860 items found
Platinum Portfolio Company Ranger Boats on Boating Magazine Top Ten List
Ranger Boats, an Arkansas based manufacturer of premium fiberglass fishing boats, is featured in the Boating Magazine annual feature of the best boats of the year. Hundreds of models were judged under stringent selection criteria with Ranger’s all-new Z521 Comanche earning the prestigious honor of placing on the Top Ten list. Platinum acquired Ranger Boats as part of its February 2010 acquisition of Genmar, a suite of recreational and fishing boat brands. The Z521 was recognized for its features that appeal to both competitive anglers and performance enthusiasts. Editors praised the speed and stability of the vessel, along with the boat’s running surface and smooth "floating on air" ride. Boating Magazine's editorial staff wrote how the Z521 pampered anglers, allowing them to "focus on the tournament winnings, not the details of running a boat or managing gear." Interior features, including a completely redesigned console, make this possible. Ranger Boats, which is owned by Platinum Equity, is the nation’s largest manufacturer or premium fiberglass fishing boats. Since 1968 Ranger Boats has earned its reputation for its commitment to building the highest quality and best performing boats on the water. Read the full article...
Read MorePlatinum Equity to Combine Pomeroy IT Solutions, Inc. and OAO Technology Solutions
Los Angeles, CA, Hebron, KY and Greenbelt, MD — February 23, 2010 — Platinum Equity announced today that it will combine Pomeroy IT Solutions, Inc. and OAO Technology Solutions, Inc. (“OAOT”), creating a single global IT solutions provider with increased scale, broader reach and expanded service offerings. “Pomeroy and OAOT are both recognized industry leaders with unique and complementary product and service offerings,” said Jacob Kotzubei, the partner at Platinum that is leading the combined Pomeroy and OAOT investment. “This combination makes perfect sense and will create new opportunities for each company’s clients, business partners and employees.” Platinum acquired Pomeroy in November 2009 through a public-to-private transaction and acquired OAOT in January 2010 from an affiliate of J.F. Lehman & Company and the other OAOT stockholders. Pomeroy President and CEO Christopher C. Froman will lead the combined organization. “The combination of our two companies is an excellent opportunity to broaden our services portfolio and to expand our global reach,” said Christopher C. Froman, President & Chief Executive Officer of Pomeroy IT Solutions, Inc. “With offices in the U.S., Canada, and Europe we are in a better position to serve the needs of our clients.” The combined businesses will operate as Pomeroy IT Solutions and will be headquartered at Pomeroy’s existing facilities in Northern Kentucky. They will also retain ownership of the OAO Technologies brand and may continue using it for the purpose of marketing certain product and service lines. A transition team of Pomeroy and OAOT staff is working with Platinum’s in-house operations specialists to combine the two businesses. According to Mr. Froman, that team is intensely focused on seamless execution and maintaining the highest levels of customer service. “Our 3500 employees are committed to the continued support of our clients and partners, and I look forward to the achievement of our strategic initiatives,” said Mr. Froman. Mr. Kotzubei emphasized that long-term growth potential was the driving force for Platinum in bringing the two companies together. “We’re creating a powerful platform with extraordinary potential for growth, both organically and potentially through additional acquisitions,” Mr. Kotzubei explained. “We have the financial resources, operational capabilities and industry experience necessary to create a leading enterprise with exciting opportunities for employees and extraordinary value for customers.” About Pomeroy IT Solutions, Inc. Pomeroy IT Solutions is a leading provider of advanced technology services focused on IT Outsourcing, Infrastructure Services, Consulting Solutions, Product Procurement and Logistics, and IT Staffing. Pomeroy's consultative approach delivers information technology solutions through the disciplines of ISO9000, ITIL, HDI, and PGMP practices, enabling Fortune 1000 corporations, government entities, and mid-market clients to increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com. About OAO Technology Solutions, Inc. OAOT (www.oaot.com) is a global leader in Managed IT Services and Solutions to Fortune 500 corporations, global outsourcers and government agencies. The Company's expertise includes applications outsourcing, data center and infrastructure management and staffing solutions. Headquartered in Greenbelt, Maryland, our 1,600 worldwide employees are located throughout the United States, Canada and Europe. About Platinum Equity, LLC 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, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. For more information, go to www.platinumequity.com.
Read MorePlatinum Equity Portfolio Company San Diego Union-Tribune Names New Editor
Platinum Equity portfolio company the San Diego Union-Tribune named Jeff Light to take the reins as the newspaper’s top editor. Light brings almost three decades of journalism experience to the Union-Tribune and is known for pushing newspapers toward online innovation. Before joining the Union-Tribune, Light was with The Orange County Register where he was Vice President of Interactive and oversaw the paper’s Web sites, which doubled in traffic and audience in the past two years. At the Union-Tribune, he will be Vice President and Editor. Union-Tribune President and Publisher Ed Moss said Light was chosen because of his energy, multimedia innovation, commitment to quality, and experience in print and online journalism. Former editor Karin Winner retired in December 2009. She held the post for 15 years and was with the newspaper for 34 years. Full story...
Read MorePlatinum Portfolio Company Acument Global Technologies’ Saturn® Fasteners Operation Earns Silver Boeing Performance Excellence Award
BURBANK, Calif. (February 10, 2010) – Aerospace fastener manufacturer Saturn® Fasteners, Inc., an operation of Acument Global Technologies, today announced it has received a 2009 Boeing Performance Excellence Award. The Boeing Company issues the award annually to recognize suppliers achieving superior levels of performance. Saturn Fasteners, located in Burbank, Calif., received the award for the second consecutive year by maintaining a minimum Silver composite performance rating for each month of the 12-month performance period, from Oct. 1, 2008, to Sept. 30, 2009. This year, Boeing recognized 486 of its suppliers who achieved either a Gold or Silver level Boeing Performance Excellence Award. Saturn Fasteners is among 358 suppliers to receive the Silver level of recognition. For more information on the Boeing Performance Excellence Award, visit http://www.boeing.com/companyoffices/doingbiz/supplier_portal/bpea.html "As industry conditions began to shift in 2009, Saturn Fasteners employees stayed focused on delivering solid quality and service performance for their customers,” said Michael Dorah, Acument Vice President of Operations and General Manager of Acument Aerospace. “A long-standing supplier to Boeing and its fastener distribution partners, Saturn Fasteners remains committed to achieving the high standards Boeing sets for its suppliers.” Saturn Fasteners has provided Boeing with custom, high-performance fastening solutions for its aircraft programs since Saturn was founded in 1989. Acument Global Technologies’ acquisition of Saturn Fasteners in early 2008 marked the company’s return to the aerospace industry as a threaded fastener supplier. For more information, visit http://www.saturnfasteners.com About Acument Global Technologies, Inc. Headquartered in Troy, Mich., USA, Acument Global Technologies, Inc., is among the world’s leading providers of mechanical fastening systems and value-based fastening solutions, including engineered fastening systems, state-of-the-art fastening installation technology, and inventory management and application engineering services. With about 5,000 employees at facilities in 17 countries worldwide, Acument supplies fastening products, systems and services to customers in more than 150 countries. For more information about Acument Global Technologies: www.acument.com
Read MoreBoatTEST.com Covers Platinum Equity’s Purchase of Genmar
BoatTEST.com, a leading resource for marine and boating industry information, discussed the closing of Platinum’s acquisition of Genmar. BoatTEST commented on Platinum’s reputation for professionalism, integrity, and no non-sense operations. The Web site also framed Platinum as a welcomed, and much needed, addition to the boating industry. The acquisition included the Ranger, Stratos, Champion, Wellcraft, Four Winns, and Glastron boat brands; manufacturing facilities and related operations in Flippin, Ark., Cadillac, Mich., and Murfreesboro, Tenn.; and certain transportation equipment and other real estate assets. The newly acquired boat brands will have the support of Platinum’s extensive operational resources and multi-billion dollar capital base.
Read MorePlatinum Equity Completes Acquisition of Genmar Assets
LOS ANGELES, CA -- (Marketwire - February 2, 2010) - Platinum Equity announced today that it has completed the acquisition of several boat brands and related assets from Genmar Holdings, Inc., through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. The U.S. Bankruptcy Court for the District of Minnesota approved the transaction on January 13, 2010. The acquisition includes the Ranger, Stratos, Champion, Wellcraft, Four Winns and Glastron boat brands; manufacturing facilities and related operations in Flippin, Ark., Cadillac, Mich., and Murfreesboro, Tenn.; and certain transportation equipment and other real estate assets. "Each of the brands we acquired has a rich heritage, a strong and loyal customer base, and significant opportunities to grow following very challenging times throughout the boating industry," said Louis Samson, the principal at Platinum leading the investment. "Platinum has a strong track record of supporting companies through difficult transitions and we look forward to putting each of these brands on a path toward long-term growth and profitability." The newly acquired boat brands will now have the backing of Platinum Equity, with its extensive operational resources and a multi-billion dollar capital base. "We are coming out of the blocks a well-capitalized company prepared to be a leader in the marine industry, and while we always maintain a disciplined approach to managing our portfolio companies, we will not hesitate to support the business and take advantage of attractive opportunities as they arise," Mr. Samson explained. A transition is now underway that will establish Platinum's new portfolio of former Genmar brands as a standalone business under a new corporate name. Details about the new corporate identity will be announced as the process unfolds. "The marine industry has a lot of potential, and we're very excited to be part of it. Right from the start, we intend to protect the core elements -- customers, employees, suppliers, and dealers -- while we devise new strategies for the future," added Mr. Samson. New Leadership and Organizational Structure Platinum announced today that it has appointed David Huls President and Chief Financial Officer (CFO) of the new consolidated corporate holding company. Mr. Huls was previously Senior Vice President and CFO of Genmar Holdings, Inc. and had been with the company for more than five years. "David has tremendous experience, demonstrated leadership skills and an ability to get things done, all of which make him the ideal candidate to lead the holding company organization," said Mr. Samson. "I am honored and excited to have this opportunity and to work alongside so many great people," said Mr. Huls. "Partnering with Platinum is a critical first step towards the stability we need in order to move forward and once again aggressively support the growth and success of our brands." Mr. Huls noted that rebuilding confidence in the company from inside and out is a top priority. "The last eight months have been extremely difficult for our employees, dealers and suppliers," said Mr. Huls. "I'm grateful for everyone's support and cooperation as we worked through so many challenges. It hasn't been easy and we have a lot of hard work ahead, but through a renewed spirit of collaboration we will all prosper together." Platinum also announced the executives who will lead the various brand operations. Randy Hopper will continue to serve as President of Wood Manufacturing, a position he has held for more than 20 years, and will oversee Ranger Boats, Stratos Boats and Champion. Wood Manufacturing will be managed independently from the other brands. Jeff Olson will continue to serve as President of Four Winns and Wellcraft, and Mike O'Connell has been appointed to the newly created position of President of Glastron Boats. "We have designed a flatter, more decentralized organizational structure to give the brand management teams independence without compromising the efficiencies and other benefits of our combined scale," explained Mr. Samson. "We are fortunate to have a strong mix of seasoned industry veterans who, in partnership with the Platinum team, are well positioned to lead these businesses into the future." Sale of additional assets to J&D Acquisitions, LLC completed Platinum also confirmed today that it completed the acquisition of certain other assets from Genmar Holdings, Inc., and in turn sold those assets to J&D Acquisitions, LLC in a transaction previously announced on January 21, 2010. J&D Acquisitions, LLC is controlled by Irwin Jacobs and Jean-Paul Dejoria. The assets acquired and then sold to J&D include: The Larson, Seaswirl and FinCraft boat brands, as well as the Little Falls, Minn., manufacturing facility that builds those brands; the Seaswirl manufacturing facility in Culver, Ore., and all of its related assets; VEC Technology, LLC, located in Greenville, Penn.; the Triumph boat brand and related assets; and the Windsor Craft boat brand and related assets. "We are very pleased that our negotiations with Irwin and his team culminated in this transaction. It was a quick and efficient process between parties who share a mutual respect," said Mr. Samson. "We strongly believe J&D is the most logical owner for these assets. Irwin has a true passion for the boating industry and a tremendous loyalty to the Little Falls facility, its people and the entire community. This arrangement will keep the Little Falls facility up and running and will protect jobs for hundreds of people who otherwise may have lost their livelihood. We are proud to have played a part in reaching this solution." 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, founded by Tom Gores, has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Read MorePlatinum Equity Finds Safe Harbor in Ranger Boats
As part of its acquisition of Genmar, Platinum assumed ownership of venerable boating brand Ranger Boats, which is among the nation's largest manufacturer of premium fiberglass fishing boats. Ranger embraced the new ownership and emphasized its full support of Platinum. The boating company will benefit from a new capital structure and will maintain focus on building the highest quality fishing boats in the industry. Ranger entered 2010 with the strongest boat lineup in its 40-plus year history and was heralded by industry leaders for its aggressive development of new models. Full story at rangerboats.com...
Read MorePlatinum Equity Portfolio Company Ryerson Strengthens Presence in Houston, TX
Chicago-based metals processor and distributor Ryerson Inc. acquired the Houston, Texas-based steel plate fabricator Texas Steel Processing, Inc. The acquisition followed Ryerson’s filing for an initial public offering earlier in the week. Ryerson expects the acquisition to strengthen its presence in the region. The company’s executive vice president and chief financial officer, Terence R. Rogers, said the transaction would “expand our product offering and capabilities in the Houston market.” Platinum commented that the portfolio company would continue to evaluate additional acquisitions and add-on opportunities. Platinum acquired Ryerson in July 2007 in an all-cash transaction. Full story at themiddlemarket.com...
Read MorePlatinum Portfolio Company Ryerson Acquires Texas Steel Processing, Inc.
Chicago, IL -- Ryerson Inc. announced today that Joseph T. Ryerson & Son, Inc., Ryerson’s wholly-owned subsidiary, has acquired Texas Steel Processing, Inc. (TSPI), a steel plate fabricator based out of Houston, Texas, for an aggregate purchase price of approximately $11.4 million. TSPI was founded in 1995 under the name Texas Plate Processing, Inc. and in 2001 became Texas Steel Processing, Inc. when it was purchased by the current owner. TSPI moved into a new built-to-suit facility in late 2008 to meet their growing demand. Their fabrication processes include: plasma/oxy burning, robotic beveling, state-of-the-art rolling, forming and ASME welding. They serve various markets including tanks, pressure vessels, heat exchangers, subsea, and OEMs. “Ryerson has a strategic initiative to grow in Houston, Texas, and the Southwest U.S. This acquisition will allow us to expand our product offering and capabilities in this important market and we are very excited about the opportunity,” said Phil Wylie, President of Ryerson Southwest Region. About Ryerson Inc. Ryerson Inc. is a leading North American processor and distributor of metals, with operations in the United States and Canada, as well as in China. The Company distributes and processes various kinds of metals, including stainless and carbon steel and aluminum products. For additional information contact: Terence R. Rogers EVP and CFO Ryerson Inc. 773-788-3720
Read MorePlatinum Equity Acquires OAO Technology Solutions
Los Angeles, CA and Greenbelt, MD (January 19, 2010) — Platinum Equity announced today it has acquired OAO Technology Solutions, Inc. (“OAOT”) from an affiliate of J.F. Lehman & Company and the other stockholders of OAOT. Terms of the transaction were not disclosed. OAOT provides managed IT services and solutions for Fortune 500 corporations, global outsourcers and government agencies. “OAOT has long-standing relationships with valued customers, an outstanding international workforce and a reputation for delivering exceptional customer service,” said Jacob Kotzubei, the partner at Platinum that is leading the OAOT investment. “Throughout the world the need for high-quality cost-effective managed IT services is growing and OAOT offers a full-range of solutions to meet that increasing demand.” A team of Platinum in-house operations specialists is now working with OAOT management to develop a long-term plan and transition the business into Platinum’s portfolio. “In the midst of a challenging worldwide economic climate, over the last three years OAOT has expanded its market share, enhanced its commercial IT services offerings, and significantly improved the company’s operational effectiveness, profitability and financial performance,” said Sidney E. Fuchs, OAOT president and chief executive officer. “This acquisition provides incredible momentum and creates a platform for rapid growth as we join the top-tier group of IT services companies in the Platinum Equity portfolio.” Mr. Kotzubei explained that acquiring OAOT is a natural investment for Platinum, given the firm’s history of investing in IT companies. “We know and understand the industry well and have had a lot of success creating value in this space,” explained Mr. Kotzubei. Jeff Fine and Jared Jensen of Kirkland & Ellis LLP served as legal advisers to Platinum Equity on the acquisition of OAOT. Bill Rustum and Dennis Wallace of Gibson, Dunn & Crutcher LLP served as legal advisors and KippsDeSanto & Co. and The Chesapeake Group served as financial advisors to OAOT in the transaction. About OAO Technology Solutions, Inc. OAOT (www.oaot.com) is a global leader in Managed IT Services and Solutions to Fortune 500 corporations, global outsourcers and government agencies. The Company's expertise includes applications outsourcing, data center and infrastructure management and staffing solutions. Headquartered in Greenbelt, Maryland, our 1,600 worldwide employees are located throughout the United States, Canada and Europe. About 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, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. For more information, go to www.platinumequity.com. About J.F. Lehman & Company J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the defense, aerospace and maritime sectors. The firm has offices in New York, Washington and London. For more information about J.F. Lehman & Company, please visit www.jflpartners.com.
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