LOS ANGELES, CA (July 1, 2009) – Platinum Equity today announced it has completed the acquisition of The Geesink Norba Group from Oshkosh Corporation (NYSE:OSK). The company, which has recently been rebranded GEESINKNORBA, is based in Emmeloord, The Netherlands, and is a leading European manufacturer of refuse collection vehicles (RCVs).
“GEESINKNORBA is an established business with talented employees and long-standing relationships with valued customers,” said Tom Gores, Platinum Equity Chairman and CEO. “The company has an extraordinary opportunity to thrive as an independent business and we look forward to helping it reach its full potential.”
A transition team of Platinum in-house operations specialists is working to establish the newly acquired business as a standalone company.
“We are now focused on executing a seamless and efficient transition, while maintaining the highest standards of quality and customer service,” explained Mr. Gores.
GEESINKNORBA’s key products include rear-loading and side-loading RCVs and static and portable compactors. The company’s primary markets include the UK, Benelux, Scandinavia, France, Spain and Eastern Europe. GEESINKNORBA also provides value-added parts and services.
GEESINKNORBA’s latest innovation has been the successful launch of the world’s first “Plug-in” RCV that operates all of its functions electrically. This innovation is environmentally friendly and reduces both fuel consumption as well as noise during operation.
The transaction was first announced on May 4. Financial terms of the acquisition were not disclosed. Oshkosh will retain ownership of its Romanian facility that supplies fabrications to both GEESINKNORBA and JLG Industries, an Oshkosh Corporation company.
“We worked hard with Oshkosh to create a divestiture solution that meets the diverse needs of all interested parties,” said Seth Romans, Vice President at Platinum and M&A execution lead for the GEESINKNORBA transaction. “Our ability to offer a European solution to a U.S.-based corporate seller, and to execute with speed and certainty, worked to everyone’s advantage.”
Platinum maintains an active and growing presence in Europe, working from the firm’s London-based European headquarters. With significant financial resources, a unique operations-focused investment approach, and experience executing complex European transactions, Platinum offers customized solutions to sellers and is actively seeking new opportunities.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
GEESINKNORBA is specialized in one-stop solutions for a wide range of waste management needs. Its premium-quality products and services focus on efficient refuse collection and compaction. For more information, log on to www.geesinknorba.com.