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Platinum Equity Completes Weyerhaeuser Acquisition and Relaunches Business as Broadleaf Logistics Co
Home / News / Platinum Equity Completes Weyerhaeuser Acquisition And
Platinum Equity Completes Weyerhaeuser Acquisition and Relaunches Business as Broadleaf Logistics CoLOS ANGELES (June 5, 2007) – Platinum Equity announced today that it has completed the acquisition of Weyerhaeuser Company’s wholesale products distribution centers in Canada and established the distribution business as a standalone company named Broadleaf Logistics Company.In conjunction with the acquisition, Platinum Equity announced that Paul Perkins has been appointed as Chief Executive Officer of Broadleaf Logistics. Mr. Perkins previously served as vice president, policy and planning for Weyerhaeuser Canadian operations.“While the company name has changed, our fundamental commitment to superior service remains the same,” Mr. Perkins said. “We will continue to provide all of the products, services, and solutions that our customers rely on. Our goal is to be the most trusted seller and supplier of building materials across Canada.”Headquartered in Vancouver, British Columbia, Broadleaf is Platinum’s first Canada-based business. Jacob Kotzubei, the Platinum Equity executive who led the acquisition, said the strategic plan for Broadleaf would focus not only on sustaining current operations, but also identifying potential opportunities for growth.“This is an established distribution business with strong fundamentals and a capable and talented staff of employees, and that is a terrific base to build on,” Mr. Kotzubei said. “We are very committed to the Canadian market and to building this business for the long term. We’re enthusiastic about the opportunities inside Canada for expansion of our portfolio and to create additional value. ”The transaction included all of Weyerhaeuser’s distribution centers in Canada, including facilities in Brampton, Ontario; Calgary, Alberta; Dartmouth, Nova Scotia; Edmonton, Alberta; Kelowna, British Columbia; Montreal, Quebec; Ottawa, Ontario; Quebec City, Quebec; Regina, Saskatchewan; Saskatoon, Saskatchewan; Sudbury, Ontario; Timmins, Ontario; Winnipeg, Manitoba; St. John’s, Newfoundland; Sussex, New Brunswick; Langley, British Columbia.Those centers distribute a wide range of building materials, including engineered wood products, oriented strand board, panels, framing lumber, and plywood panels; appearance grade and other cedar products; and specialty products such as exterior siding, insulation, rebar, and roofing.Under a distribution agreement between Weyerhaeuser and Broadleaf Logistics, Weyerhaeuser products will continue to be distributed by Broadleaf through those distribution centers.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 70 acquisitions with more than $16 billion in aggregate annual revenue at the time of acquisition
Platinum Equity Completes Acquisition of Strategic Distribution, Inc.
Home / News / Platinum Equity Completes Acquisition Of Strategic
LOS ANGELES--(BUSINESS WIRE)--Platinum Equity announced today that it has completed the acquisition of Strategic Distribution, Inc., which provides supply chain management solutions for industrial and institutional customers in the United States, Canada, and Mexico.The acquisition is a public-to-private transaction and Strategic Distribution Inc. has been delisted from the NASDAQ exchange, with each share of common stock converted into the right to receive $10 in cash per share.In conjunction with the acquisition, Platinum Equity announced that Rudi Strobl has been appointed as CEO of the business. Strobl is an experienced senior executive who previously served as Deputy CEO of DyStar, a Platinum Equity company that is one of the world’s leading manufacturers of textile dyes.Strategic Distribution, Inc. is an outsourced provider of supply chain management for parts, supplies, production materials, HVAC, plumbing equipment and material handling equipment for a blue chip customer base. Its programs permit organizations to outsource all aspects of their MRO supplies procurement. Strategic Distribution takes responsibility for purchasing, receiving, stocking, issuing and delivering supplies at the customer site. It also manages customers' inventories using its information system In-Site and offers solutions that enable customers to manage the procurement of supplies using tools and systems applications.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 70 acquisitions with more than $15.5 billion in aggregate annual revenue at the time of acquisition.About Strategic Distribution, Inc. (SDI)SDI helps customers optimize their business performance and meet strategic goals by providing technology and supply chain solutions to increase productivity and reduce total costs. Commercial and industrial customers, as well as educational institutions, benefit from reduced costs and increased efficiencies in the procurement and management of MRO materials. Additional information about SDI can be found on the company's web site at www.sdi.com.
Weyerhaeuser to Sell Canadian and Certain U.S. Building Materials Distribution Assets
Home / News / Weyerhaeuser To Sell Canadian And Certain Us Building
FEDERAL WAY, Wash. (February 16, 2007) – Weyerhaeuser Company (NYSE: WY) today reaffirmed its commitment to sharpen the focus of its portfolio by announcing its intent to sell its Canadian and select U.S. building materials distribution centers.“The sale of these distribution centers is part of our ongoing effort to sharpen the focus of our portfolio and enhance shareholder value,” said Lee T. Alford, senior vice president of residential wood products. “Weyerhaeuser is committed to being the undisputed leader in structural frame markets and will continue to invest in innovative products, new building systems, software solutions and in-market distribution services.”Canada:Weyerhaeuser is in final negotiations for the Canadian wholesale building products distribution centers with Platinum Equity, a Los Angeles based private equity firm whose holdings include service and distribution businesses in a number of market sectors. The transaction is expected to be completed during the second quarter, 2007.All of the company’s distribution centers in Canada are affected and include: Brampton, Ontario; Calgary, Alberta; Dartmouth, Nova Scotia; Edmonton, Alberta; Kelowna, British Columbia; Montreal, Quebec; Ottawa, Ontario; Quebec City, Quebec; Regina, Saskatchewan; Saskatoon, Saskatchewan; Sudbury, Ontario; Timmins, Ontario; Winnipeg, Manitoba; St. John’s, Newfoundland; Sussex, New Brunswick; Langley, British Columbia.Platinum executives said the distribution business would be established as a stand-alone company focused not only on sustaining current operations, but also identifying potential opportunities for growth.“We are very excited about this business and its potential as a platform for future growth,” said Jacob Kotzubei, the Platinum executive leading the acquisition. “We are acquiring an established distribution business with strong fundamentals and a capable and talented staff of employees. That’s a terrific base to build on. We’re also entering a dynamic market that presents opportunity for growth both organically and, potentially, through add-on acquisitions. We are very committed to building this business for the long term,” Kotzubei said.Platinum has a long track record of acquiring non-core business units from strategic sellers, and establishing them as successful stand-alone businesses.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, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum has acquired more than 70 businesses with more than $16 billion in aggregate annual revenue at time of acquisition.United States:Weyerhaeuser is in preliminary negotiations with a buyer for ten U.S. building distribution sites. No further details on that transaction are available at this time.The ten building materials distribution sites for sale in the U.S. include: Louisville, Ky.; Memphis, Tenn.; Nashville, Tenn.; Green Bay, Wis.; Kansas City, Kan.; Oklahoma City; Omaha, Neb.; Newton, Kan.; Boston; and Buffalo, N.Y.In most major U.S. markets, Weyerhaeuser will continue to own, operate and strengthen its network of distribution centers to fully service customer needs. The company will retain a comprehensive network of 40 distribution facilities in the U.S. -- servicing markets that account for 85 percent of U.S. housing starts.“While Weyerhaeuser’s iLevel businesses will operate in a different way in Canada and select U.S. markets, all these markets remain important to us,” said Alford. “For these markets, we believe that we can best serve our customers by working with independent building material distributors committed to growing their business. This proven independent distribution model, combined with retaining strong in-field Weyerhaeuser sales and technical support teams, will allow us to deliver first-class support to our customers as we strive to grow demand for our products.”All of these centers distribute a wide range of building materials, including engineered wood products, oriented strand board, panels, framing lumber, and plywood panels; appearance grade and other cedar products; and specialty products such as exterior siding, insulation, rebar, and roofing. Weyerhaeuser products will continue to be distributed through these outlets.Weyerhaeuser Company, one of the world’s largest integrated forest products companies, was incorporated in 1900. In 2006, sales were $21.9 billion. It has offices or operations in 18 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.weyerhaeuser.com.
Delphi Selects Platinum Equity as Lead Bidder in Sale of Steering and Halfshaft Business
Home / News / Delphi Selects Platinum Equity As Lead Bidder In Sale Of
TROY, Mich. – Delphi Corporation (PINKSHEETS: DPHIQ) announced today that it is working to finalize a Master Sale and Purchase Agreement with Platinum Equity regarding the sale of Delphi’s global steering and halfshaft business. Delphi announced in March 2006 that, while it recognized the steering business as strategic, it intended to explore a sale of the global steering business as part of its comprehensive transformation plan. According to John Arle, Delphi vice president of treasury, mergers and acquisitions, “Delphi intends to finalize negotiations with Platinum Equity and, upon successful completion of a Master Sale and Purchase Agreement, to submit Platinum Equity as the lead bidder in a Bankruptcy Court Section 363 sale process.” Details of the negotiations between Platinum Equity and Delphi will remain confidential until a Master Sale and Purchase Agreement is filed with the U.S. Bankruptcy Court. Robert J. Remenar, Delphi vice president and Delphi Steering president, said, “Platinum Equity is a global acquisition firm with a reputation for solving problems and creating value in complex situations. Platinum’s team has an impressive record of acquiring portions of larger corporations and turning them into stand-alone businesses that are positioned for long-term success. They have indicated that they intend to focus on business continuity and growth as critical measures of a successful transition.” Phil Norment, a partner and president of portfolio operations at Platinum Equity who is responsible for evaluating target acquisitions, said the firm is enthusiastic about the steering unit and anxious to work with its management team. “We believe that Platinum’s solutions-based approach to transition and operations is well-suited to establishing Delphi Steering as a successful stand-alone company,” Norment said. “We think the business has a solid foundation built on strong customer relationships, substantial intellectual capital, a skilled workforce and a strong management team led by Bob Remenar, whom we intend to continue to have lead the business as CEO,” Norment said. “All of those things will help secure the future for this business in a globally competitive automotive environment.” Both Norment and Remenar noted the need for the steering business to address certain fundamental issues. They jointly recognize the key challenges, which include: ensuring that the steering and halfshaft business has global capacity in line with customers’ demands; accelerating overall cost reduction to improve the long-term health and stability of the business; and continuing to fund product and technology development. In the United States, Platinum and Steering management have already engaged in preliminary discussions with UAW leadership. By working with Delphi’s key stakeholders, Remenar and Norment said they will seek joint solutions to the competitive challenges that will support a continued business presence in the United States. “Both Platinum Equity and Delphi are committed to completing our discussions with key stakeholders as soon as possible,” Remenar said. “Delphi Steering is gaining tremendous momentum in the marketplace. We are securing new global business at record levels and attracting new customers. For the benefit of the business – and all who are associated with it – we are focused on moving through the sale process as quickly and efficiently as possible.” In 2006, the Steering division achieved global business bookings of more than $3.4 billion, which is the second highest bookings year in the division’s 100-year history. In 2005, the division had global sales revenues of more than $2.6 billion. 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 Chairman and CEO Tom Gores, Platinum Equity has acquired more than 65 businesses with more than $15 billion in aggregate annual revenue at the time of acquisition. Delphi Corp. (www.delphi.com) is a leading global supplier of mobile electronics and transportation systems, including powertrain, safety, steering, thermal, and controls & security systems, electrical/electronic architecture, and in-car entertainment technologies. Engineered to meet and exceed the rigorous standards of the automotive industry, Delphi technology is also found in computing, communications, consumer electronics, energy and medical applications. Headquartered in Troy, Mich., Delphi has approximately 172,000 employees and operates 159 wholly owned manufacturing sites in 34 countries with sales of $26.9 billion in 2005. Delphi can be found on the Internet at www.delphi.com. SAFE HARBOR STATEMENT FORWARD-LOOKING STATEMENT This press release, as well as other statements made by Delphi may contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the debtor-in-possession financing facility; the Company’s ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; the Company’s ability to satisfy the terms and conditions of the Equity Purchase and Commitment Agreement; the Company’s ability to satisfy the terms and conditions of the Plan Framework Support Agreement (including the Company’s ability to achieve consensual agreements with GM and its U.S. labor unions on a timely basis that are acceptable to the Plan Investors in their sole discretion); risks associated with third parties seeking and obtaining Court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company’s ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company’s liquidity or results of operations; the ability of the Company to fund and execute its business plan (including the transformation plan described in Item 1. Business “Potential Divestitures, Consolidations and Wind-Downs” of the Annual Report on Form 10-K for the year ended December 31, 2005 filed with the SEC) and to do so in a timely manner; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees and the ability of the Company to attract and retain customers. Additional factors that could affect future results are identified in the Annual Report on Form 10-K for the year ended December 31, 2005 filed with the SEC including the risk factors in Part I. Item 1A. Risk Factors, contained therein. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company’s various pre-petition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy cases to each of these constituencies. A plan of reorganization could result in holders of Delphi’s common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Delphi’s common stock or other equity interests or any claims relating to pre-petition liabilities.
Platinum Equity Completes Acquisition of Healthcare Marketing Services Unit from Cardinal Health
Home / News / Platinum Equity Completes Acquisition Of Healthcare
LOS ANGELES, CA (January 19, 2007) – Platinum Equity announced today it has completed the acquisition of the Healthcare Marketing Services (HMS) unit of Cardinal Health (NYSE: CAH). Terms of the transaction, which was announced in November, were not disclosed. A transition is now underway to separate the business from Cardinal Health and establish it as a standalone company. The new company will be renamed, and details about the new name and brand image will be announced as the transition process unfolds. “HMS delivers vital services in a rapidly growing market, and has strong relationships with major pharmaceutical and biotech customers,” said Matt Young, principal lead on Platinum Equity’s transaction team. “We believe that’s a very solid platform for future growth.” HMS provides sales and marketing communications services and materials to the pharmaceutical and biotechnology industries. The business, which generated close to $200 million in revenue in 2005, delivers promotional and strategic communications, certified education and event data management services, and contract sales services to some of the world’s largest pharmaceutical and biotechnology companies. It has more than 700 employees and offices in California, Illinois, New Jersey, Ohio and Virginia. 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 acquired more than 65 businesses with more than $15.5 billion in aggregate annual revenue at the time of acquisition.
Platinum Equity Appoints Maurice S. Nelson Jr. as Chief Executive Officer of PNA Group
Home / News / Platinum Equity Appoints Maurice S Nelson Jr As Chief
LOS ANGELES (January 10, 2007) – Platinum Equity announced today that Maurice S. Nelson Jr. has been appointed as Chief Executive Officer of its portfolio company PNA Group, a premier processor and distributor of steel products to fabricators, manufacturers and distributors.PNA Group was acquired by Platinum Equity in May 2006, and then expanded via the add-on acquisition of Metals Supply Company a short time later. The business generates annual revenue of more than $1.5 billion.Mr. Nelson, who will join the company on Feb. 1, is a seasoned steel industry executive who will help lead the company into the next phase of its growth and development, said Jacob Kotzubei, the Platinum Equity executive responsible for the PNA Group investment.“Sandy Nelson is an experienced senior executive with an outstanding reputation for building value in the steel industry,” Mr. Kotzubei said. “We are very pleased to have him at the helm as we continue to build the PNA business. Our goal is to build the highest-quality customer service organization in the industry, offering a wide breadth of products across North America. We are confident that Sandy has the leadership skills and vision to deliver on that promise.”Mr. Nelson most recently served as Chief Executive Officer and Director of Earle M. Jorgensen Company, a large distributor of metal products in North America, where he also previously served as President and Chief Operating Officer. Prior to that, he was President and CEO of the Inland Steel Company. Previously, he was President of the Aerospace and Commercial Division of the Aluminum Company of America (Alcoa)."I am excited to join PNA Group and its high-energy senior management team,” Mr. Nelson said. “Under the leadership of Platinum Equity, the company is poised for growth as a leading provider of steel products and services to a wide range of steel consuming industries. I’m looking forward to helping sustain PNA’s momentum for shareholders, for our outstanding employees, and for our highly valued customers and partners.”About PNA GroupPNA Group is one of the largest steel service center providers in North America. The group operates under four brands – Delta Steel, Infra-Metals, Feralloy and Metals Supply Company – that provide steel service and distribution solutions to industrial customers.About Platinum EquityPlatinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 65 businesses with more than $15 billion in aggregate annual revenue at time of acquisition.Contact:Mark Barnhill, Platinum Equity(310) 228-9514mbarnhill@platinumequity.com
Platinum Equity Signs Definitive Agreement to Acquire Healthcare Services Unit from Cardinal Health
Home / News / Platinum Equity Signs Definitive Agreement To Acquire Healthcare Services Unit
LOS ANGELES, CA (November 7, 2006) – Platinum Equity announced today it has signed a definitive agreement to acquire the Healthcare Marketing Services (HMS) unit of Cardinal Health (NYSE: CAH). Terms of the transaction, which is expected to close prior to the end of 2006, were not disclosed. HMS provides sales and marketing communications services and materials to the pharmaceutical and biotechnology industries. The company, which generated close to $200 million in revenue in 2005, delivers promotional and strategic communications, certified education and event data management services, and contract sales services to some of the world’s largest pharmaceutical and biotechnology companies. It has approximately 850 employees and offices in California, Illinois, New Jersey, Ohio and Virginia. Platinum Equity intends to establish HMS as a standalone business and grow market share both organically and through potential complementary acquisitions. “HMS provides vital services in a rapidly growing market, and has strong relationships with major pharmaceutical and biotech customers,” said Matt Young, principal lead on Platinum Equity’s transaction team. “We believe that’s a very solid platform for future growth.” 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 acquired more than 65 businesses with more than $15.5 billion in aggregate annual revenue.
Platinum Equity Completes Acquisition of Textron Fastening Systems
Home / News / Platinum Equity Completes Acquisition Of Textron Fastening
LOS ANGELES (August 11, 2006) – Platinum Equity announced today that it has completed the acquisition of Textron Fastening Systems, a premier global provider of fastening technologies and services to customers in a broad range of industries. The seller was Textron Inc. (NYSE: TXT), which divested the $1.8 billion revenue unit as part of a strategic divestiture of non-core manufacturing businesses. “We appreciate Textron’s belief in us as the right acquirer for this business, and we are confident that it will be a great platform for future growth,” said Tom Gores, chairman and chief executive officer of Platinum Equity. The new business will be renamed, and details about the new name and brand image will be announced later this year as the transition process unfolds. Headquartered in Troy, Mich., Textron Fastening Systems is a premier global provider of full-service fastening systems to customers in the aerospace, automotive, construction, electronics, industrial equipment and non-automotive transportation industries. It offers a wide range of value-based fastening solutions, engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. The company has more than 9,000 employees serving customers in more than 150 countries worldwide. Revenue in 2005 was approximately $1.8 billion. “Textron Fastening Systems has really differentiated itself as a leader in the global fastener market with technology and other solutions that are revolutionizing the industry,” said Matt Young, senior vice president for mergers and acquisitions at Platinum Equity. “We are very pleased to add this business to our portfolio of operating companies.” 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 acquired more than 60 businesses with more than $13 billion in aggregate annual revenue. Contact: Mark Barnhill, Platinum Equity (310) 228-9514 mbarnhill@platinumequity.com
Platinum Equity Signs Definitive Agreement to Acquire Textron Fastening Systems
Home / News / Platinum Equity Signs Definitive Agreement To Acquire
Acquisition Represents Extension of Platinum’s Global Reach; Unit Serves Customers in 150+ Countries, Has Revenue of Approximately $1.8 BillionLOS ANGELES (June 1, 2006) – Platinum Equity announced today that it has signed a definitive agreement to acquire Textron Fastening Systems, a premier global provider of fastening technologies and services to customers in a broad range of industries.The seller is Textron Inc. (NYSE: TXT), which announced in late 2005 that it would sell the $1.8 billion revenue unit as part of a strategic divestiture of non-core manufacturing businesses. Platinum will pay $630 million in cash for the business, plus the assumption of certain liabilities. The transaction is expected to close during the third quarter of 2006.“We understand that this was a very competitive sale process, and we appreciate Textron’s belief in us as the right acquirer for TFS,” said Tom Gores, chairman and chief executive officer of Platinum Equity.“We’re acquiring a quality business with talented people, and we think this will be a great platform for growth in a consolidating market,” Mr. Gores said. “Everyone will benefit from our smooth transition process and our long-term plans to build this business.”The new business will be renamed, and details about the new name and brand image will be announced as the transition unfolds following completion of the acquisition.Headquartered in Troy, Mich., Textron Fastening Systems is a premier global provider of full-service fastening systems to customers in the aerospace, automotive, construction, electronics, industrial equipment and non-automotive transportation industries.It offers a wide range of value-based fastening solutions, engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. The company has more than 9,000 employees serving customers in more than 150 countries worldwide. Revenue in 2005 was approximately $1.8 billion.Textron Fastening Systems “has really differentiated itself as a leader” in the $38 billion global mechanical fastener market, said Matt Young, senior vice president for mergers and acquisitions at Platinum Equity.“TFS is widely recognized for its leadership in product development and technology,” Mr. Young said, pointing out that the company has a strong engineering and development capabilities as well as partnerships with other innovators like TZ Limited on Intevia® Intelligent Fastening Technology. “We’re acquiring a great company with a strong reputation for superior technology, quality and innovation.”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 acquired more than 60 businesses with more than $13 billion in aggregate annual revenue.About TextronTextron Inc. is a $10 billion multi-industry company operating in 33 countries with approximately 37,000 employees in continuing operations. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com.About Textron Fastening SystemsHeadquartered in Troy, Mich., USA, Textron Fastening Systems Inc. is a leading provider of value-based fastening solutions, engineered fastening systems, state-of-the-art assembly technology, and inventory management and application engineering services. With 9,000 employees worldwide, Textron Fastening Systems supplies value-added products, systems and services to customers in more than 150 countries.Contact:Mark Barnhill, Platinum Equity(310) 228-9514mbarnhill@platinumequity.com
Platinum Equity Acquires Metals Supply Company Ltd. As Add-On to Steel Services Platform PNA Group
Home / News / Platinum Equity Acquires Metals Supply Company Ltd As Add On
Complementary Business Will Extend PNA’s Reach in North AmericaLOS ANGELES (June 7, 2006) – Platinum Equity announced today that it has acquired Metals Supply Co. Ltd. (“MSC”), a large regional steel service center and distributor with annual revenue in excess of $100 million. The business will be integrated with PNA Group, a $1.5 billion revenue steel service and distribution platform that was acquired by Platinum Equity in May 2006.“Metals Supply Company has established a strong regional presence in Texas and the surrounding states, and we think it will be a terrific complement to the existing three businesses that make up PNA Group,” said Jacob Kotzubei, senior vice president for mergers & acquisitions at Platinum Equity. “We intend to integrate MSC into PNA Group, where it will operate alongside PNA’s Delta Steel, Feralloy and Infra-Metals units.”MSC is headquartered in Houston, Texas, and provides structural carbon steel products to commercial and industrial steel fabricators, metal building manufacturers, third-party distributors and other customers. The business was acquired from a private shareholder group. Financial terms were not disclosed.PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. In addition to MSC, it comprises the following independent business units:- Feralloy, which provides hot-rolled, pickled and oiled, cold-rolled coiled steel;- Delta Steel, which provides plates, structural beams, channels, tubes, hot-rolled coiled steel and multiple value-added steel processing services;- Infra-Metals, which provides steel structural products.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 acquired more than 60 businesses with more than $13 billion in aggregate revenue at time of acquisition.
