LOS ANGELES, CA (September 3, 2013) – Platinum Equity today
announced the closing of Platinum Equity Capital Partners III, a buyout fund
focused on investing in businesses that can benefit from Platinum’s operational
The fund closed on its target size of $3,750,000,000 in capital
commitments. It is the successor to a $2,750,000,000 fund that closed in 2008
and a $700,000,000 fund that closed in 2004. Prior to the first fund, Platinum
invested more than $525,000,000 in founders capital.
“We are excited about the continued support for
our firm’s growth and its future,” said Tom
Gores, founder and chief executive officer of Platinum Equity. “Our job will be to continue to earn the trust
and confidence of our partners. Our approach to investing and operating in the
future will very much entail the same fundamentals that helped create our
Fund III will utilize Platinum’s core M&A&O®
strategy, focused on acquiring businesses that need operational support to
realize their full potential and can benefit from Platinum’s extensive in-house
capabilities and expertise in transition, integration and operations.
in the new fund include a diverse cross-section of public and private pension
funds, sovereign wealth funds, financial institutions, endowments and
foundations and other institutional investors in North America, Europe, Australia,
Asia and the Middle East.
“We are very grateful for the support from investors and very
excited about the investment opportunities for Fund III,” said
Mark Barnhill, the Platinum Equity partner responsible for managing investor
relations and raising investment capital.
received commitments from longtime partners who have been investing with
Platinum for a decade, and from new partners who embraced the firm’s disciplined,
value-oriented strategy and consistent track record,” Mr. Barnhill said. “In a
difficult market where many investors are reducing the number of funds in their
portfolios, those elements strongly resonated with investors.”
current portfolio comprises more than 30 operating companies in a broad array
of markets, including information technology, telecommunications, transportation
and logistics, manufacturing, steel and metals services, automotive products
and media and entertainment.
firm’s companies include BWAY, a North American manufacturer of rigid packaging
containers; Neovia Logistics, a global integrated logistics provider; Chassix,
a global manufacturer of automotive chassis and powertrain components; American
Commercial Lines, a manufacturer and operator of cargo barges on the U.S inland
waterways; and Palace Sports & Entertainment, a concert and sports business
whose assets include the NBA’s Detroit Pistons.
transactions include acquisitions from two large corporations that are divesting
non-core units: CBS Corporation, which is selling its CBS Outdoor International
unit, and Emerson, which is selling its embedded computing and power business.
Thacher & Bartlett LLP is Platinum’s fund counsel and was legal adviser on
the capital raising campaign. Park Hill Group was placement adviser.
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 150 acquisitions.