Search Result

Sort by: Date

Showing 661-670 of 719

Content Type

Platinum Equity Portfolio Company San Diego Union-Tribune Partners With KGTV/Channel 10

Home / News / Platinum Equity Portfolio Company San Diego Union Tribune

LA Business Journal Lists Platinum Equity as LA's Largest Private Company

Home / News / La Business Journal Lists Platinum Equity As Las Largest

Pomeroy IT Solutions, Inc. Announces Agreement to be Acquired by Platinum Equity for $6.50 Per Share

Home / News / Pomeroy It Solutions Inc Announces Agreement To Be Acquired

HEBRON, KY September 25 -- Pomeroy IT Solutions, Inc. (Nasdaq: PMRY), an information technology ("IT") solutions provider (the "Company"), announced today that it has entered into a definitive merger agreement to be acquired by affiliates of private equity firm Platinum Equity, LLC. Under the terms of the merger agreement, Platinum Equity, through its affiliates, will acquire all of the outstanding common stock of the Company for $6.50 per share.The Company also announced that, immediately prior to entering into the merger agreement with Platinum Equity's affiliates, the Company terminated its previously announced merger agreement with Hebron LLC, Desert Mountain Acquisition Co., and David B. Pomeroy, II. In accordance with the terms of that previous merger agreement, the Company paid a termination fee of approximately $1.0 million to Hebron LLC.The Company's Board of Directors, acting upon the unanimous recommendation of a Special Committee composed solely of independent directors unrelated to Platinum Equity, approved the merger agreement with Platinum Equity and resolved to recommend that the Company's stockholders vote to adopt and approve that agreement."In spite of the downturn in the economy, the Company has improved profitability and grown its business in 2009," said Christopher C. Froman, the Company's President and CEO. "We are pleased that Platinum Equity has agreed to purchase our company. Platinum Equity has a distinguished record of success merging, acquiring and operating IT services and solutions companies and we believe they will add value to our business going forward.""Following receipt of Platinum Equity's acquisition proposal, the Special Committee oversaw a competitive bidding process that has benefited stockholders through additional consideration to shareholders of over $4.8 million. We believe this all cash sale of the Company to Platinum Equity is in the best interests of the Company's stockholders," said Debbie Tibey, the Chairwoman of the Special Committee."We know the IT products and services business very well and have had great success creating value in this space," said Jacob Kotzubei, partner at Platinum that is leading the investment. "Pomeroy has a compelling product and service offering, strong customer and vendor relationships, and exceptionally talented employees. We believe the management team has done an excellent job navigating the economic downturn and we look forward to supporting their growth using our full complement of mergers, acquisitions and operations capabilities."The merger with Platinum Equity's affiliates, which is expected to close in the fourth quarter of 2009, is subject to approval by the holders of a majority of the Company's outstanding common stock and other customary closing conditions.Houlihan Lokey is serving as the exclusive financial advisor to the Special Committee of the Board of Directors on the transaction.Sheppard, Mullin, Richter & Hampton LLP is serving as legal advisor to the Special Committee of the Company's Board of Directors in connection with the transaction.About Pomeroy IT Solutions, Inc.Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies. Leveraging its core competencies in IT Outsourcing and Professional Services, Pomeroy delivers consulting, deployment, operational, staffing and product sourcing solutions through the disciplines of Six-Sigma, program and project management, and industry best practices. Pomeroy's consultative approach and adaptive methodology enables Fortune 2000 corporations, government entities, and mid-market clients to realize their business goals and objectives by leveraging information technology to simplify complexities, increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com.Contact:Christopher C. Froman, President & CEOPomeroy IT Solutions, Inc.(859) 586-0600 x1419cfroman@pomeroy.comAbout Platinum Equity, LLCPlatinum 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 nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. For more information, go to www.platinumequity.com.Further Information About the TransactionThe Company has filed with the SEC a Schedule 13E-3, a preliminary proxy statement and one amendment to each such document in connection with its previous merger with Hebron LLC, Desert Mountain Acquisition Corp. and David B. Pomeroy, II. The Company plans to file a second amendment to the preliminary proxy statement in connection with the agreement to merge with the Platinum Equity affiliate. The Company plans to file a definitive proxy statement with the SEC and mail such definitive proxy statement to stockholders of record on the record date for the meeting at which stockholders will be asked to adopt the merger agreement with the Platinum Equity affiliate. INVESTORS AND STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and stockholders may obtain a free copy of the definitive proxy statement when it becomes available, and other documents filed by us with the SEC, including the preliminary proxy statements, at the SEC's web site at http://www.sec.gov. Free copies of the definitive proxy statement, when it becomes available, and the Company's other filings with the SEC may also be obtained from the Company by directing a request to Pomeroy IT Solutions, Inc., 1020 Petersburg Road, Hebron, KY 41048, Attention: Secretary.The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from the Company's stockholders with respect to the proposed merger. Information regarding the persons who may be considered "participants" in the solicitation of proxies will be set forth in the definitive proxy statement when it is filed with the SEC. Information regarding certain of these persons and their beneficial ownership of the Company's common stock as of August 5, 2009 is also set forth in the first amendment to the preliminary proxy statement filed with the SEC on August 20, 2009. Additional information regarding the interests of such potential participants may be included in the definitive proxy statement and the other relevant documents filed with the SEC when they become available.Forward-Looking StatementsStatements about the expected timing, completion and effects of the proposed merger, and all other statements in this press release other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, each of which is qualified in its entirety by reference to the following cautionary statements. Forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. A number of the matters discussed herein that are not historical or current facts deal with potential future circumstances and developments, in particular, whether and when the transactions contemplated by the merger agreement will be consummated. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: any conditions imposed on the parties in connection with consummation of the transactions described herein; approval of the merger by the Company's stockholders; satisfaction of various other conditions to the closing of the transactions described herein; and the risks that are described from time to time in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended January 5, 2009, as amended, and the Company's Quarterly Reports on Form 10-Q for the quarters ended April 5, 2009, as amended, and July 5, 2009. This press release speaks only as of its date, and we disclaim any duty to update the information herein.

Platinum Equity Acquires Geesinknorba from Oshkosh Corporation

Home / News / Platinum Equity Acquires Geesinknorba From Oshkosh

LOS ANGELES, CA (July 1, 2009) – Platinum Equity today announced it has completed the acquisition of The Geesink Norba Group from Oshkosh Corporation (NYSE:OSK). The company, which has recently been rebranded GEESINKNORBA, is based in Emmeloord, The Netherlands, and is a leading European manufacturer of refuse collection vehicles (RCVs).“GEESINKNORBA is an established business with talented employees and long-standing relationships with valued customers,” said Tom Gores, Platinum Equity Chairman and CEO. “The company has an extraordinary opportunity to thrive as an independent business and we look forward to helping it reach its full potential.”A transition team of Platinum in-house operations specialists is working to establish the newly acquired business as a standalone company.“We are now focused on executing a seamless and efficient transition, while maintaining the highest standards of quality and customer service,” explained Mr. Gores.GEESINKNORBA’s key products include rear-loading and side-loading RCVs and static and portable compactors. The company’s primary markets include the UK, Benelux, Scandinavia, France, Spain and Eastern Europe. GEESINKNORBA also provides value-added parts and services.GEESINKNORBA’s latest innovation has been the successful launch of the world’s first “Plug-in” RCV that operates all of its functions electrically. This innovation is environmentally friendly and reduces both fuel consumption as well as noise during operation.The transaction was first announced on May 4. Financial terms of the acquisition were not disclosed. Oshkosh will retain ownership of its Romanian facility that supplies fabrications to both GEESINKNORBA and JLG Industries, an Oshkosh Corporation company.“We worked hard with Oshkosh to create a divestiture solution that meets the diverse needs of all interested parties,” said Seth Romans, Vice President at Platinum and M&A execution lead for the GEESINKNORBA transaction. “Our ability to offer a European solution to a U.S.-based corporate seller, and to execute with speed and certainty, worked to everyone’s advantage.”Platinum maintains an active and growing presence in Europe, working from the firm’s London-based European headquarters. With significant financial resources, a unique operations-focused investment approach, and experience executing complex European transactions, Platinum offers customized solutions to sellers and is actively seeking new opportunities.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.About GEESINKNORBA:GEESINKNORBA is specialized in one-stop solutions for a wide range of waste management needs. Its premium-quality products and services focus on efficient refuse collection and compaction. For more information, log on to www.geesinknorba.com.

Platinum Equity Portfolio Company Maxim Acquires Barnhart Crane and Rigging Assets

Home / News / Platinum Equity Portfolio Company Maxim Acquires Barnhart

Amid calls by industry and government for more infrastructure projects, Platinum portfolio company Maxim Crane Works LP purchased the assets of Barnhart Crane and Rigging. Maxim specializes in the rental and sales of lift equipment including hydraulic truck cranes, rough terrain cranes, crawler cranes, tower cranes, conventional truck cranes, and boom trucks.The acquisition added to Maxim’s expansion of its fleet of 230- to 300-ton sized crawlers. It also represented Maxim’s increased leadership role in a consolidating industry.Platinum acquired Maxim in July 2008 in a public-to-private transaction.  Full story...

Platinum Equity Buys Wire Harness Business From Alcoa

Home / News / Platinum Equity Buys Wire Harness Business From Alcoa

Platinum bought Alcoa’s wire harness and electrical distribution business in June 2009; Alcoa put the division up for sale in January 2009. The business was the largest component of Alcoa’s electrical and electronic solutions division, with over 17,000 employees and a presence in 13 countries across the globe.Platinum bought Alcoa’s wire harness and electrical distribution business in June 2009; Alcoa put the division up for sale in January 2009.Full story at altassets.com...

Platinum Completes Acquisition of Wire Harness and Electrical Distribution Business from Alcoa

Home / News / Platinum Completes Acquisition Of Wire Harness And

LOS ANGELES, CA (June 15, 2009) – Platinum Equity today announced it has completed the acquisition of the wire harness and electrical distribution business of Alcoa (NYSE:AA). Financial terms of the acquisition were not disclosed. The transaction was first announced on April 30.The wire harness and electrical distribution business is the largest piece of Alcoa’s Electrical and Electronic Solutions division, and its customers include major domestic and international automotive original equipment manufacturers and tier-one suppliers.“Closing this transaction with Alcoa is a significant step in our overall commitment to the auto sector,” said Platinum Equity Chairman and CEO Tom Gores. “The industry faces very tough challenges, and its transformation will require a major commitment and a lot of hard work. We are eager to roll up our sleeves and contribute to the effort."The sale includes operations in 13 countries and involves approximately 17,500 employees.“Platinum’s track record in helping organizations reach their full potential makes them the ideal partner for AEES,” said Jon A. Jensen, President of AEES. “We’re looking forward to collaborating with their experts to accelerate the repositioning of our automotive and commercial vehicle business for sustainable success.”“AEES has great potential and is a perfect fit for Platinum’s operations-focused, long-term approach to creating value,” explained Phil Norment, partner at Platinum responsible for all aspects of operations at Platinum’s portfolio companies. “AEES has high-quality engineering and manufacturing capabilities, a valued customer base and talented employees around the world.”“Our immediate priority is stabilizing the business and ensuring continuity of supply to AEES’ global customer base, while following a new path to long-term health and profitability,” said Mr. Norment.Transition teams composed of Platinum’s in-house operations specialists have been engaged on a global basis with management on conversion plans to establish the newly acquired business as a standalone company.“Platinum’s approach to investing requires deep understanding of a company’s operations very early in the acquisition process,” explained Mr. Norment. “We devote considerable time, energy and resources to learning the business and developing long-term strategic plans well before a transaction closes. Our commitment to operations throughout the process promotes seamless transition and integration after closing, and keeps the organization focused on serving customers and delivering high-quality products. “Plans for naming the business and other details of the transition will be announced over the coming weeks and months.Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.

Platinum Equity Completes Acquisition of San Diego Union-Tribune

Home / News / Platinum Equity Completes Acquisition Of San Diego Union

BEVERLY HILLS, CA – May 4, 2009 – Platinum Equity announced today that it has completed the acquisition of San Diego’s leading daily newspaper, The San Diego Union-Tribune, from The Copley Press Inc. The transaction was previously announced on March 18.Platinum also announced the appointment of Paul Bridwell as the Union-Tribune’s Chief Restructuring Officer. Pending the appointment of a permanent publisher, Mr. Bridwell will be the senior executive at the newspaper, responsible for day-to-day operations and long-term strategic planning.Louis Samson, the Platinum Equity principal who led the acquisition, said the Union-Tribune is at an important crossroads in terms of re-inventing itself in a declining market while preserving the vital role it plays as one of San Diego’s most important institutions.“The newspaper industry is under enormous pressure to redefine itself and stem the loss of readers and advertisers,” Mr. Samson said. “The Union-Tribune is not immune from those pressures. But we are certain it can succeed with Platinum’s operational support and guidance.”Platinum Equity specializes in acquiring businesses facing complex operational challenges in declining or transitioning markets. Mr. Bridwell is an experienced turnaround specialist who has served in senior executive positions in several Platinum Equity companies. He said his top priority in the near term would be to improve the newspaper’s financial performance while working with senior management on a long-term plan to grow the business.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.

Platinum Equity Acquires Canvas Systems LLC

Home / News / Platinum Equity Acquires Canvas Systems Llc

LOS ANGELES, CA (April 30, 2009) – Platinum Equity announced today that it has acquired a majority stake in Canvas Systems LLC, a global supplier of used and refurbished enterprise-class IT equipment and services.Platinum acquired the controlling interest from OHC, LLC, an Atlanta-based company that also owns global IT consulting group Corus360. OHC will maintain a minority interest in Canvas. Terms of the transaction were not disclosed.“Canvas is a growing business with talented people and a compelling value proposition,” said Jacob Kotzubei, partner at Platinum who oversaw the investment. “Platinum has the operations, business development and financial resources to help the company grow and realize its full potential.”“Joining forces with Platinum Equity will create new opportunities for our company and our customers,” said Mark Metz, Chief Executive Officer of Canvas Systems LLC. “As the economic dislocation continues pressuring companies to reduce spending and preserve capital, interest in high-quality refurbished IT solutions has increased. Canvas offers a full range of products and services to meet that growing demand.”Canvas’ products include refurbished networking, storage, server and IP Telephony equipment from manufacturers such as IBM, HP, Sun, and Cisco. Canvas has over 3,500 customers in more than 65 countries, ranging from mid-sized businesses to Fortune 500 companies.Mr. Kotzubei said the Canvas investment is a natural fit, given Platinum’s history in the IT equipment and services industry.“We have had tremendous success creating value in this space,” explained Mr. Kotzubei. “We know the business and are excited by the potential at Canvas.”In October 2004, Platinum acquired CompuCom, a provider of information technology solutions that help clients through the requisition, procurement, deployment, management and retirement lifecycle of their IT assets. Platinum grew the business through add-on acquisition and by providing the financial and hands-on operational resources necessary to help CompuCom mature into an industry leader. Platinum divested CompuCom in October 2007 and realized a substantial return on its investment.Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation.About Canvas SystemsFounded in 1998, Canvas Systems is a leading, global IT lifecycle management company that is based in Norcross, Georgia with offices in the United Kingdom and Netherlands. Canvas specializes in providing clients with fast and affordable green IT services, integration and financial solutions, third-party maintenance, disaster recovery and business continuity planning, and asset management programs. The company focuses on flexible and innovative green IT solutions that recycle, redeploy and reuse equipment, data center relocations and rentals, data erasure and more. Canvas has an extensive $100 million inventory, offers same day shipment to over 70 countries and saves significant money for clients ranging from Fortune 500 companies to small businesses. Canvas is part of OHC, LLC, an IT services holding company. For more information, call 1-877-CANVAS-9 or visit www.canvassystems.com.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.

Platinum Equity to Acquire Wire Harness and Electrical Distribution Business from Alcoa

Home / News / Platinum Equity To Acquire Wire Harness And Electrical

Signing Comes as Platinum Announces Separate Acquisition of Canvas Systems LLCLOS ANGELES, CA (April 30, 2009) – Platinum Equity today announced that it has signed a definitive agreement to purchase the wire harness and electrical distribution business of Alcoa (NYSE:AA). Financial terms of the acquisition were not disclosed. The transaction is expected to be completed by the end of the second quarter of 2009.Separately, Platinum also announced today that it has acquired a majority stake in Canvas Systems LLC, a global supplier of used and refurbished enterprise-class IT equipment and services. A press release announcing details of the Canvas acquisition is available at www.platinumequity.com.The Alcoa transaction is one of several pending deals in Platinum’s pipeline, including the recently announced acquisition of the San Diego Union-Tribune, which is expected to close during the second quarter.“Many businesses are struggling and need a partner with a steady hand, deep operational expertise and the ability to navigate through these times,” said Platinum Equity Chairman and CEO Tom Gores. “We’re fortunate to have the knowledge, experience and capital required right now to help these businesses survive, and to be positioned to thrive when the markets eventually rebound.”The wire harness and electrical distribution business is the largest piece of Alcoa’s Electrical and Electronic Solutions division, and its customers include major domestic and international automotive original equipment manufacturers and tier-one suppliers. The sale includes operations in 13 countries and involves approximately 17,500 employees.“The automotive sector plays well to our strengths,” said Phil Norment, partner at Platinum responsible for all aspects of business strategy and operations at Platinum’s portfolio companies. “It’s an industry requiring transformation, yet filled with hard-working, talented people committed to rolling up their sleeves and getting the job done. We’ve spent the last several years working in and around the auto industry and believe strongly in its potential to thrive.”Platinum’s current portfolio includes Acument Global Technologies, a full-service provider of fastening systems to the automotive, aerospace, construction, electronics, industrial equipment and non-automotive transportation industries that Platinum acquired from Textron in 2006.Other Platinum operating companies with significant automotive-related business include 3B Fibreglass, a manufacturer of thermoplastics and reinforced fibreglass products, and DyStar, a manufacturer of high-quality textile dyestuffs, leather and other specialty textile auxiliary products.Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.