Nathan Eldridge

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Platinum Equity’s development of first-time mentorship program for Jalen Rose Leadership Academy called ‘beneficial’ for students

Home / News / Platinum Equitys Development Of First Time Mentorship Program For Jalen Rose Leadership Academy Called Beneficial For Students

For nine years, Platinum Equity has served as the presenting sponsor for the annual Jalen Rose Leadership Academy Celebrity Golf Classic, a major fundraising event for the public charter school located in the Detroit neighborhood of Rose’s youth.This year, in an effort to have more of an impact in the students’ lives, Platinum Equity introduced a new mentorship program for JRLA students the following day with the hope it will become an annual occurrence.The August event took place at the Detroit Pistons Performance Center, a building Platinum Founder and CEO Tom Gores, who owns the Pistons, called a place for the community to “come together” at the 2019 grand opening.After a tour of the facility, a motivational video featuring the words of Gores was shown for the students while they ate breakfast with a mentor from Platinum Equity or the Pistons organization.Afterward, Platinum Equity Principal Dan Whelan moderated a panel discussion featuring Platinum Partner John Diggins and executives Katie McNaughton and Vince Ellis, who both have ties to the Detroit area with Ellis based there. Whelan also grew up in nearby Ann Arbor. Pistons executives Arn Tellem and Alicia Jeffreys joined them.The panelists shared their career paths and gave insights into careers in private equity or professional sports. The idea is to establish solid mentorship relationships with students while exposing them to career paths they might not have considered.For at least one student, it was time well spent.“There's a lot of things I got out of it,” JRLA junior basketball player Ethan Dorsett said recently at the Pistons’ open scrimmage at Little Caesars Arena. “I learned about a lot of more things that I didn't know about, stuff that I could be good at, rather than just basketball. It’s about more than basketball and that helped me open my eyes to more choices.” Strong relationship Gores and his wife, Holly, have supported the school since its founding in 2011. At the golf outing, Rose recalled Platinum executives joining him on diligence trips to the JRLA campus shortly after the school opened.In 2013, Gores and his wife donated $250,000 to the JRLA. Starting the following year, Gores and Platinum Equity have served as presenting sponsors for the event. Rose easily recalls visits to the couple’s home in Los Angeles where they bonded over their shared Michigan upbringings. Gores is from the Flint area, while Holly is from Grosse Ile. They met at Michigan State University in East Lansing.“They've always been loving, caring, thoughtful, and trying to figure out ways that they can help and support,” Rose told Pistons.com in 2020. “The way he loves Flint and the way he knows Michigan State, for them to fly the JRLA flag in the same manner, it really means a lot to me.”Last year, Tom and his wife donated $1 million through the Tom Gores Family Foundation to the school’s plan for facility expansion and infrastructure improvements. The school doesn’t qualify for state funding for facilities.With consistent financial support in place, thoughts turned to establishing a more personal relationship with students.Platinum Equity brainstormed ideas and settled on a mentorship program, recognizing the important role access and early exposure to opportunity played in their own careers.“Platinum has proudly supported JRLA for many years, but we wanted to get closer to the students and directly support them by sharing our experiences and lessons learned,” McNaughton said. “I know for myself and many of us at Platinum, relationships and mentors helped get us where we are today. Tom is a huge advocate of mentoring so we thought that it was time to connect with the students on a personal level, share what we've learned and get to know them and hopefully add value as they map out their paths.” Needed support The day started when students and mentors gathered in a room overlooking the practice court for Pistons players. The group included 13 Platinum professionals from various departments, including the firm’s business development, M&A and marketing teams from Los Angeles and New York.Mentors were asked to bring an influential book to gift mentees. After a brief get-to-know-you period, Rose and Diggins started the morning and attendees were placed in individual groups to tour the PPC, which was constructed for $90 million and opened in 2019 as part of Gores’ decision to move the Pistons downtown to play in nearby Little Caesars Arena in 2017.Students visited every Pistons department with employees giving short explanations on responsibilities. When groups ventured into basketball operations, students were given access to state-of-the-art medical equipment along with office spaces with the latest amenities for front office personnel and coaching staff. Before entering the practice court, students walked through the training area and were surprised when they were greeted by Pistons star Cade Cunningham, the first overall pick of the 2021 NBA Draft who excelled as a rookie last season.Once on the court, students took shots and posed for pictures with mentors.After the tour, it was time for the panel discussion. Whelan asked Diggins to recall the early days before Platinum grew into the global firm it is now today. In his telling, Diggins emphasized the importance of one of Gores’ mantras, codified in Platinum Equity’s guiding principles: don’t be limited by other people’s perceptions of you.“Tom Gores had a saying when we first started up because there were times we weren't making money, we were getting kicked out of opportunities and everybody would (question our path),” Diggins said. “Tom would say it's riskier to not take the risk.“Don't be afraid to take risks, don't settle, not one person (on the panel) settled and they will never settle.” ‘It shows how real Platinum Equity is’ JRLA is tuition-free with open enrollment. In its 12 years, the school says 100 percent of graduates have been accepted into colleges or technical schools. Rose proudly boasts the relationship with students doesn’t end at graduation and the school has adopted a ‘9-16’model that provides post-secondary support services.It’s Ethan Dorsett’s first year attending JRLA after transferring from Detroit Cass Tech so the school is still new to his family. But Platinum Equity’s support of JRLA left a good impression with Dorsett’s father, Koron. Attending the scrimmage along with his son, he mentioned the book Ethan received, The Alchemist by Paulo Coelho.“The event was so beneficial to my son,” Koron Allen said. “The thing that impressed me the most was the book. No one's giving you a book to read these days. Me and my wife even agreed to get the book to read along with him.“It shows how real Platinum Equity is. It shows that they are part of us, and they are trying to help us get to wherever they may be at. They are showing us that we all the same; we just live at different addresses, that's all.”It’s clear Ethan hopes to make basketball a career, but his father, who works for Oakland (Mich.) County government, knows the odds are low. Platinum Equity providing exposure to the Pistons organization helps in showing there are multiple career paths in professional sports.“There's more than basketball for his future and education,” Koron Dorsett said. He is still talking about (the event), about how they told him he can be better, not just with basketball, but with his mind.”  

Platinum Equity continues support of annual Malibu Triathlon to benefit Children’s Hospital of Los Angeles

Home / News / Platinum Equity Continues Support Of Annual Malibu Triathlon To Benefit Childrens Hospital Of Los Angeles

Megan Korte had an easy out. A few days before the Malibu Triathlon she was diagnosed with kidney stones. But Korte, who started at Platinum Equity over the summer in the Marketing Department, didn’t miss the triathlon as she ran the final leg of the mixed relay. “I don't give up easily and backing out of something that's charity-driven isn't really in my soul,” she said. “I have a background of volunteering and helping many different charities so it's something I love to do in my personal time. “It's seven weeks into a new company and you really want to get to know your co-workers and you learn why they do it as well. There were several different reasons why I wanted to do it and at the end of the day I'm so happy that I did, kidney stone or not.” After the event was cancelled the last two years because of the pandemic, Korte and other Platinum Equity executives and employees (63 participants and spectators across two days) were among more than 5,000 athletes to compete in the 37th Annual Malibu 2XU Triathlon in September. The event is a fundraiser for the Children’s Hospital of Los Angeles. This year’s event raised more than $1 million for the hospital’s pediatric cancer research center, and it also provided an opportunity to build camaraderie among Platinum Equity team members. “I think it's a great bonding experience,” Senior Vice President Katherine Sassine said at the post-triathlon brunch held at the Malibu home of Platinum Equity Founder and CEO Tom Gores and his wife, Holly. Sassine, who was hired in 2020 and competed for the first time, was proudly wearing the first-place medal she won as part of Platinum Team Crescent, the mixed relay team that competed during Sunday’s Classic competition. Sassine completed the running segment while Vice President Joe Cosentino led off with the swim and Senior Associate Alex Hewitt completed the cycling portion. “I was so happy when I found out that Platinum does an event like this,” Sassine said. “I think it's a great way to get all of the employees together.” How Platinum Equity’s participation began After moving to Malibu in 2015, Platinum Equity Partner Bryan Kelln was asked if he planned to participate in the beach town’s annual triathlon. Bryan was not familiar with the event and had never participated in a triathlon, but his passion for outdoor activity led him to register. It was the unofficial beginning of Platinum Equity’s support of the event and the children’s hospital. It is a two-day event with the tougher Olympic distance occurring Saturday; the Classic and Corporate Challenge events run on Sunday. The Olympic event is comprised of a 1.5-kilometer swim in the Pacific Ocean, a 40-kilometer bike ride on the Pacific Coast Highway and a 10-kilometer run on Zuma Beach. The following year, Kelln was joined by Managing Directors Christian Cook and Dori Konig. Cook laughs when recalling a very rough swimming experience which required lifeguards to rescue him from the Pacific Ocean. Despite the challenge, he finished the triathlon, which was a personal moment of satisfaction for Cook. He has rededicated himself to physical fitness, which is a focus of other Platinum Equity participants. “I'm down 20 pounds (since his first triathlon) and health and fitness has become a pretty big part of my life,” Cook said. “I've had members of my team drop weight, and really start taking better care of themselves. It’s easy to have the midlife crisis where you sort of let yourself go, but the event has been instrumental for a few people to get our acts together and at least have a bit of health and fitness in our lives. And the resulting camaraderie is an invaluable benefit.” Konig agrees. He recalls signing up for a Washington, D.C. 10K race when he was planning a business trip to the nation’s capital. Extra running is a part of the training regimen. “For me, I like inspiring team members to take better care of themselves, but the most important thing is having fun,” Konig said. Over the next several triathlons, the firm’s participation continued to grow, culminating in 2019 with more than 30 participants. To help increase Platinum Equity participation, the Portfolio Operations group started having its annual conference to coincide with the event. With employees in the area for the gathering, participation has grown, resulting in 25 of the 40 Operation team members participating in September. The Operations conference was held the following Monday at a Santa Monica hotel. ‘Competitive people are always looking for the next challenge’ After 12 Platinum Equity employees – which included Kelln, Cook and Konig – completed the Olympic event on Saturday, a rented bus arrived early the following morning to pick up participants for the ride to Malibu. The weather cooperated as it was a warm sunny day and there were no rip tides, but waves were strong. Distances are more manageable for the Classic distance (half-mile swim, 17-mile bike ride and a four-mile run). Corporations enter relay teams and in the case of Team Crescent, the name of the Sassine-Cosentino-Hewitt winning entry, it’s helpful to have experienced competitors. Cosentino was a water polo competitor at USC, Hewitt is an experienced cyclist and Sassine ran track and cross-country at Columbia University. Konig, Cook and Managing Director David Wolf joined forces to form the Platinum Warriors, who finished third in the men’s Classic relay race. The performances served as a reminder that the industry is fertile ground for competitive people, something that can be helpful in the workplace. “Having that competitive dynamic helps bring people together for a common cause,” Konig said. “What’s really interesting within the team is there are some athletic team members who work toward this throughout the year, but then you have first timers.” After the event, it was a festive scene for participants and family members at the Gores home. As food and drinks were served, a DJ played festive music with the Pacific providing the background setting. Kelln is hopeful that Platinum Equity can get its number up to 75 participants next year.  “I think competitive people are always looking for the next challenge, hoping to mix it up a little bit,” Kelln said. “I really enjoy setting goals to aim for. It's a big enough event where you can't just show up and be competitive without training. For me, having periodic challenges in the future provides me personally more motivation to get in shape and to take care of myself.”

How one educator’s use of McGraw Hill’s ALEKS technology helps her students succeed at math

Home / News / How One Educators Use Of Mcgraw Hills Aleks Technology Helps Her Students Succeed At Math

Four years ago, Cece Jacobs was a first-year junior high math teacher in an Arizona school district. As a young teacher, she was seeking ways to engage students in math. That’s when she started using ALEKS, an AI-driven online learning program from McGraw Hill, an education company acquired by Platinum Equity last year. “The beauty of the ALEKS program is how it adjusts to the student and their skill level,” Jacobs said. “So, I have some kids that will complete 40 lessons in three hours at home while some will do less than that, and it’s all based on their own learning path.” ALEKS, which stands for Assessment and Learning in Knowledge Spaces, offers course products for math, chemistry and statistics. The program helps educators and parents understand each student's knowledge and learning progress in depth, and provides the individual support required for students to excel. Founded in 1888, McGraw Hill provides education solutions like ALEKS to millions of students globally, delivering both curated content and digital learning tools and platforms to classrooms. Its products are distributed in more than 100 countries across the Americas, Asia-Pacific, Europe, India and the Middle East. “McGraw Hill is one of the most trusted names in education and has been delivering best-in-class content for more than 130 years,” Platinum Equity Partner Jacob Kotzubei said when the acquisition was announced. “The company is well positioned to help shape and facilitate the continued shift to digital taking place across the education landscape.” Today, McGraw Hill generates more than 60% of its revenue from digital products and services like ALEKS. ALEKS’ platform utilizes videos, tutorials, and problems for the individuals to engage in as a part of the learning process. In 2021, Jacobs was one of four teachers across the country that received an award for using ALEKS to improve the outcomes in their students, an issue that’s top of mind as millions of students return to in-person learning in September. The New York Times reported recently that the pandemic “erased two decades of progress in math in reading,” according to the results of the National Assessment of Educational Progress, a test administered to 9-year-olds. “The pandemic completely hurt the public education system and there are gaps that are bigger than we’ve ever seen before,” Jacobs said. Jacobs, who also coaches basketball and has since changed schools, uses ALEKS to differentiate instruction, support students with learning gaps, and meet her students where they are. ALEKS chief product officer Lori Anderson said the program acts as a guide for what each student is ready and able to learn next. “ALEKS is based on knowledge-based theory, which is a form of artificial intelligence that we built into the product to determine what students know and don't know,” Anderson said. “You can find that in any number of our competitive products, but what sets ALEKS apart for the student is that we guide the students to what they're ready to learn right now.” How it works   As sixth graders gather in Jacobs’ classroom during the first weeks of classes, initial assessments are given on ALEKS to see how each individual student is progressing. “The initial knowledge check is super fun because each student gets to see where they fall and in junior high most kids are more self-reflective in their schoolwork and know if they do well or struggle in math,” Jacobs said. Based on billions of interactions with the platform over the years and ALEKS’s mapping of math subjects, the software can make accurate decisions about what topics students are ready to learn next. “I can't sit with every student and teach them every topic so that's what ALEKS is doing; it's assisting me and getting them up to my level while I can still teach grade level content,” Jacobs said. Jacobs, who was one of four teachers recognized earlier this year for the usage of ALEKS, is known in her school for her creativity in keeping students engaged with ALEKS and with math. “I give out personal pies at the end of every quarter and it keeps all the kids involved in the game,” Jacobs said. “We made it a growth competition instead of a how much you know competition.”

Platinum Equity Acquires Majority Interest in Global Apparel Company Hop Lun

Home / News / Platinum Equity Acquires Majority Interest In Global Apparel Company Hop Lun

Investment in Hong Kong-based undergarment and swimwear company led by Platinum’s Singapore investment teamLOS ANGELES and SINGAPORE, September 30, 2022 — Platinum Equity announced today that the acquisition of a controlling stake in international apparel company Hop Lun from company founder Erik Ryd has been completed. Financial terms were not disclosed.Founded by Mr. Ryd in 1992 and headquartered in Hong Kong, Hop Lun is one of the world’s largest designers and manufacturers of undergarments and swimwear sold in the US, UK and EU.“We have gotten to know Erik very well over the past several years and have great respect for him as a person and as an entrepreneur,” said Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team. “He is an inspirational leader who has instilled in Hop Lun a culture of trust, transparency, reliability and creativity that serves as the foundation for the company’s success.”The Hop Lun investment was led by Platinum Equity’s Singapore office.“There are many founder or family-owned businesses in Asia facing succession or other issues that need a partner who can not only provide capital, but also operational expertise,” added Mr. Kotzubei. “They are looking to create additional value while also protecting their legacy and setting up their business for a new stage of growth. We have a lot of experience in those situations and are excited to work alongside Erik and the Hop Lun team on the next step in their journey.”Mr. Ryd retained a significant stake in Hop Lun and will continue to help lead the business going forward.“I am proud of the business we have built over the last 30 years and am confident Platinum will help accelerate our success,” said Mr. Ryd. “Platinum’s financial and operational resources will be tremendously helpful, but more importantly their team shares our values and our vision for the future. I believe we are a perfect fit. Our teams have been hard at work collaborating on transformation initiatives and we expect a seamless and productive transition.” We have gotten to know Erik very well over the past several years and have great respect for him as a person and as an entrepreneur. He is an inspirational leader who has instilled in Hop Lun a culture of trust, transparency, reliability and creativity that serves as the foundation for the company’s success. Jacob Kotzubei, Partner, Platinum Equity Hop Lun employs more than 30,000 people and has manufacturing operations in Bangladesh, China, Ethiopia and Indonesia. The company produces products for many of the world’s largest global retailers as well as for its own in-house brands.“Hop Lun is an ideal platform with multiple ways to evolve and expand,” said Matthew Louie, managing director at Platinum Equity. “We expect to accelerate investments in growing the company, both organically and through strategic M&A.”“Hop Lun also has made an impressive commitment to ESG and is increasingly looking at new ways to partner with brands to bring more sustainable products to market,” added Mr. Louie. “The innovative use of sustainable fabrics and post-consumer recyclable materials will be an important priority for us going forward.”BDA Partners and Goldman Sachs & Co. served as financial advisors to Hop Lun on the sale to Platinum Equity. Mayer Brown LLP served as Hop Lun’s legal counsel.Latham & Watkins LLP provided legal counsel and Kirkland & Ellis LLP provided debt financing counsel to Platinum Equity on the acquisition of Hop Lun.For more discussion from the deal team about the Hop Lun investment: “How acquisition of apparel company Hop Lun is an example of Platinum Equity’s ability to ‘win over’ founder-owned companies”About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $36 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. 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 27 years Platinum Equity has completed more than 350 acquisitions.