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Platinum Equity to Acquire GSM Outdoors
Home / News / Platinum Equity To Acquire Gsm Outdoors
LOS ANGELES (July 23, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire GSM Outdoors from Gridiron Capital.Financial terms were not disclosed. The acquisition is expected to be completed in Q3 2024.Headquartered in Irving, Texas, GSM Outdoors is a leading outdoor and consumer sporting goods company with a diverse, growing portfolio of more than 50 different brands. The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand. Louis Samson, Co-President, Platinum Equity The company equips its customers with branded consumables, accessories and high-quality gear for a variety of outdoor pursuits. It sells through a diverse mix of channels, including online retailers, sporting goods stores, mass merchants, outdoor product retailers, farm and fleet stores and dealers and distributors across the United States and Canada.“The popularity of outdoor recreation is driving increased demand for a wide range of innovative, technically advanced products tailored for enthusiasts and adventure seekers of all kinds,” said Platinum Equity Co-President Louis Samson. “The sector is characterized by an attractive combination of resilience, growth potential and M&A opportunities, which suits our firm well. We believe GSM’s distribution network, experience bringing new products to market, rigorous quality control and care for its customers position it well to capitalize on those dynamics and diversify its portfolio to meet the growing demand.”Samson praised the company’s leadership and culture as vital to its success.“GSM is led by an experienced team of outdoor enthusiasts who are passionate about their mission and the products they bring to market,” said Samson. “We look forward to working with the management team to support a new phase of growth and expansion.”GSM Outdoors CEO Eddie Castro will continue to lead the company going forward.“We are proud of the company we’ve built and the success we have had, and now look forward to a new chapter,” said Castro. “Platinum’s expanded access to capital, M&A resources and operational expertise can help further accelerate our growth and create more opportunities for GSM to serve our customers.”“Our work has proven out that GSM is highly regarded among consumers and channel partners for its customer service, diverse product portfolio and efficient operations,” said Platinum Equity Managing Director David Glatt. “The company is an excellent platform for growth in a highly fragmented market and has proven to be an attractive home for brands looking to increase their reach and maximize their potential.”Glatt said GSM Outdoors will continue investing in organic growth and M&A under Platinum Equity’s ownership.“We will partner with the company to expand its offerings through in-house R&D and pursue the large and growing pipeline of prospective acquisitions in both existing product categories and new segments,” added Glatt. “We share the company’s passion for serving outdoor enthusiasts and are excited to get to work.”Platinum Equity previously owned Fishing Holdings, LLC, the Flippin, Arkansas-based manufacturer of the Ranger Boats, Stratos and Triton fishing boat brands, which the firm sold to Bass Pro Group.Financing for the GSM acquisition will be arranged Bank of America Merrill Lynch. Latham and Watkins is serving as legal counsel to Platinum Equity on the transaction. About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.
Platinum Equity Completes Sale of Hunterstown Power
Home / News / Platinum Equity Completes Sale Of Hunterstown Power
LOS ANGELES (July 19, 2024) – Platinum Equity announced today that the sale of the Hunterstown power generation facility and related assets to LS Power has been completed.Financial terms were not disclosed.Located in Gettysburg, Pennsylvania, the Hunterstown facility is a combined-cycle gas turbine generating power plant that provides 810 MW to the PJM (Met-Ed) 500kV grid, with enough to supply more than 600,000 homes.“Hunterstown is a good example of how Platinum can use its playbook to create value in different ways,” said Platinum Equity Co-President Louis Samson. “The Hunterstown facility is an outstanding asset, with high free cash flow and strong recurring revenue, acquired from a seller that needed a divestiture solution during a time of distress, so it checked a lot of the boxes we typically look for. Our experience with corporate carveouts and our willingness to be open minded put us in position to help.”Platinum Equity acquired the facility in 2018 from GenOn, a unit of NRG Energy Inc. (NYSE: NRG), which had filed for bankruptcy protection in June 2017, and managed it as a standalone business in the firm’s portfolio.“Hunterstown performed well and benefited from meaningful investment and operational oversight during our ownership,” said Platinum Equity Managing Director David Glatt. “We then found a new home for the facility with a buyer who is a natural fit for the long term. We are proud of the outcome and will continue seeking opportunities to put our M&A capabilities to work in creative ways.”Evercore served as financial advisor to Platinum Equity on the sale of Hunterstown and Latham & Watkins LLP provided legal counsel to Platinum Equity.About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.
Platinum Equity Invests in HVAC/R Distributor Motors & Armatures
Home / News / Platinum Equity Invests In Hvac R Distributor Motors Armatures
Firm to partner with MARS’ current shareholders and management team, which will continue as equity partners Transaction extends momentum of Platinum Equity’s Small Cap team LOS ANGELES (July 17, 2024) – Platinum Equity announced today a significant investment in Motors & Armatures, Inc. (MARS), a leading distributor of HVAC/R parts, supplies and equipment in the United States and Canada. Financial terms were not disclosed. Headquartered in Hauppauge, New York, MARS has served as a key supplier to the HVAC/R industry for more than 75 years. Founded in 1946 by Sol Chernoff as a motor repair company, MARS has become a trusted partner to HVAC/R wholesalers across North America. MARS has established itself as a leader in an evolving HVAC/R market with several compelling characteristics. Growth in the US housing stock, population shifts, changing weather patterns, and energy efficiency mandates are driving demand for new equipment as well as repair parts. Platinum has substantial experience helping family-owned businesses leverage our operational expertise and M&A capabilities to capitalize on market opportunities and maximize their potential. Jacob Kotzubei, Co-President, Platinum Equity MARS distributes an extensive line of MARS and JARD branded aftermarket replacement products, including motors and other electrical components, as well as the original equipment components of leading manufacturers. The company’s equipment division offers residential and commercial heating, cooling, and dehumidification equipment under the Comfort-Aire and Century brand names. “MARS has established itself as a leader in an evolving HVAC/R market with several compelling characteristics,” said Platinum Equity Co-President Jacob Kotzubei. “Growth in the US housing stock, population shifts, changing weather patterns, and energy efficiency mandates are driving demand for new equipment as well as repair parts. Platinum has substantial experience helping family-owned businesses leverage our operational expertise and M&A capabilities to capitalize on market opportunities and maximize their potential.” The Chernoff family and company management retained a significant ownership stake in the company, and MARS CEO and President Eddie Chernoff will continue to lead the business. “We are proud of the business our family has built over the years and are dedicated to providing our customers access to high-quality products and excellent service,” said Eddie Chernoff. “The partnership with Platinum provides us the financial and operational tools to meet the future demands of our customers and continue our legacy for generations to come. Platinum understands the dynamic nature of our industry and is committed to supporting our strategic growth initiatives and the long-term success of MARS and our distribution partners.” The MARS investment was led by Platinum Equity’s Small Cap team. “Our research shows MARS is one of the most trusted brands in the HVAC/R market, known for its in-season availability, quick delivery, best-in-class warranties, and comprehensive training and support programs.,” said Platinum Equity Managing Director Dan Krasner. “With its talented employee base and extensive distribution capabilities, we believe MARS is an excellent platform with significant growth potential. We look forward to working with management, as well as the company’s customers and suppliers, to introduce new products to the market. We will also look to expand through additional acquisitions in adjacent categories where the company does not currently compete.” R.W. Baird acted as financial advisor to Platinum Equity and O’Melveny & Myers served as legal counsel on the transaction. Tucker, Midis & Associates acted as financial advisor and Rivkin Radler served as legal counsel to MARS. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.
Fantini Group portco days offer chances for employee education. They also explain why Platinum Equity invested in Italian wine producer’s growth
Home / News / Fantini Group Portco Days Offer Chances For Employee Education They Also Explain Why Platinum Equity Invested In Italian Wine Producers Growth
BEVERLY HILLS, Calif. – Earlier this year, Platinum Equity employees gathered for an elevated happy hour, featuring the Fantini Group. The Italian wine producer and Platinum Equity portfolio company presented a tasting experience with its award-winning wines, the firm’s third portco day where portfolio companies are invited to demonstrate products and technology. It is part of a program that brings the firm’s diverse portfolio to life and provides a way to engage with employees through a shared learning experience. This portco day was also a continuation of a similar event held in Europe last year. The London headquarters event was led by Co-President Louis Samson, and both events offered an opportunity for Platinum Equity executives to explain the thesis behind the 2020 investment, highlight the work of company co-founder, Valentino Sciotti, and recognize the firm’s deployment of resources to the European market. The events also provided chances to simply taste good wines. “One day in 2019, on a Monday morning call, we’re just going through these different deals that are coming through and I’m hearing about this company which had critical mass in a market where there really wasn’t a ton of critical mass, and we had this vehicle in our Small Cap Fund that could actually address the size of the company,” Samson said. “What we got with Fantini was everything we fell in love within the California (wine industry), plus scale, plus the Italian taste.” Increasing employee engagement, awareness At the recent event, employees in the Beverly Hills headquarters partook in a selected array of charcuterie that paired nicely with the fruity Rosato Merlot as Platinum Equity Partner Bryan Kelln provided an in-depth presentation of the wine’s production, business model and how Fantini Group has progressed since its acquisition in 2020. The first portco day occurred in 2022 when utility vehicle manufacturer Club Car visited Platinum Equity offices. Kelln, who first broached the possibility of portco days, said they aim to further educate Platinum Equity employees about the portfolio, increase employee engagement and shed light on certain deals. Many of us on the deal and ops teams have both the pleasure and obligation to travel around the world to be with our portfolio companies. But some of the people who work in our offices don’t have the opportunity to travel so we’ve decided to bring the portfolio to them and share with our Platinum employees what we’re buying, why we liked the deal and how it’s currently doing. Bryan Kelln, Partner, Platinum Equity “Many of us on the deal and ops teams have both the pleasure and obligation to travel around the world to be with our portfolio companies,” Kelln said during the tasting. “But some of the people who work in our offices don’t have the opportunity to travel so we’ve decided to bring the portfolio to them and share with our Platinum employees what we’re buying, why we liked the deal and how it’s currently doing.” The Rosato Merlot was one of five wines served by Fantini Group. Employees also learned about the different flavor notes, aromatics and varying grape regions in Italy from local sommelier John Paul Masaryk who explained the difference between Pecorino cheese and Fantini’s Calalenta Pecorino Terre di Chieti wine. “Pecorino actually means sheep and the cheese comes from sheep's milk,” Masaryk said. “But they also gave the name to this grape because the farmers would come through all the mountains and the hillsides of beautiful, lush valleys. Sheep would eat these grapes and that’s how it got its name.” Pecorino is a crisp, refreshing white wine with a strong fruit concentration on the palette. The presentation helped to create an entertaining and educational afternoon, according to Head of Human Capital Lindsey Calautti said. “It’s important that employees have the opportunity to come together, hear from senior leadership and increase their awareness on how their day-to-day activities are driving progress for Platinum,” Calautti said. ‘We got enamored with a business model that was asset-light’ Following Kelln’s Beverly Hills presentation, the European panel discussion played on the TV. Samson hosted the event with Sciotti, Senior Vice President Filippo Rossi and Managing Director Fernando Goni. Before turning it over to Platinum Equity Principal, Samson opened the discussion with a brief history of the investment. Samson said the firm once looked at investing in American wine industries, but the business, which typically is dependent on high capital and Mother Nature, wasn’t a good fit. “About maybe 15 years ago, we looked at our first wine deal; we didn’t really have a thesis around it,” Samson said. “We learned a little bit about the American market, and we got enamored with a business model that was asset-light, that was getting around the weather constraints, and really putting an emphasis on wine-making and good marketing. “By the time we fell in love with this business model inside of an industry that is largely dependent on high capital and Mother Nature, our Fund got too big, and these companies were too small.” But that changed with Fantini Group. Sciotti explained to the London audience that he developed relationships with winemakers, comparing producers to the chefs who are the main attractions at Michelin-starred restaurants. “The process of transformation from grapes to wine is the most delicate process,” Sciotti said during the European event. “It’s there that you create quality, which means that when there’s a glass in front of you, I want to see the smile on your face.” Kelln added: “Fantini doesn’t own vineyards, but they source grapes from all over Italy and then they develop, blend, bottle and distribute the wines all over the world.” Those are some of the reasons why Platinum Equity, which has steadily grown its resources and support for the Europe market, was attracted to the deal during a late 2019 meeting with bankers in Milan. Platinum Equity was able to emerge with the deal during a competitive bid process, able to reach an agreement in four weeks toward the end of 2019. But to complete the closing, Platinum Equity had to navigate the initial stages of the pandemic. Without face-to-face meetings, phone calls and video conferencing were the modes of communication. The process demanded strong collaboration between Platinum Equity teams in Beverly Hills, New York, Greenwich and London. That created a sense of accomplishment when the deal was completed in Milan on March 31, 2020. The firm believes the business is also an operational success story. “There’s a lot of work that goes into the margins over the last 10 years between winemakers, sourcing, etc.,” Goni said. “Another key is our ability to react to everything that was thrown at us and keep that performance. COVID, inflation, the market, but we have a winning team at Fantini, a great asset.” “It’s also a vote of confidence to Platinum the way that we apply resources to different industries, different situations, and Fantini is a great example of that.”
Héroux-Devtek Enters into Definitive Agreement to be Acquired by Platinum Equity
Home / News / Heroux Devtek Enters Into Definitive Agreement To Be Acquired By Platinum Equity
LONGUEUIL, QC, July 11, 2024 – Héroux-Devtek Inc. (TSX: HRX) (“Héroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer, today announced that it has entered into an arrangement agreement with an affiliate (the “Purchaser”) of Platinum Equity Advisors, LLC (“Platinum Equity”), a U.S. based private equity firm, pursuant to which the Purchaser will acquire all the issued and outstanding common shares of the Corporation, other than the shares to be rolled over by members of senior management of the Corporation (the “Rollover Shareholders”), for $32.50 in cash per share, representing a total enterprise value of approximately $1.35 billion, subject to customary closing conditions (the “Transaction”). The consideration offered to the Corporation’s shareholders under the Transaction represents a 28% premium to the closing share price on July 10, 2024 and a 47% premium to the 90-day volume weighted average trading price per share on the Toronto Stock Exchange for the period ending on July 10, 2024. The arrangement agreement is the result of a review of strategic alternatives available to the Corporation that was led by a Special Committee comprised solely of independent directors of the Corporation. We believe the company’s engineering prowess and emphasis on R&D have contributed to its success as a service-oriented supplier that delivers for its customers. Platinum Equity values Héroux-Devtek’s commitment to customer service excellence and we are excited to partner with the company’s management team in the next phase of its growth journey. Louis Samson, Co-President, Platinum Equity "After an extensive and robust strategic review process, we are pleased to have agreed on the terms of a transaction with Platinum Equity that has the full support of Héroux-Devtek's Board of Directors," said Louis Morin, Chairman of the Special Committee. "After careful deliberation, the Special Committee and the Board of Directors have unanimously concluded that the transaction is in the best interests of the Corporation and its stakeholders." “We have admired Héroux-Devtek’s growth for many years and have great respect for the business Gilles and his team have built,” said Louis Samson, Co-President of Platinum Equity. “We believe the company’s engineering prowess and emphasis on R&D have contributed to its success as a service-oriented supplier that delivers for its customers. Platinum Equity values Héroux-Devtek’s commitment to customer service excellence and we are excited to partner with the company’s management team in the next phase of its growth journey.” “Héroux-Devtek has established an impressive and well-deserved reputation for delivering innovative, high-quality products for the international aerospace and defence market,” said Platinum Equity Managing Director Delara Zarrabi. “We believe the company has an opportunity to make an even larger impact on a global stage and we will deploy our financial and operational resources to help the company grow organically and through strategic acquisitions.” Rollover Shareholders As part of the Transaction, members of senior management of the Corporation, including Gilles Labbé, Executive Chairman of the Board, and Martin Brassard, President and Chief Executive Officer, will roll over a portion of their common shares of the Corporation in the Purchaser for an amount per share equal to the consideration received by the Corporation’s shareholders. “We have come a long way since my business partner and I bought Héroux Inc. in 1985. Thanks to the hard work and dedication of our employees and the trust of our customers and business partners, we have grown into a leading international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer. In the coming years, our Saint-Hubert R&D Centre will pursue its mission by developing innovative solutions and products aligned with our customers’ evolving needs,” said Gilles Labbé, Executive Chairman of the Board of the Corporation. “I joined Héroux-Devtek 30 years ago and I have always been impressed with the breadth and depth of our people. We design and manufacture amazing products and I look forward to working with Louis, Delara and the Platinum Equity team to further the execution of our growth plan,” said Martin Brassard, President and Chief Executive Officer of the Corporation. Héroux-Devtek to Remain a Québec-Based, International Leader In connection with the proposed acquisition and pursuant to discussions with Caisse de dépôt et placement du Québec (“CDPQ”), Platinum Equity said Héroux-Devtek will maintain and invest in its headquarters and other operations in Québec, including its manufacturing operations. Additionally, the headquarters will continue to be responsible for the management functions of the business at an overall level consistent with current activities. “Born and raised in Québec, I have great respect for the long tradition and proud history of the aerospace sector in the province and the contributions Héroux-Devtek has made to the industry,” said Samson, who grew up in Québec City before moving to New York 25 years ago. “We will maintain the company’s headquarters in Longueuil and continue investing in its R&D center in Saint-Hubert, which employs some of the best engineers in the industry.” “We are excited and honoured to have the opportunity to support a Québec industry champion like Héroux-Devtek and to continue to grow its presence as a global leader,” added Samson. “CDPQ has contributed to Héroux-Devtek’s expansion and development since 1987, enabling it to become a global champion in its industry today. Following nearly 40 years of support, it was imperative that the company continue to grow while remaining anchored in Québec. With Platinum Equity’s strong commitments to activities in Québec, CDPQ supports this transaction,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “We want to underscore the leadership and entrepreneurial vision of Gilles Labbé and his teams who have contributed to the success of this leading aeronautics company.” Héroux-Devtek Board Recommendation Héroux-Devtek’s Board of Directors, having received the unanimous recommendation of the Special Committee, has unanimously determined (with interested directors abstaining from voting) that the Transaction is in the best interests of Héroux-Devtek and is fair to its shareholders (other than the Rollover Shareholders), and unanimously recommends that Héroux-Devtek’s shareholders approve the Transaction. Each of National Bank Financial Inc. and Scotiabank, as financial advisors to the Corporation and the Special Committee, and Desjardins Capital Markets, retained to provide independent financial advisory services to the Special Committee, has provided a fairness opinion to the Board of Directors and the Special Committee to the effect that, as at July 10, 2024, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be received by shareholders pursuant to the Transaction is fair, from a financial point of view, to the shareholders of Héroux-Devtek (other than the Rollover Shareholders). Desjardins Capital Markets has also delivered to the Board of Directors and the Special Committee an independent formal valuation of the common shares completed under the supervision of the Special Committee, to the effect that, as at July 10, 2024 and based upon and subject to the assumptions, limitations and qualifications stated therein, the fair market value of the common shares is in the range of $28.50 to $33.00 per share. Transaction Details The Transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Québec) and is expected to close before the end of the Corporation’s current fiscal year ending March 31, 2025, subject to customary closing conditions, including the receipt of required shareholder approval, the approval of the Superior Court of Québec, and regulatory approvals and clearances in Canada, the United States, the United Kingdom and Spain. The Transaction is not subject to any financing condition. Required shareholder approval for the Transaction will consist of (i) at least 66⅔% of the votes cast on the Transaction by holders of common shares at a special meeting of shareholders of the Corporation, and (ii) at least a majority of the votes cast on the Transaction by holders of common shares, excluding shares held by the Rollover Shareholders and any other shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, at such meeting. Concurrently with the execution of the arrangement agreement, the Purchaser has entered into voting support agreements with CDPQ, members of senior management and directors, together holding shares representing approximately 25% of the issued and outstanding common shares of the Corporation, pursuant to which they have agreed to vote all shares held by them in favour of the Transaction, subject to customary exceptions. The arrangement agreement contains non-solicitation covenants on the part of the Corporation, subject to the customary “fiduciary out” provisions. A termination fee of $40 million would be payable by the Corporation to the Purchaser in certain circumstances, including in the context of a superior proposal supported by the Corporation. The Corporation would also be entitled to a reverse termination fee of $63 million if the Transaction is not completed in certain circumstances. Following completion of the Transaction, the Corporation will become a privately held company and will apply to cease to be a reporting issuer under Canadian securities laws and the common shares will no longer be publicly traded on the Toronto Stock Exchange. Additional information regarding the Transaction will be included in an information circular that the Corporation will prepare, file and mail to its shareholders in advance of the special meeting to be held to consider and approve the Transaction. Copies of the arrangement agreement and the information circular will be available under the Corporation’s profile on SEDAR+ on www.sedarplus.ca. Advisors National Bank Financial Inc. and Scotiabank are acting as financial advisors to the Corporation and to the Special Committee and Desjardins Capital Markets was retained to provide independent financial advisory services to the Special Committee. Fasken Martineau DuMoulin LLP and Hogan Lovells LLP are acting as legal advisors to the Corporation and to the Special Committee, and Stikeman Elliott LLP and Latham & Watkins LLP are acting as legal advisors to Platinum Equity. BMO Capital Markets is acting as financial advisor to Platinum Equity and as the lead arranger for the financing. ABOUT HÉROUX-DEVTEK Héroux-Devtek Inc. (TSX: HRX) is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical actuators, custom ball screws and fracture-critical components for the Aerospace market. The Corporation is the third-largest landing gear company worldwide, supplying both the defence and commercial sectors. Approximately 94% of the Corporation's sales are outside of Canada, including about 57% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in Canada, the United States, the United Kingdom and Spain. ABOUT PLATINUM EQUITY Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than US$48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions. FORWARD-LOOKING STATEMENTS Except for historical information provided herein, this press release contains information and statements of a forward-looking nature, including statements relating to the anticipated benefits of the Transaction for the Corporation and its stakeholders, regulatory, shareholder and Court approvals, the intent of members of senior management to rollover their shares in the Purchaser and the anticipated timing of completion of the Transaction. Forward-looking statements are based on assumptions and on management's best possible evaluation of future events and are subject to risks, uncertainties and other important factors that could cause the Corporation's actual performance to differ materially from expected results expressed in or implied by such statements. Such factors include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and Court approvals and other conditions to the closing of the Transaction or for other reasons; the failure to complete the Transaction which could negatively impact the price of the shares or otherwise affect the business of the Corporation; the dedication of significant resources to pursuing the Transaction and the restrictions imposed on the Corporation while the Transaction is pending; the uncertainty surrounding the Transaction that could adversely affect the Corporation’s retention of customers and business partners; the occurrence of a material adverse effect leading to the termination of the arrangement agreement; customers, supply chain, the aerospace industry and the economy in general; the impact of other worldwide geopolitical and general economic conditions; industry conditions including changes in laws and regulations; increased competition; the lack of availability of qualified personnel or management; availability of commodities and fluctuations in commodity prices; financial and operational performance of suppliers and customers; foreign exchange or interest rate fluctuations; and the impact of accounting policies issued by international standard setters. For further details, please see the Risk Management section under Additional Information in the Corporation's MD&A. Readers are cautioned that the foregoing list of factors is not exhaustive and undue reliance should not be placed on forward-looking statements. As a result, readers are advised that actual results may differ materially from expected results. Unless otherwise required by applicable securities laws, the Corporation expressly disclaims any intention, and assumes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. CONTACT INFORMATION Héroux-Devtek Inc. Stéphane Arsenault Vice President and Chief Financial Officer Tel.: 450-679-3330 IR@herouxdevtek.com Media Relations Hugo Delorme Mercure Conseil Tel.: 514-700-5550 ext. 555 hdelorme@mercureconseil.ca
US LBM
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US LBM Print Print Private Transaction North America Active Industrials Building Products & Construction One of the nation’s leading full-line distributors of specialty building materials Company Overview US LBM offers a comprehensive portfolio of specialty building products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry. US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. Founded in 2009 with 16 locations in three states, US LBM has grown into one of the nation’s leading distributors of specialty building materials, operating more than 450 locations throughout the country. Transaction Description Acquired a co-controlling stake in December 2023 from Bain Capital M&A Activity Acquired Old Mission Windows in February 2024 Acquired Homestead Building Systems in March 2024 Acquired Better Built Truss in May 2024 Acquired Raks Building Supply in June 2024 Locations 450+ Founded in 2009 2077 Convention Center Concourse, Suite 125, Atlanta, GA 30337 www.uslbm.com One of the nation’s leading full-line distributors of specialty building materials Company Overview US LBM offers a comprehensive portfolio of specialty building products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry. US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. Founded in 2009 with 16 locations in three states, US LBM has grown into one of the nation’s leading distributors of specialty building materials, operating more than 450 locations throughout the country. Locations 450+ Transaction Description Acquired a co-controlling stake in December 2023 from Bain Capital Founded in 2009 M&A Activity Acquired Old Mission Windows in February 2024 Acquired Homestead Building Systems in March 2024 Acquired Better Built Truss in May 2024 Acquired Raks Building Supply in June 2024 2077 Convention Center Concourse, Suite 125, Atlanta, GA 30337 www.uslbm.com Latest Article Platinum Equity's Credit Team Provides Term Loan to Westfall Technik June 18, 2024 LOS ANGELES (June 13, 2024) – Platinum Equity announced today it provided a First-Lien Term Loan to Westfall Technik to refinance existing indebtedness and support future growth of the business. Westfall Technik is a ver... Read More Latest Article Latest Article Platinum Equity Portfolio Company Hop Lun Acquires P.H. Garment June 07, 2024 LOS ANGELES and HONG KONG (June 6, 2024) – Platinum Equity portfolio company Hop Lun, one of the world’s largest designers and manufacturers of intimate apparels, announced today the acquisition of P.H. Garment.Headquarte... Read More Latest Article Latest Article Platinum Equity to Acquire Sunrise Medical June 05, 2024 Investment in Germany-based maker of wheelchairs and mobility solutions adds to momentum of Platinum’s European investment team LOS ANGELES (June 5, 2024) – Platinum Equity announced today the signing of a definitive a... Read More Latest Article previous Next Our Portfolio Explore the full Platinum Equity portfolio of companies by transaction type, industry, location or ownership status. Browse now
Cook and Boardman
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Cook & Boardman Private Transaction North America Active Industrials Building Products & Construction A leading specialty distributor of commercial door and security integration solutions Company Overview The Cook & Boardman Group is a leading distributor of commercial doors, frames & hardware, electronic access control equipment and specialty (Division 10) products One of the nation’s fastest growing providers of integrated security solutions - including physical security, access control, wireless networking, low voltage cabling, audio/visual and managed information technology products It operates a network of more than 75 locations across 24 states, and services its customers nationwide Transaction Description Acquired in November 2023 from Littlejohn & Co. M&A Activity Acquired Discovery Door in January 2024 Acquired Lanmor Services in February 2024 Locations 75+ States 24 3064 Salem Industrial Drive Winston-Salem, NC 27127 www.cookandboardman.com A leading specialty distributor of commercial door and security integration solutions Company Overview The Cook & Boardman Group is a leading distributor of commercial doors, frames & hardware, electronic access control equipment and specialty (Division 10) products One of the nation’s fastest growing providers of integrated security solutions - including physical security, access control, wireless networking, low voltage cabling, audio/visual and managed information technology products It operates a network of more than 75 locations across 24 states, and services its customers nationwide Locations 75+ Transaction Description Acquired in November 2023 from Littlejohn & Co. States 24 M&A Activity Acquired Discovery Door in January 2024 Acquired Lanmor Services in February 2024 3064 Salem Industrial Drive Winston-Salem, NC 27127 www.cookandboardman.com Latest Article Platinum Equity's Credit Team Provides Term Loan to Westfall Technik June 18, 2024 LOS ANGELES (June 13, 2024) – Platinum Equity announced today it provided a First-Lien Term Loan to Westfall Technik to refinance existing indebtedness and support future growth of the business. Westfall Technik is a ver...Read More Latest Article Latest Article Platinum Equity Portfolio Company Hop Lun Acquires P.H. Garment June 07, 2024 LOS ANGELES and HONG KONG (June 6, 2024) – Platinum Equity portfolio company Hop Lun, one of the world’s largest designers and manufacturers of intimate apparels, announced today the acquisition of P.H. Garment.Headquarte...Read More Latest Article Latest Article Platinum Equity to Acquire Sunrise Medical June 05, 2024 Investment in Germany-based maker of wheelchairs and mobility solutions adds to momentum of Platinum’s European investment team LOS ANGELES (June 5, 2024) – Platinum Equity announced today the signing of a definitive a...Read More Latest Article previous Next Our Portfolio Explore the full Platinum Equity portfolio of companies by transaction type, industry, location or ownership status. Browse now
Platinum Equity's Credit Team Provides Term Loan to Westfall Technik
Home / News / Platinum Equitys Credit Team Provides Term Loan To Westfall Technik
LOS ANGELES (June 13, 2024) – Platinum Equity announced today it provided a First-Lien Term Loan to Westfall Technik to refinance existing indebtedness and support future growth of the business. Westfall Technik is a vertically-integrated manufacturer of injection molded plastic components that primarily serves the healthcare and consumer packaged goods end markets. The company provides design, tooling, molding and assembly capabilities to service the complete lifecycle of molded plastic parts. We are pleased to have delivered speed and certainty for Westfall Technik at a time when the market remains complex for middle-market borrowers. We have a lot of experience in the manufacturing and packaging sectors. That industry knowledge combined with Platinum’s partnership-focused approach allowed us to create and underwrite a financing solution that is uniquely tailored to the borrower’s needs. Jacob Kotzubei and Louis Samson, Co-Presidents, Platinum Equity Westfall Technik is owned by Lee Equity Partners and BlackBern Partners. “We are pleased to have delivered speed and certainty for Westfall Technik at a time when the market remains complex for middle-market borrowers,” said Platinum Equity Co-Presidents Jacob Kotzubei and Louis Samson in a joint statement. “We have a lot of experience in the manufacturing and packaging sectors. That industry knowledge combined with Platinum’s partnership-focused approach allowed us to create and underwrite a financing solution that is uniquely tailored to the borrower’s needs.” The Westfall Technik financing is led by Platinum Equity’s dedicated credit team, which seeks opportunities to provide debt capital to companies for a variety of uses, including acquisitions, refinancings and recapitalizations. “Our goal is to serve as a real strategic partner and deploy Platinum’s financial and intellectual capital to add material value for borrowers and their sponsors,” said Platinum Equity Managing Director and Global Head of Credit Michael Fabiano. “We think Westfall is a great fit for our approach. The company has a well-diversified customer base, impressive scale and operates in markets we know well. We are excited to partner with Lee Equity and BlackBern to support Westfall Technik’s growth and evolution.” Platinum’s credit team targets companies that generally have $15 to $75 million of EBITDA and are primarily based in North America. “Our credit team is actively looking for additional opportunities to support borrowers and their sponsors as they pursue their strategic objectives,” added Fabiano. Houlihan Lokey acted as the sole lead placement agent to Westfall Technik. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions and debt financings.
Aventiv Advisory Board chairperson Teresa Hodge talks prison reform, new approaches to rehabilitation at Milken Institute Global Conference
Home / News / Aventiv Advisory Board Chairperson Teresa Hodge Talks Prison Reform New Approaches To Rehabilitation At Milken Institute Global Conference
Aventiv Advisory Board chairperson Teresa Hodge was recently invited to participate in a Milken Institute Global Conference panel discussion. Alongside prison reform experts and innovators from other tech corporates and not-for-profit organizations during an hour-long discussion titled Innovators Rethinking Criminal Justice Systems, Hodge addressed many topics, which included: New approaches to preventing at-risk individuals from entering the justice system. Revolutionizing prison-management practices. Pioneering novel approaches to rehabilitation both during and after incarceration. “I heard a statistic that said if you have 10,000 hours (about 1 year 1 and a half months) of experience in something, you become an expert and I was in prison for 10,000 hours so I became an expert,” said Hodge, who is also CEO and President of Mission: Launch, a non-profit working to increase opportunities for justice-impacted individuals. “The work that I do today is hyper-focused on reentry, and I want to make sure that when people return from prison that it doesn’t ruin the rest of their lives. Technology is underutilized in this space and so what I work on are hackathons where we convene, bring stakeholders together and figure out where technology can be interjected in the reentry process; we’re looking for solutions and how to scale them across the country.” Mission: Launch has been hosting hackathons since 2014. Aventiv has been a sponsor of the hackathons for the last two years. Fellow panelist and MSNBC chief legal correspondent Ari Melber mentioned he attended one of the prior hackathons in previous years. Hodge said with U.S. conviction rates rising, tablets are a way to provide opportunities for better reentry outcomes and job readiness for individuals while they are still incarcerated. “When we're thinking of innovation, how do we bring more programming, more resources to the people who have nothing but time and make sure that we start to maximize that time for them so that we can pipeline them to opportunities?” Hodge said. “We are using tablets because we know prisons are understaffed so we must bring innovation inside of the prison facilities. “And then when people come home, we have to make sure they have opportunities to continue that innovation and be able to connect them to jobs quicker.” Hodge concluded the panel on a personal note on the future of mass incarceration. “I remain an optimist,” Hodge said. “I work on reentry because I know that the people who are in prison, they're hopeful today for their future tomorrow and I want to do my part to create pathways and solutions.” “I personally believe America is a great nation, but a great nation has to take care of all its citizens and that includes individuals who have conviction records.” It was the 27th annual Milken gathering, and Hodge joined a lineup of prominent investment bankers, institutional investors, celebrities and politicians at the think tank’s gathering to promote progress and prosperity. Platinum Equity owns Aventiv Technologies, a technology platform that provides telecommunications services for the incarcerated community. The company has provided technology to correctional facilities for more than three decades. Over the past five years, the company says it has invested more than $600 million to provide 600,000 tablets to incarcerated individuals to help bridge the digital divide. Under Platinum Equity’s stewardship, the company has invested heavily in technology, educational programming and training, career fairs and forged strategic partnerships to help prepare members of the incarcerated community for reentry. The company also seated an advisory board (chaired by Hodge) of reentry experts and advocates in early 2022.
