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Platinum Equity Signs Agreement to Sell PNA Group
Home / News / Platinum Equity Signs Agreement To Sell Pna Group
LOS ANGELES (June 17, 2008) – Platinum Equity announced today that it has signed a definitive agreement to sell PNA Group, a leading processor and distributor of steel products, to Reliance Steel & Aluminum Co. (NYSE:RS) in a transaction valued at approximately $1.1 billion. The transaction is expected to be finalized within the next 60 days, subject to normal closing conditions including regulatory approval. Platinum acquired PNA Group in May, 2006 and created substantial value in the business through a combination of operational initiatives and add-on acquisitions. PNA’s revenue in 2007 was approximately $1.6 billion, up from approximately $1.2 billion in annual revenue when Platinum acquired the business. “We knew the business had enormous potential when we acquired it, and we were convinced that with strong leadership and the right operational focus, we could turn a good company into a great one,” said Tom Gores, Chairman and CEO of Platinum Equity. “We were fortunate to get Sandy [Nelson, CEO of PNA] to join us in this investment, and he and the entire PNA team helped us deliver on that promise. We look forward to Reliance Steel & Aluminum’s continued success with the business.” PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. The company comprises several independent business units, each of which process and distribute to customers a variety of metal products including steel structural beams, channels, tubes and plates; coiled and rolled steel; and other structural steel products. Reliance Steel & Aluminum, based in Los Angeles, said the acquisition of PNA Group would complement its existing business and enhance its customer offerings. Platinum Equity executives said that while the firm does not disclose individual investment returns, the PNA Group investment has been very successful for Platinum and its institutional investors. “PNA has been a terrific investment for us from a return standpoint,” said Jacob Kotzubei, the partner who led the PNA investment. “It’s also proven to be a great example of our approach in identifying companies that need operational support to reach their full potential, and then unlocking value through a combination of both operational initiatives, add-on acquisitions and strong partnership with the management team.” Following the acquisition of PNA in May 2006, Platinum completed three add-on acquisitions that bolstered and expanded the company’s capabilities, acquiring Metals Supply Co., Precision Flamecutting and Steel, and Sugar Steel. Each of those acquisitions complemented operational initiatives underway inside the main PNA platform, Mr. Kotzubei said. PNA Group and its add-on acquisitions are among several successful industrial and metals services acquisitions Platinum Equity has made over the past three years, including: - In December 2005 the firm acquired ESM Group, which provides a variety of products and services to the steel industry, including desulphurization and secondary metallurgy services, caster segment maintenance, equipment design and manufacture. The seller was Degussa AG, a global specialty chemicals manufacturer based in Germany. After reorganizing the business and establishing it as a strong standalone company, Platinum sold ESM Group to a strategic acquirer, SKW Metallurgie, in October 2007. - In October 2007 the firm acquired Ryerson Inc., one of the largest metals service center providers in North America with revenue of approximately $6 billion. The Ryerson business is currently involved in the normal post-acquisition operational transition into the Platinum Equity portfolio. Legal advisers to Platinum Equity on the sale of PNA Group to Reliance Steel & Aluminum were James W. Loss and Todd Hentges of Bingham McCutchen. Financial advisers to Platinum Equity were Citi, Goldman Sachs & Co. and UBS Investment Bank. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 80 businesses with more than $24 billion in aggregate revenue at time of acquisition.
Platinum Equity Integrates American Racing, Wheel Pros
Home / News / Platinum Equity Integrates American Racing Wheel Pros
Leading High Performance Wheel Brands Are United in Single Powerhouse CompanyLOS ANGELES (May 9, 2008) – Platinum Equity announced today the integration of American Racing and Wheel Pros, two leading distributors of high performance wheels and tires to the automotive aftermarket.The combined company will offer a comprehensive portfolio of wheel products comprising the industry’s best known and most enduring wheel brands, including the full lineup of existing American Racing and Wheel Pros products.“This is an incredibly powerful combination that unites two of the best names in the business,” said Rob Joubran, partner at Platinum Equity. “The pedigree of these two companies is unparalleled. Bringing them together under one roof will provide customers one-stop access to the best brands in the industry.”Randy White, a former American Racing executive who co-founded Wheel Pros in 1994, has been named Chief Executive Officer of the new company. Jody Groce, also a co-founder of Wheel Pros, has been named President.“This merger brings together two leading companies that deliver world-class products and services,” Mr. White said. “Together, we have more than two dozen brands and programs serving 25,000 customers in over 30 countries on six continents.”“Our customers will now have access to a single provider with an exceptional inventory of in-demand wheel products, a larger and more capable distribution network, and a diversity of product choices that represent the best-known wheel brands in the industry,” he said.The integrated distribution company will operate under the Wheel Pros name in the United States, and as American Racing overseas. It will continue to distribute product brands currently offered by the two companies, including:Wheel Products:- American Racing- American Racing Pro Series- American Racing Vintage- American Racing ATX Series- Alba- Asanti- Autocouture- Boyd Coddington Wheels- Carroll Shelby Legend Series- Dale Earnhardt Jr. Signature Series- Diamo- Dropstars- Helo- Ice Metal- KMC Wheels- Lexani- Lorenzo- Motegi Racing- Moto Metal Custom Alloys- OE Creations- Poison Spyder Customs- QT- Twenty Inches Strong- Venti and Venti Plus- Weld Racing- XD SeriesTire Products:- BFGoodrich- Falken- Michelin- Nitto Tire- Pirelli- Sumitomo TirePlatinum Equity acquired American Racing, the largest manufacturer and distributor of high performance aftermarket automotive wheels in North America, in July 2005. The firm acquired Wheel Pros, a leading competitor in the space, in March 2008.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 more than 80 acquisitions with more than $24 billion in aggregate annual revenue at the time of acquisition.
Platinum Equity Completes Acquisition of Composite Manufacturing Plants in Belgium and Norway
Home / News / Platinum Equity Completes Acquisition Of Composite
LOS ANGELES (May 1, 2008) – Platinum Equity announced today that it has completed the acquisition of Owens Corning’s composite manufacturing plants in Battice, Belgium and Birkeland, Norway, as well as intellectual property and business assets related to those facilities. The plants manufacture and sell composite materials that are used to strengthen and lighten components and parts in the automotive, wind energy, electronics and consumer goods industries, among others. Owens Corning sold the facilities to address regulatory concerns associated with its acquisition of Saint-Gobain’s reinforcements and composite fabrics businesses. The sale of the Battice and Birkeland plants implements required European Regulatory remedies. “We were very pleased to provide a divestiture solution to Owens Corning, which needed a transaction partner capable of moving quickly and efficiently on a complex transaction,” said Brian Wall, partner at Platinum Equity who supervised the acquisition. “We were able to deliver the operational acumen and the financial resources necessary to win regulatory approval and execute the transaction,” Mr. Wall said. “We’re now focused on an efficient transition that we expect to be seamless from a customer service standpoint.” Mr. Wall said that Platinum would operate the plants as a standalone business with an eye toward growth both organically and through add-on acquisitions. The company’s new name and other details of the transition will be announced as the transition unfolds. “We have substantial manufacturing experience, and we’ve been able to identify numerous opportunities in the dynamic composites market,” Mr. Wall said. “We are very confident the new company can thrive and grow as a leader in this space. “We are looking forward to working together with the management team and employees of the plants, as well as customers and vendors, to create additional value through Platinum’s unique operations-focused approach,” Mr. Wall said. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 80 acquisitions with more than $24 billion in aggregate annual revenue at the time of acquisition. Contact: Mark Barnhill, Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Platinum Equity Completes Acquisition of Covad Communications Group, Inc.
Home / News / Platinum Equity Completes Acquisition Of Covad
LOS ANGELES and SAN JOSE, CA (April 15, 2008) – Platinum Equity announced today it has completed the acquisition of Covad Communications Group, Inc., a leading national provider of integrated voice and data communications. The total value of the transaction is approximately $470 million.The acquisition was a public-to-private transaction in which an affiliate of Platinum Equity acquired all outstanding shares of Covad stock for $1.02 per share in cash. The company previously traded on the American Stock Exchange under the ticker symbol DVW.“Covad has been an innovator since the day it became the first enterprise to commercially deploy DSL in the United States,” said Johnny O. Lopez, partner for Platinum Equity. “We have high expectations for the company’s continued growth and market leadership.”The companies announced the planned acquisition in October 2007 and have spent the last several months obtaining the required regulatory and stockholder approvals.Covad owns and operates the largest national broadband network and is the only national facilities-based provider of data, voice, and wireless telecommunications solutions for small and medium-sized businesses. Covad is also a key supplier of high-bandwidth access for telecommunications services providers like EarthLink, AT&T, and Verizon Business. Covad services are currently available in 44 states and 235 major markets and can be purchased by more than 57 million homes and businesses.About CovadCovad is a leading nationwide provider of integrated voice and data communications. The company offers DSL, Voice Over IP, T1, broadband wireless, Web hosting, managed security, IP and dial-up, and bundled voice and data services directly through Covad's network and through Internet Service Providers, value-added resellers, telecommunications carriers and affinity groups to small and medium-sized businesses and home users. Covad broadband services are currently available across the nation in 44 states and 235 Metropolitan Statistical Areas (MSAs) and can be purchased by more than 57 million homes and businesses, which represent over 50 percent of all US homes and businesses. Corporate headquarters is located at 110 Rio Robles San Jose, CA 95134. Telephone: 1-888-GO-COVAD. Web Site: www.covad.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, metals services and distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has completed more than 75 acquisitions with more than $23 billion in aggregate annual revenue at time of acquisition.
Thomas W. Ehardt Appointed CEO of Advogent Group
Home / News / Thomas W Ehardt Appointed Ceo Of Advogent Group
PISCATAWAY, NJ (January 30, 2008) – Thomas W. Ehardt, a senior executive with more than 25 years experience leading healthcare marketing and education businesses, has been named Chief Executive Officer of the Advogent Group.Advogent, a Platinum Equity company, provides communications and educational solutions to the pharmaceutical, biotechnology and medical device industries, including publication planning, healthcare communications, event management logistics, compliant data systems and strategic outsource solutions.“Tom is an experienced professional with a strong track record for acquiring, integrating and operating medical information and publishing companies,” said Rob Archambault, the partner at Platinum Equity who oversees the Advogent investment. “His leadership will help Advogent expand its capabilities and service performance in the market.”Mr. Ehardt said he is committed to building Advogent into the leading communications solutions provider to the healthcare industry.“Under Platinum Equity, Advogent has developed a strong suite of communications products and services for the healthcare industry, including publication planning, strategic content development, innovative message delivery solutions and compliant promotional program management,” Mr. Ehardt said.“The company will continue to invest in its event planning technology and innovative message delivery solutions to provide compliant and cost-effective communications alternatives for the pharmaceutical and biotech industry,” he said. “I’m very excited to lead the company in its next stage of growth and development.”Since 2005, Mr. Ehardt has been chief executive officer of The Jobson Publishing Group, which produces information products, publications and educational programs for communicating the latest clinical findings and clinical technology developments to healthcare professionals. Between 2001 and 2005, he was senior vice president and chief operating officer of Jobson Publishing LLC.Previously, he served in a variety of leadership roles for The Thomson Corporation, including vice president of finance for Thomson’s Scientific, Reference and Healthcare Group; and vice president and chief financial officer for Thomson’s Medical Economic Company.Prior to that, he held executive leadership positions with Hercules Corporation, Transway Corporation and Penn Central Corporation. Mr. Ehardt has a Bachelor’s degree in business administration from Pace University in Pleasantville, NY, and a Master’s in Business Administration from Long Island University.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 acquired more than 75 businesses with more than $23 billion in aggregate annual revenue at the time of acquisition.
Ryerson
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Ryerson Download Factsheet Public to Private Transaction Active North America Industrials Metals and Mining Leading industrial processor and distributor of metals with global operations in North America, China and Brazil Company Overview Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842 and celebrating its historic 180th anniversary in 2022, Ryerson has approximately 100 locations. Transaction Description Acquired in October 2007 Years in Business 180 227 W. Monroe Street, Suite 27, Chicago, IL 60606 United States www.ryerson.com Leading industrial processor and distributor of metals with global operations in North America, China and Brazil Company Overview Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842 and celebrating its historic 180th anniversary in 2022, Ryerson has approximately 100 locations. Years in Business 180 Transaction Description Acquired in October 2007 227 W. Monroe Street, Suite 27, Chicago, IL 60606 United States www.ryerson.com Photo Gallery Previous Next × × × × × × Latest Article How commitment and resources drive Platinum Equity’s European momentum July 18, 2022 Platinum executives explain how they execute European strategy that has driven nearly $6 billion in total transactions since June 2020The ability to execute European-headquartered global, pan-European, and domestic complex de... Read More Latest Article Platinum Equity to Acquire Majority Interest in Global Intimate Apparel Company Hop Lun June 20, 2022 Investment in Hong Kong-based lingerie and swimwear company led by Platinum’s Singapore investment team LOS ANGELES and SINGAPORE, June 20, 2022 — Platinum Equity announced today the signing of a definitive agreement t... Read More Latest Article Solenis’ ‘commitment to people, resilient culture’ receives WSJ recognition June 15, 2022 When Platinum Equity announced the $5.25 billion acquisition of Solenis, the firm was highly complementary of the water treatment chemistry company’s leadership. “It is an exceptionally well-run organization with an ou... Read More previous Next Our Portfolio Explore the full Platinum Equity portfolio of companies by transaction type, industry, location or ownership status. BROWSE NOW
Platinum Equity Completes Acquisition of Ryerson Inc.
Home / News / Platinum Equity Completes Acquisition Of Ryerson Inc
Takes Company Private in Transaction Valued at Approximately $2 BillionLOS ANGELES (October 19, 2007) – Platinum Equity announced today that it has completed the acquisition of Ryerson Inc., one of the largest metal service centers in North America with annual revenue of approximately $6 billion.The acquisition was a public-to-private transaction in which Platinum acquired all outstanding shares of Ryerson stock for $34.50 per share. The company previously traded on the New York Stock Exchange under the ticker symbol RYI.“Ryerson has a great history and also great potential,” said Tom Gores, chairman and chief executive officer of Platinum Equity. “Over the last several months our operations team has been working with Ryerson personnel on a renewal plan to help the company build value. We are very excited about its future."Founded in 1842, Ryerson provides its 40,000 customers with a diverse array of products including carbon, stainless and aluminum. It has facilities in the U.S. and Canada and joint ventures in China, India and Mexico. The company, formerly known as Ryerson Tull Inc., generated $5.9 billion of revenue in 2006, shipping more than 3.5 million tons of product throughout North America.Ryerson shareholders approved the acquisition on Wednesday. Platinum executives said they would launch an immediate transition focused on operational improvements that will improve customer service and the overall performance of the business.Platinum also owns PNA Group, another metals service center group in the North American metal services market with more than $1.5 billion in annual revenue. “We have a good understanding of the metals service center sector, and are very confident that Ryerson will continue to thrive and grow as a leader in this space,” said Jacob Kotzubei, the partner who led the deal team. “We are looking forward to working together with the team at Ryerson, as well as its customers and vendors, to create additional value through Platinum’s unique operations-focused approach,” Mr. Kotzubei said.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 75 acquisitions with more than $23 billion in aggregate annual revenue at the time of acquisition.Contact:Mark Barnhill, Platinum Equity(310) 228-9514mbarnhill@platinumequity.com
Platinum Equity Completes Sale of CompuCom Systems to Affiliate of Court Square Capital Partners
Home / News / Platinum Equity Completes Sale Of Compucom Systems To
Platinum Equity Completes Sale of CompuCom Systems to Affiliate of Court Square Capital Partners Company Became a Leading IT Solutions Provider Following Acquisition by Platinum and Follow-On Addition of GE IT Solutions Unit BEVERLY HILLS, California (October 3, 2007) – Platinum Equity announced today that it has completed the sale of portfolio company CompuCom Systems to an affiliate of Court Square Capital Partners in a transaction valued at approximately $628 million. CompuCom is a leading provider of a broad range of information technology solutions that help clients through the requisition, procurement, deployment, management and retirement lifecycle of their Information Technology assets. “CompuCom was an outstanding investment for Platinum. Our ability to induce growth, especially in the service sector, helped unlock value in the business,” said Tom Gores, Chairman and CEO of Platinum Equity. “Our subsequent acquisition and integration of General Electric’s IT Solutions business contributed greatly to CompuCom’s overall success, which we expect to continue under Court Square.” Platinum acquired CompuCom in a public-to-private transaction on October 1, 2004. Two months later, the business was expanded via the follow-on acquisition of General Electric’s IT Solutions business. The companies were integrated under the CompuCom name with a unified management team led by CEO James W. Dixon, who Platinum brought back to run the business. Mr. Dixon previously led CompuCom from 1988 to 1996, presiding over the company’s growth from regional product reseller to national services integration provider. In the three years since Platinum acquired and integrated GE ITS, the company has become one of North America’s leading providers of IT services and solutions. “This was a milestone deal for Platinum in many respects,” said Jacob Kotzubei, the partner who led the investment from inception through divestiture. “It was our first public-to-private acquisition, and one of the largest take-private transactions of 2004. “We succeeded by executing a disciplined, task-oriented plan – and relying on talented associates and managers from both CompuCom and GE ITS who came together to form a stronger, better company. We are really proud to have worked alongside Jim Dixon and his team in building the company into what it is today,” he said. Bingham McCutchen acted as legal adviser to CompuCom and Platinum Equity. Bear Stearns & Co. acted as financial adviser and Dechert LLP acted as legal adviser to Court Square Capital Partners. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 70 acquisitions with more than $17 billion in aggregate annual revenue at the time of acquisition.
Ryerson to be Acquired by Platinum Equity for $34.50 Per Share in Cash
Home / News / Ryerson To Be Acquired By Platinum Equity For 3450 Per Share
Chicago, IL, July 24, 2007 –Ryerson Inc. (NYSE: RYI) today announced that it has entered into a definitive merger agreement to be acquired by Platinum Equity, a leading private equity firm, in a transaction valued at approximately $2.0 billion. Under the terms of the agreement, an affiliate of Platinum Equity will acquire all of the outstanding shares of Ryerson common and convertible preferred stock for $34.50 per share in cash. The cash purchase price per share of $34.50 represents a 15% premium over Ryerson’s closing share price of $30.01 on February 13, 2007, the day prior to the announcement of the Board’s review of strategic alternatives and a 45% premium over Ryerson’s closing share price of $23.77 on December 13, 2006, the day that Harbinger Capital made a filing with the Securities and Exchange Commission indicating it was considering taking a number of actions regarding its investment in Ryerson. Ryerson’s board of directors has unanimously approved the merger agreement and recommends approval of the transaction by Ryerson’s stockholders. The merger agreement permits Ryerson, with the assistance of its advisors, to solicit superior proposals from other parties through August 18, 2007. There can be no assurances that the solicitation of proposals will result in an alternative transaction. Neil Novich, Chairman and Chief Executive Officer of Ryerson, said: “This transaction is a strong validation of the company’s accomplishments over the years as well as our future growth prospects. Additionally, Platinum Equity brings the operating expertise and capital that will allow Ryerson to build upon our successes, execute the strategic plan and grow the business. “ Tom Gores, Founder and Chairman of Platinum Equity, said: “Ryerson has a great history and also great potential. It’s a good fit for Platinum, which brings an operational focus that will help the company build value in the future.” Jacob Kotzubei, the Platinum Equity executive leading the transaction, said he expected the public-to-private transition to be seamless. “Platinum Equity is extremely excited about what the executive management team and dedicated employees have created at Ryerson. We are looking forward to working together with the entire team at Ryerson, as well as its customers and vendors, to create additional value through Platinum’s unique operations-focused approach,” Mr. Kotzubei said. Ryerson announced on February 14, 2007, that the board of directors had retained UBS Investment Bank as its financial advisor to assist in comparing the company's current strategic plan with other alternatives that may create additional value, including a sale of the company. Over 50 potential acquirers were identified and contacted, including foreign and domestic mills and service centers, as well as financial buyers. All interested parties were invited to perform due diligence and were provided extensive access to company management, financial data and facilities before submitting proposals. Following a thorough review and analysis of internal options and external proposals, the board determined that accepting the Platinum proposal was in the best interests of stockholders. The transaction is subject to the approval of Ryerson’s stockholders and customary closing conditions and is expected to be completed by the fourth quarter of 2007. The transaction is not subject to any financing condition. Stockholders will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. UBS Investment Bank served as Ryerson's financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Ryerson. Important Information In connection with the proposed merger, Ryerson plans to file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement. The definitive proxy statement in connection with the proposed merger will be mailed to the stockholders of Ryerson. Stockholders of Ryerson are urged to read the proxy statement relating to the merger and other relevant materials when they become available because they will contain important information about the merger and Ryerson. Ryerson has filed with the SEC a preliminary proxy statement and will file and mail to its stockholders a definitive proxy statement in connection with its 2007 annual meeting of stockholders. Stockholders of Ryerson are urged to read the definitive proxy statement relating to the 2007 annual meeting when it becomes available because it will contain important information. Security holders may obtain a free copy of the proxy statements and any other relevant documents (when available) that Ryerson files with the SEC at the SEC’s web site at http://www.sec.gov. The definitive proxy statements and these other documents may be accessed at www.ryerson.com or obtained free from Ryerson by directing a request to Ryerson Inc., ATTN: Investor Relations, 2621 West 15th Place, Chicago, IL 60608. Certain Information Regarding Participants Ryerson, its directors and named executive officers may be deemed to be participants in the solicitation of the Company’s security holders in connection with the proposed merger and its 2007 annual meeting. Security holders may obtain information regarding the names, affiliations and interests of such individuals in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 (the “2006 Form 10-K”) and in the Company’s Amendment No. 1 to its 2006 Form 10-K, each of which is filed with the SEC. To the extent holdings of the Company’s equity securities have changed since the amounts reflected in the Company’s Amendment No. 1 to its 2006 Form 10-K, such changes have been reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Ryerson Inc. Ryerson Inc. is a leading distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. The Company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China. On January 1, 2006, the Company changed its name from Ryerson Tull, Inc. to Ryerson Inc. and adopted the ticker symbol “RYI” for its common stock listed on the New York Stock Exchange. (www.ryerson.com) Platinum Equity Platinum 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, industrials, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 70 acquisitions with more than $16 billion in aggregate annual revenue at the time of acquisition. (www.platinumequity.com). For further information contact: Investors Ryerson: Terence R. Rogers, VP Finance and Treasurer, Tel: +1-773-788-3720 MacKenzie Partners: Dan Burch or Laurie Connell, Tel: + 1-212-929-5500 Media Brunswick: Stan Neve/Cindy Leggett-Flynn, Tel: + 1-212-333-3810
Court Square Capital Partners Agrees to Acquire CompuCom Systems
Home / News / Court Square Capital Partners Agrees To Acquire Compucom
Transaction Valued at Approximately $628 Million DALLAS, Texas, July 9, 2007 – CompuCom Systems, Inc. (“CompuCom”) announced today that CHR Holding Corporation, an affiliate of Platinum Equity and parent company of CompuCom Systems, Inc., has entered into a definitive agreement pursuant to which IIM Acquisition Corp., an affiliate of Court Square Capital Partners (“Court Square”), would acquire CompuCom. The transaction is valued at approximately $628 million and is expected to close in the second half of 2007, subject to regulatory approvals as well as satisfaction of other customary closing conditions. The agreement has already been approved by a majority of CHR Holding Corporation’s shareholders. Mr. James Dixon, CEO of CompuCom stated, “We are excited about the opportunity to partner with Court Square Capital Partners, a firm with an outstanding reputation and proven track record of success. We are proud to have been associated with Platinum Equity and of our work growing our business and delivering results for our customers. We believe this transaction represents a further opportunity to build our business and expand our customer offerings in partnership with Court Square.” The transaction will be financed through a combination of equity contributed by investment funds managed by Court Square and certain members of management, and debt financing provided by Bear, Stearns & Co. Inc. In connection with the consummation of the merger, CompuCom intends to make a tender offer to purchase for cash any and all of its outstanding 12% Senior Notes due 2014, and CHR Intermediate Holding Corporation, another subsidiary of CHR Holding Corporation, intends to make a tender offer to purchase for cash any and all of its outstanding Senior Floating Rate Toggle Notes due 2013. Any such offer will be made only upon an official announcement, and the terms and conditions of the offer will be set forth in an offer to purchase and consent solicitation statement that will be made available to holders of such Notes upon launch of the offers. This press release does not constitute an offer to purchase any securities. Certain statements in this paragraph may contain forward-looking statements concerning the transaction described herein. These statements are based on current expectations and there can be no assurance that such expectations will prove to be correct. CompuCom was acquired by Platinum Equity in October 2004, and expanded with the add-on acquisition and integration of GE IT Solutions in November 2004. The company provides a broad range of information technology solutions that help clients through the requisition, procurement, deployment, management and retirement lifecycle of their IT assets. Bear Stearns & Co., Inc. acted as financial advisor and Dechert LLP is acting as legal advisor to Court Square. Bingham McCutchen is acting as legal advisor to CompuCom and Platinum Equity. About CompuCom Systems, Inc. CompuCom is a leading IT outsourcing company providing infrastructure management services, application services, systems integration and consulting services, as well as the procurement and management of hardware and software. With 20 years of IT experience, CompuCom employs more than 7,400 highly skilled associates who have earned a combined total of more than 42,000 industry certifications company-wide. As experts in workplace services, CompuCom’s unique Integrated Infrastructure Management (IIM) solution reduces costs, increases productivity and helps clients gain maximum value from information. CompuCom is a Platinum Equity company and was founded in 1987. For more information, visit www.CompuCom.com. About Court Square Court Square Capital Partners is a thirty year old private equity firm focused primarily on leveraged buyout transactions in the middle market. Led by Managing Partners David Thomas, Michael Delaney and Joseph Silvestri, the investment team is one of the most experienced in the industry having worked together as a team for over 20 years. Court Square has successfully invested about $4.0 billion in over 120 transactions since 1990 and currently has over $5.7 billion under management. About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 70 acquisitions with more than $16 billion in aggregate annual revenue at the time of acquisition. Contacts: Stephanie Leonard CompuCom Systems, Inc. 972-856-3213 John Kim Court Square Capital Partners 212-559-7615 Mark Barnhill Platinum Equity (310) 712-1850
