Content Type
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.
Platinum Equity to Acquire the San Diego Union-Tribune from the Copley Press, Inc.
Home / News / Platinum Equity To Acquire The San Diego Union Tribune From
SAN DIEGO and BEVERLY HILLS, CA – March 18, 2009 – The Copley Press, Inc. and Platinum Equity announced today that they have signed a definitive agreement under which an affiliate of Platinum will acquire San Diego’s leading daily newspaper, The San Diego Union-Tribune.The transaction, which is expected to be completed during the second quarter, culminates a sales process that began in July 2008 when Copley announced it had engaged an adviser to explore strategic alternatives for the newspaper.Harold W. Fuson, Jr., executive vice president for Copley, said that Platinum Equity emerged from that process as the bidder best equipped to ensure that the Union-Tribune – which last changed owners in 1928 – maintains its position as one of San Diego’s leading community institutions.“This is a vital business with a long tradition of public service and a preeminent position in one of America’s finest media markets,” Mr. Fuson said. “At this important juncture, we believe that Platinum Equity is the right partner for the Union-Tribune, its employees and the San Diego community.”Platinum is a private equity firm that specializes in acquiring businesses facing complex operational challenges in declining or transitioning markets. Louis Samson, the Platinum Equity principal leading the acquisition, called the Union-Tribune “a good fit for Platinum” and its operations-focused approach.“We have a long history of creating value by helping established companies navigate difficult market transitions,” Mr. Samson said. “The Union-Tribune is more than a business, it’s an institution in San Diego. But it faces enormous challenge in a period of tremendous upheaval for the newspaper industry. We will bring a strong operational focus that helps ensure the Union-Tribune not only survives in this market, but thrives.”The Platinum team includes David H. Black, an experienced newspaper owner and operator whose holdings include more than 150 newspapers and websites in the United States and Canada.“The Union-Tribune is a premier media property in an outstanding market,” Mr. Black said. “We are extremely excited about partnering with the management team and dedicated employees of the Union-Tribune, and building this franchise for the future.”Financial terms of the transaction were not disclosed. Evercore Partners and Munger, Tolles & Olson LLP advised Copley on the transaction. Platinum Equity was advised by Hughes Hubbard & Reed and Alvarez & Marsal’s Transaction Advisory Group.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 Majority Stake in DAUM Commercial Real Estate Services
Home / News / Platinum Equity Acquires Majority Stake In Daum Commercial
LOS ANGELES, CA – DAUM Commercial Real Estate Services announced today that Platinum Equity has purchased a majority stake in the company. Terms of the transaction were not disclosed.“Joining forces with Platinum Equity will create tremendous opportunities for our company, our customers and our shareholders,” said Michael Nubel, Chief Executive Officer of DAUM Commercial Real Estate Services. “Our team has worked hard to successfully expand DAUM’s reach and service lines to meet the ever-changing needs of our clients in today’s global economy. We are now entering a new phase and partnering with Platinum Equity will unlock even greater possibilities.”Founded in 1904, DAUM has 10 offices throughout Southern California and Arizona. The company provides a full array of commercial real estate services, including brokerage, consulting, leasing, sales and property management.“DAUM is a respected brand with talented people and an impressive, long-standing track record,” said Brian Wall, partner at Platinum who oversaw the investment. “DAUM’s management team has proven its ability to consistently deliver exceptional customer service and despite a difficult economic environment we believe that the company is positioned to achieve long-term growth.”Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support to realize their full potential 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.Mr. Wall said the DAUM investment is a natural fit for Platinum’s approach.“We have had a lot of success creating value inside companies that are navigating difficult industry dynamics,” explained Mr. Wall. “Platinum’s operations expertise will further strengthen DAUM’s ability to manage its business through continued uncertainty, while our business development resources and access to capital can propel DAUM to new levels. We look forward to helping DAUM capitalize on strategic add-on opportunities and partnerships in the commercial real estate services industry.”Mr. Nubel said he believes Platinum will make a strong partner.“Platinum shares the same fundamental commitment to innovation and exceptional customer service that has guided DAUM for more than 100 years,” said Mr. Nubel.About DAUMDAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company. DAUM has 10 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International members represent over 50 independent commercial real estate brokerages, with more than 2,200 associates, in over 170 offices throughout 32 countries. In 2007 ONCOR International members were collectively responsible for approximately $38.4 billion in commercial real estate volume and over 17,000 commercial real estate transactions. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. More information is available at www.oncorintl.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 Completes Purchase of SCM Metal Products
Home / News / Platinum Equity Completes Purchase Of Scm Metal Products
FOR IMMEDIATE RELEASELOS ANGELES (November 11, 2008) – Platinum Equity announced today it has completed the acquisition of SCM Metal Products, Inc. from Gibraltar Industries, Inc. (NASDAQ: ROCK). Details of the transaction were not disclosed. SCM is a global leader in the manufacturing and distribution of copper-based powder and pastes and copper oxide powders to a broad range of industries.“Platinum is very excited about the acquisition of SCM Metals,” said Jacob Kotzubei, the Platinum partner who led the SCM transaction. “We are eager to collaborate with SCM’s management team, employees, customers and other partners to create new enterprise value and help SCM reach its full potential.”On October 9, 2008 Platinum first announced it had signed a definitive agreement to purchase SCM from Gibraltar.“Gibraltar sought to sell the SCM business in order to focus on core operating segments,” explained Kotzubei. “Together we formulated a divestiture solution to fit their needs and worked quickly to close the transaction. We’re now focused on transitioning the business into a standalone organization and we expect that to be a seamless process.”Kotzubei also explained how the current economic environment is presenting great opportunities for Platinum.“With the continued economic downturn and extreme market volatility, many sellers are under increasing pressure to address liquidity challenges and re-focus their business strategies. The opportunities for operations specialists who can react swiftly to changing market conditions and create value in non-core, underperforming or otherwise distressed assets are increasing rapidly,” explained Kotzubei. “Platinum’s agility, access to capital, and demonstrated skill in transitioning and operating businesses position us well to succeed in this market.”In September 2008 Platinum Equity announced the closing of a $2.75 billion leveraged buyout fund focused on acquiring businesses that can benefit from Platinum’s operational expertise and resources.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 SCM:SCM Metal Products, Inc. (www.scmmetals.com) is a global leader in the manufacturing and distribution of copper based powder and pastes and copper oxide powders to a wide array of industries. SCM has manufacturing facilities in Research Triangle Park, N.C. and Suzhou, China.
Platinum Equity to Purchase SCM Metal Products from Gibraltar
Home / News / Platinum Equity To Purchase Scm Metal Products From
LOS ANGELES, CA (October 9, 2008) – Platinum Equity announced today it has signed a definitive agreement to purchase SCM Metal Products, Inc. from Gibraltar Industries, Inc. (NASDAQ: ROCK) for an undisclosed amount. SCM is a global leader in the manufacturing and distribution of copper-based powder and pastes and copper oxide powders to a broad range of industries.“This is a very exciting time for all of us at SCM,” said Barton White, President of SCM. “We expect to have additional resources to grow our business both organically and through M&A transactions. There are many opportunities for growth in the U.S., China and the other export markets SCM serves in the powder metallurgy, chemical, electronics and industrial markets. I know that Platinum Equity shares my enthusiasm for the future and their support will be critical to our success.”Jacob Kotzubei, the Platinum partner who led the SCM transaction, explained that SCM is well suited for Platinum’s operations-intensive approach.“SCM is a market leader with a strong customer base and an experienced management team, and its parent company is divesting the business to focus on other core operating segments,” said Mr. Kotzubei. “We have a strong track record of helping companies like SCM reach their full potential.”Mr. White noted that Platinum’s resources and commitment to growth are a perfect fit for SCM.“Platinum and I share the same vision for growing SCM through exceptional customer service, innovative product development and smart strategic investments,” said Mr. White.Platinum’s acquisition of SCM is the latest in a series of successful investments Platinum has made in the industrial and metals services industry.- In August 2008 Platinum sold PNA Group, a leading processor and distributor of metals products, to Reliance Steel & Aluminum Co. (NYSE:RS) in a transaction valued at approximately $1.1 billion. Platinum acquired PNA Group in May 2006 and created substantial value in the business through a combination of operational initiatives and add-on acquisitions.- In October 2007 Platinum sold ESM Group, which supplies a variety of products and services to the steel industry, to SKW Metallurgie following a comprehensive reorganization in which Platinum established ESM as a strong standalone company.- In October 2007 Platinum acquired Ryerson Inc., one of the largest metals service center providers in North America with revenue of approximately $6 billion. Ryerson is currently in the process of executing a turnaround plan focused on improving customer service, achieving operational excellence and increasing profitability.Bingham McCutchen served as legal adviser to Platinum Equity on the acquisition of SCM from Gibraltar.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 SCM:SCM Metal Products, Inc. (www.scmmetals.com) is a global leader in the manufacturing and distribution of copper based powder and pastes and copper oxide powders to a wide array of industries. SCM has manufacturing facilities in Research Triangle Park, N.C. and Suzhou, China.
