Los Angeles, CA – Platinum Equity announced today it has completed the sale of 3B - The Fibreglass Company ("3B") to Binani Industries Limited. Platinum did not disclose terms of the agreement.
Headquartered in Battice, Belgium, 3B is a European leader in the production of fiberglass composite materials and is a preferred supplier to global leaders in the automotive, wind energy, and other industries.
Platinum acquired the manufacturing plants, intellectual property, and other assets that would become 3B from Owens Corning in April 2008.
"We are pleased to complete the sale of 3B to a strategic investor prepared to take the business to the next level," said Brian Wall, the partner at Platinum Equity who oversees an M&A team led by Seth Romans that executed the 3B transaction. "3B's success is a testament to the hard work of its management team and talented employees, as well as Platinum's M&A&O approach to acquiring and driving operational value in businesses. We created a business from a collection of assets and established the company as a leader in its industry."
Under Platinum's ownership, 3B brought in new management, developed a brand identity, diversified, and expanded its product offering, penetrated new markets, improved production efficiencies, implemented a new ERP system, and successfully managed through the global economic crisis.
"We have delivered on the strategy we embarked on three years ago, moving from a collection of assets into a capable and global competitive enterprise. We achieved our financial and operational goals and helped transform the business," said Bryan Kelln, Platinum's president of portfolio operations. "The company is in great shape and well-positioned to continue succeeding under new ownership."
With the sale of 3B, Platinum has completed five divestitures in the last four months. Platinum sold Canvas Systems in January 2012, The San Diego Union-Tribune in December 2011, and AEES and Peak Technologies in October 2011.
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 more than 130 acquisitions.