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.
