.About Platinum 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
Platinum Equity Names Ross Young as Peak Technologies President and CEO
Home / News / Platinum Equity Names Ross Young As Peak Technologies
LOS ANGELES (January 4, 2005) – Platinum Equity announced today that senior executive Ross Young has been appointed president and CEO of Platinum company PEAK Technologies, an international provider of automated identification and data collection systems and enterprise mobility solutions. Platinum completed the acquisition of PEAK Technologies on December 22, 2005.Young most recently served as vice president of portfolio operations for Platinum Equity, a position he held for the past four years. During this time, Young assumed senior leadership roles with newly acquired companies, guided their operational transition into the Platinum portfolio, and played a key role in helping new Platinum companies establish their strategic positioning and go-forward business plans.“Ross will bring leadership, strategic focus, and valuable experience to PEAK,” said Rob Joubran, chief operating officer and treasurer for Platinum Equity. “He has worked in similar industries in both the U.S. and Europe where business and client relationships have evolved from a ‘product-centric’ focus to a greater emphasis on services and solutions. We see a strong upside for PEAK, and Ross is well equipped to turn that potential into tangible results.”Former PEAK Technologies president and chief executive officer Adrian Thomas has left the company to explore other business opportunities. “Adrian made significant contributions to PEAK, including the substantial role he played in facilitating the sale of the company. We wish Adrian well in his future endeavors,” Joubran said.Prior to joining Platinum Equity, Young had a successful career as vice president of sales for NextiraOne North America. Platinum created NextiraOne through several strategic acquisitions, and Young was integral to building the company into a systems integration and solutions leader with more than $1 billion in annual revenue. Young also brings extensive multi-national experience to PEAK Technologies. Earlier in his career he served as director and general manager for Racal Datacom, an international manufacturer and reseller of network integration solutions. Young led Racal’s products business in the EMEA regions.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum has built a multi-billion-dollar portfolio of operating companies with 40,000 employees and 600,000 customer sites throughout the world. Platinum was also recently named the 18th largest private company in the United States by Forbes magazine.About PEAK TechnologiesPEAK Technologies (www.peaktech.com) is an international provider of automated identification and data collection (AIDC) systems, enterprise mobility solutions and ongoing service and support. PEAK’s primary applications include solutions for warehousing, manufacturing, distribution and field-based operations. Headquartered in Columbia, Maryland, PEAK Technologies has locations throughout North America and Europe providing a comprehensive “foot print” for multi-national service and support.CONTACTS:Platinum EquityMark Barnhill310.993.7131mbarnhill@platinumequity.comBill Kobel717.649.8705wkobel@platinumequity.com
Platinum Equity's Matrix Telecom Completes Acquisition of Global Crossing's Small Business Group
Home / News / Platinum Equitys Matrix Telecom Completes Acquisition Of Global Crossings Small Business Group
Transaction Includes Long-term Carrier Services AgreementLOS ANGELES (January 3, 2006) – Platinum Equity announced today that its portfolio company Matrix Telecom, Inc. has completed the acquisition of Global Crossing’s Small Business Group (SBG), which provides voice and data products to small- and medium-sized enterprise customers in the United States.In addition, Global Crossing and Matrix announced they have executed a long-term carrier services agreement under which Global Crossing will provide a full suite of voice, data and IP services to Matrix and its customers. SBG’s current product offering includes switched and dedicated voice services and data applications.“The integration of Matrix and SBG is well underway and will be seamless for customers,” said Rob Joubran, chief operating officer and treasurer for Platinum Equity. “These two businesses complement one another extremely well, and combining them enhances the capabilities of both. Our top priority during the integration process is to maintain excellent service for customers of both Matrix and SBG.”Global Crossing divested SBG after announcing it intended to de-emphasize certain non-core areas of its business, including the small- to medium-sized enterprise space. Platinum Equity, which specializes in providing divestiture solutions for large corporations, identified the business as a strong complement to Matrix. A definitive agreement to sell SBG to Matrix was announced in March 2005.“One of Platinum’s core strengths is our ability to grow existing portfolio companies through strategic add-on acquisitions that expand their capabilities, and the SBG acquisition is a great example of that,” said Matt Young, senior vice president for M&A at Platinum.“We not only provided a divestiture solution to Global Crossing, which viewed the business as non-core, but we strengthened both SBG and Matrix by bringing them together,” Mr. Young said. “Moving forward, our M&A team will continue seeking additional acquisitions to further expand Matrix Telecom’s small- and medium-sized enterprise customer base.”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.About Matrix TelecomMatrix Telecom®, Inc., a Platinum Equity company, is a fully integrated, facilities-based telecommunications carrier providing premium quality voice and data services to a nationwide customer base. Headquartered in Dallas, Texas, Matrix Telecom offers a complete line of voice, data, and Voice over IP products servicing the residential and business markets. Matrix Telecom offers wholesale products direct to other carriers, as well as retail products distributed through resellers and agents. Matrix Telecom is committed to providing customized communication services that exceed customers’ expectations for quality, value, and reliability. For more information, please visit the Matrix Telecom website at www.matrixvalue.com.Contact:Mark Barnhill, Platinum Equity(310) 228-9514mbarnhill@platinumequity.com
Platinum Equity Completes Acquisition of Peak Technologies
Home / News / Platinum Equity Completes Acquisition Of Peak Technologies
LOS ANGELES (December 23, 2005) – Platinum Equity announced today that it has completed the acquisition of PEAK Technologies, an international provider of automated identification and data collection (AIDC) systems and enterprise mobility solutions, from R. R. Donnelley & Sons Company. The transaction was announced on October 21, 2005. PEAK Technologies, based in Columbia, MD, designs and implements data collection and printing solutions for warehousing, manufacturing, distribution and field-based operations. From printing and bar code data collection products to complete turnkey systems, the company provides customers with one source for hardware and software purchases, system design and implementation, training, testing, documentation, and technical support and maintenance. Over the past 20 years, the company has established a substantial multi-national presence serving more than 20,000 customers in North America and Europe. With the acquisition now completed, Platinum executives and PEAK management will collaboratively work through an operational transition process and development of the company’s go-forward business plan. That strategy will likely focus and capitalize on PEAK’s strong service infrastructure as one of the key building blocks for future success. “Customers are always our first priority, and maintaining service excellence will be key to protecting one of PEAK’s strengths – its strong, loyal customer base,” said Rob Joubran, chief operating officer and treasurer for Platinum Equity. “Our goal is to work closely with the management team, establish a strong, profitable company and move aggressively to create new energy and enhanced enterprise value for PEAK, its customers and partners.” PEAK Technologies features one of the largest independent maintenance organizations in the industry with 300 factory-trained and certified customer engineers. The company’s field-based maintenance organization repairs laser, matrix and thermal printers as well as forms handling and pressure seal equipment. PEAK also maintains a national depot center specializing in bar code and AIDC product repairs. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum has built a multi-billion-dollar portfolio of operating companies with 40,000 employees and 600,000 customer sites throughout the world. Platinum was also recently named the 18th largest private company in the United States by Forbes magazine. About PEAK Technologies PEAK Technologies (www.peaktech.com) is an international provider of automated identification and data collection (AIDC) systems, enterprise mobility solutions and ongoing service and support. PEAK’s primary applications include solutions for warehousing, manufacturing, distribution and field-based operations. Headquartered in Columbia, Maryland, PEAK Technologies has locations throughout North America and Europe providing a comprehensive “foot print” for multi-national service and support. CONTACTS: Platinum Equity Mark Barnhill 310.993.7137 mbarnhill@platinumequity.com Bill Kobel 717.649.8705 wkobel@platinumequity.com
Platinum Equity Completes Acquisition of ESM Group
Home / News / Platinum Equity Completes Acquisition Of Esm Group
Degussa AG Divests Provider of Products and Services to the Steel IndustryLOS ANGELES (December 21, 2005) – Platinum Equity announced today that it has completed the acquisition of ESM Group Inc., a leading provider of products and services to the steel industry headquartered in Amherst, N.Y.The seller is Degussa AG, a global specialty chemicals manufacturer based in Germany. ESM Group was part of the metallurgy business that Degussa designated as non-core and divested in four modules in order to focus on the company’s core specialty chemicals business.ESM provides a variety of products and services to the steel 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. In fiscal 2004 its 275 employees generated sales of around US$150 million. (EU€125 million).Platinum intends to grow market share in several key areas, including the desulphurization and secondary chemical marketplace and the caster and mould maintenance industry. The transaction was completed on December 19.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition.Contact:Mark Barnhill, Platinum Equity(310) 228-9514mbarnhill@platinumequity.com
Merry X-Ray Acquires SourceOne Healthcare Technologies
Home / News / Merry X Ray Acquires Sourceone Healthcare Technologies
LOS ANGELES (November 21, 2005) – Merry X-Ray Corporation, a nationwide leader in medical imaging technology and service, has acquired SourceOne Healthcare Technologies from Platinum Equity, the companies announced today. Financial terms were not disclosed.Merry X-Ray executives said the acquisition of SourceOne would expand their reach as one of the leading providers of radiology imaging solutions to hospitals and health care centers across North America.“The acquisition of SourceOne not only enables us to strengthen our national presence, but also assures our continued growth and provides greater security for our employees,” said Larry Lawson, President of Merry X-Ray Corporation.“The combined talents of Merry X-Ray and SourceOne will provide broad access to thousands of premier medical imaging products and services for our customers throughout the United States,” Mr. Lawson said. “Merry X-Ray is extremely enthusiastic about the acquisition and is looking forward to the successful blending of the two companies.”Platinum Equity created SourceOne in 2003 through the acquisition and integration of two large competitors in radiology imaging: the Health Care Products unit of Royal Philips Electronics, and Diagnostic Imaging, a subsidiary of PSS World Medical.The two businesses were combined to form SourceOne Healthcare Technologies, which under Platinum Equity has become one of the leading providers of products and services in the industry with annual revenue of more than $1 billion.“SourceOne is a great example of how Platinum Equity creates value in the businesses we acquire,” said Johnny O. Lopez, executive vice president for global mergers and acquisitions. “When we acquired HCP and DI in 2003, the mandate from our chairman, Tom Gores, was to build a dynamic company with real value in the marketplace. That’s exactly what we did.“We integrated two competitors seamlessly, and focused on operational efficiency without sacrificing customer service,” Mr. Lopez said. “We appointed a strong management team led by CEO Jerry Cirino, and under Jerry’s leadership built a great company that is now a very attractive acquisition opportunity for Merry X-Ray.”Mr. Cirino said he was confident that SourceOne would be a good fit with Merry X-Ray.“The combination of these two companies is the right strategic move and will serve the medical imaging industry well,” Mr. Cirino said. “I am very proud of what the SourceOne team has accomplished over the past three years and look forward to its continued success.”About Merry X-RayFor almost half a century, Merry X-Ray (MXR) Corporation has met the challenges of keeping pace with the rapidly changing technology within the medical imaging profession. Most dramatic of these changes has been the migration from analog imaging to today’s trend of digital medical imaging. In 1998, MXR created its Digital Imaging Division to respond to these current needs. MXR’s electronic product portfolio is rich with vendor partners and solutions to meet any digital imaging need – from basic teleradiology to enterprise-wide PACS. MXR represents over 8,000 products and has thirty-four branches nationwide. MXR is the largest independent dealer in the U.S. and major distributor member of National Healthcare Distributors (NHD). For more information about Merry X-ray Corporation, please visit merryxray.com.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition.About SourceOne Healthcare TechnologiesHeadquartered in Mentor, OH, SourceOne Healthcare Technologies, Inc., is a leading provider of imaging equipment, radiographic supplies and services tailored to healthcare facilities including those transitioning to a digital imaging environment. Its broad equipment and consumables lines, as well as nationwide manufacturing, e-Logistics, sales professionals and field service engineers enable customers to turn to SourceOne as the best-in-class, single source for effective supply chain and medical imaging management. For additional information about SourceOne, visit www.sourceonehealth.com.News Media Contacts:Merry X-RayAl Lewin(818) 240-8370alewin@merryxray.comPlatinum EquityMark Barnhill(310) 228-9514mbarnhill@platinumequity.comSourceOneJennifer Barnwell(440) 701-1296Jennifer.barnwell@sourceonehealth.com
Platinum Equity Signs Definitive Agreement to Acquire ESM Group Inc. from Degussa AG
Home / News / Platinum Equity Signs Definitive Agreement To Acquire Esm
Company Provides Products and Services to the Steel Industry; Agreement is Platinum’s Third Transaction Announcement in the Past Week LOS ANGELES (October 24, 2005) – Platinum Equity announced today that it has signed a definitive agreement to acquire ESM Group Inc., a leading provider of products and services to the steel industry headquartered in Amherst, N.Y. The seller is Degussa AG, the global market leader in specialty chemicals based in Dusseldorf, Germany. ESM Group was part of the metallurgy business that Degussa designated as non-core and divested in four modules in order to focus on the company’s core specialty chemicals business. ESM provides a variety of products and services to the steel 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. In fiscal 2004 its 275 employees generated sales of around US$150 million. (EU€125 million). Platinum intends to grow market share in several key areas, including the desulphurization and secondary chemical marketplace and the caster and mould maintenance industry, according to senior vice president Jacob Kotzubei. “ESM is a profitable company with long-term customer relationships and leading technology, led by an experienced and capable management team,” Mr. Kotzubei said. “We believe there is room for substantial growth even in the relatively mature steel production marketplace. We look forward to working with the management team to build this business.” The transaction, which is subject to regulatory approval, is expected to be completed by the end of November 2005. It is the third transaction announced by Platinum in less than a week, and the seventh in 2005. Previous announced transactions include: -Oct. 21, 2005, Platinum Equity and RR Donelley & Sons Company (NYSE:RRD) announced an agreement for Platinum to acquire Peak Technologies, a systems integrator of automatic identification and data collection equipment and systems. -On Oct. 17, 2005, Platinum Equity and Kuehne + Nagel International AG announced an agreement for Kuehne + Nagel to acquire Platinum portfolio company ACR Logistics, a leading contract logistics provider in Europe. -On October 11, 2005, Platinum Equity announce it had completed the acquisition of the manufacturing and supply chain assets of LESCO Inc., a leading provider of products and supplies to the professional turf care industry -On. Sept. 20, 2005, Platinum Equity announced it had completed the acquisition of USRobotics, a leading producer of networking communications solutions. -On July 21, 2005, Platinum Equity announced it had completed the acquisition of American Racing Equipment, a manufacturer of high performance automotive wheels to aftermarket customers, from Noranda Aluminum, a unit of Falconbridge Ltd. -In March 2005, Platinum Equity and Global Crossing announced an agreement for Platinum’s portfolio company Matrix Telecom to acquire Global Crossing’s small business group. That transaction is expected to close prior to the end of 2005. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses and built a portfolio of operating companies that today has more than 40,000 employees, more than 600,000 customer sites and aggregate annual revenue of approximately $8 billion. In 2004, Platinum was named the 32nd largest private company in the United Stated by Forbes magazine. Contact: Mark Barnhill Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Platinum Equity Signs Definitive Agreement to Sell ACR Logistics to Kuehne + Nagel International
Home / News / Platinum Equity Signs Definitive Agreement To Sell Acr
Operational Performance and Enterprise Value Grew Dramatically Under Platinum OwnershipLOS ANGELES (October 17, 2005) – Platinum Equity announced today that it has agreed to sell portfolio company ACR Logistics to Kuehne + Nagel International AG, one of world’s largest logistics companies.The agreement values ACR Logistics at nearly €500 million euros. The transaction, which is subject to regulatory approval, is expected to be completed in early 2006.“ACR Logistics has been an outstanding investment for Platinum Equity, and we are confident the company will continue to thrive under Kuehne + Nagel,” said Platinum Chairman and CEO Tom Gores.“I am very pleased that under our ownership over the past two years, ACR was able to solidify itself as a leader in the world of contract logistics,” Mr. Gores said. “We were fortunate to work with a strong management team that executed well on its plans. This is a great company, and it will be a strong asset for Kuehne + Nagel.”Platinum acquired the business, which was known as Hays Logistics, from Hays plc in February 2004, established the organization as a standalone company and re-launched it under the new name, ACR Logistics. Subsequently, Platinum’s operations executives worked with CEO Xavier Urbain and his management team to drive operational improvements within the business, and empowered management team to grow enterprise value.ACR Logistics is forecasting revenue in excess of €1.3 billion in 2005. The company is headquartered in Paris, with operations in 11 countries throughout Europe. ACR provides supply-chain design; information systems and data management; distribution center and transport services; and asset management of returnable transport packaging and not-for-sale goods.Kuehne + Nagel has annual revenue of €7.5 billion and operations in 98 countries worldwide. With 25,000 employees at 620 locations, Kuehne + Nagel is one of the world’s leading logistics companies. Its strong market position lies in the seafreight, airfreight and contract logistics businesses, with a clear focus on providing IT-based supply chain management services.In announcing the transaction, Kuehne + Nagel described ACR Logistics as “an ideal strategic fit” that provides complementary geographic and industry penetration with blue-chip customers, a strong information technology platform, and an experienced and capable management team.“We could see powerful synergies between the two companies and knew this could be a substantial opportunity for ACR to continue its development,” said Brian Wall, Managing Director of Platinum Equity’s European operations, based in Paris. “The creation and development of ACR Logistics and this transaction combine to form another success story for our organization. This adds to our track record of success and gives us a great deal of momentum as we continue pursuing new transaction opportunities in Europe.”Mr. Urbain, the CEO of ACR Logistics, said that under Platinum the business quickly completed an operational turnaround and distinguished itself as a strong player in the European contract logistics sector with a focus on achieving superior results and a high level of customer satisfaction. He said those qualities would continue under the new ownership."ACR Logistics has an approach that goes above and beyond simply providing economies of scale and lower costs. Our objective is to provide added value for our customers by turning logistics into a competitive advantage and a means for them to grow in their respective markets,” Mr. Urbain said.“As part of Kuehne + Nagel, we are better than ever positioned to be that long-term force in the industry our customers look for,” he said. “I firmly believe that we have the right partner to pursue our development for the benefit of our customers and employees.”About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses and built a portfolio of operating companies that today has more than 40,000 employees, more than 600,000 customer sites and aggregate annual revenue of approximately $8 billion. In 2004, Platinum was named the 32nd largest private company in the United States by Forbes magazine.Contacts:For Platinum EquityMark BarnhillPlatinum Equity(310) 228-9514mbarnhill@platinumequity.comBill KobelPlatinum Equity(717) 649-8705wkobel@platinumequity.comPhilip Gawith / Alastair CrabbeThe Maitland Consultancy+44 20 7379 5151pgawith@maitland.co.ukacrabbe@maitland.co.ukFor Kuehne + Nagel International AGInge Lauble-MeffertTel. +41 (0)44 786 96 78Fax +41 (0)44 786 96 90inge.lauble@kuehne-nagel.comFor ACR LogisticsMireille DutrugeTel.. +33 (0)1 48 07 39 22mireille.dutruge@acr-logistics.com
