LOS ANGELES, CA--(Marketwire - August 3, 2010) - Platinum Equity
today announced that Acument Global Technologies has completed the sale
of Acument's Avdel and Global Electronics & Commercial (GEC)
business units to Asia Trading Company Limited, a company owned
indirectly by funds advised by CVC Asia Pacific and Standard Chartered
Private Equity Limited (SCPEL). Terms of the divestiture were not
disclosed.
Avdel manufactures and markets blind fasteners (rivets) for
customers around the world. Avdel is based in London with operations,
sales and distribution capabilities in the UK, US, Canada and Western
Europe.
GEC manufactures and markets fastener solutions for customers
in the global electronics, industrial and commercial, construction and
Asia automotive segments. GEC is based in Singapore with operations
throughout Asia and in the US and Australia.
"Our ability to effect operational change in the business
created an attractive opportunity to monetize part of our investment
while at the same time continuing to support Acument's strategic plans,"
said Adam Cooper, senior vice president at Platinum who led the sale
process. "Acument has succeeded in spite of significant obstacles. The
sale of these units and the strength of the remaining business going
forward reflect many years of hard work by countless people in and
around the company."
Mr. Cooper applauded CVC/SCPEL as a valued transaction
partner and said he believes Avdel and GEC will have great success under
new ownership.
"This was a complex, multi-national divestiture and through
an efficient and collaborative process we created a solution that works
well for everyone," said Mr. Cooper.
Platinum acquired Acument in 2006 from Textron Inc. Beginning
in late 2008 Acument faced rapidly falling revenue caused by economic
dislocation and steep declines in global automotive production.
Over the nearly two years that followed, the Platinum
operations team partnered closely with Acument management to develop and
execute a global restructuring initiative.
As part of the restructuring effort, Acument aggressively
scaled its cost structure while working closely with customers, lenders
and other stakeholders to stabilize the business and ensure continuity
of supply.
"Thanks to a lot of determination and a willingness to make
some difficult but necessary decisions, we worked through the worst of
the crisis and came out the other side stronger, more nimble and
positioned to succeed," said Bryan Kelln, principal and head of
portfolio operations at Platinum. "It was a collaborative effort, and a
testament to Platinum's M&A&O approach and experience helping
companies navigate through turbulent times."
Following the sale of Avdel and GEC, Acument remains a leader
in engineered mechanical fastening products and services for the
transportation market, including automotive, heavy truck and bus,
off-highway equipment, military and aerospace.
"Acument is a much stronger competitor in the fastener
industry today, thanks to a healthy balance sheet and a strong focus on
improving operational performance," said Acument CEO Rick Dauch. "As a
result, we are now well positioned to invest in and grow our core
transportation businesses."
Acument was advised by Goldman Sachs, Paul Hastings and Baker
& McKenzie. CVC/SCPEL was advised by Bank of America Merrill Lynch
and Clifford Chance.
About Acument Global Technologies, Inc.
Headquartered in Troy, Mich., USA, Acument
Global Technologies, Inc., is among the world's leading providers of
mechanical fastening products and services for the transportation
market, including engineered fastening systems, inventory management
services, and application engineering support. With more than 2,600
employees at facilities in North America, South America and Europe,
Acument supplies fastening products, systems and services to customers
around the world. For more information about Acument Global
Technologies: www.acument.com
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 over 100 acquisitions with more than
$27.5 billion in aggregate annual revenue at the time of acquisition.
