LOS ANGELES, Calif. (February 27, 2014) – Platinum Equity announced today it has completed
the sale of NESCO to an affiliate of Energy Capital Partners LLC (“ECP”). Terms of the agreement were not disclosed.
Based in Fort Wayne, Ind., NESCO is a
leading provider of fleet equipment rental, sales and services for the North
American electrical transmission and distribution market.
“We are proud of the way NESCO grew and
evolved under Platinum Equity’s ownership,” said Louis Samson, the Partner at
Platinum Equity who led the team that acquired NESCO. “We created substantial
value in the business by investing in NESCO’s people, fleet, operations,
processes and systems. The business is well positioned for continued success
under ECP’s ownership.”
Platinum Equity acquired a controlling interest
in NESCO in October 2011. Since that
time, NESCO has undergone a series of operational and M&A initiatives to
drive growth and create a more profitable and operationally sound
Equity’s ownership, the company completed two add-on acquisitions, which helped
grow NESCO’s fleet and expand the company’s footprint in key regions. In August 2012, NESCO acquired the utility
equipment fleet and related assets of Penske’s utility rental division and in
December 2012 acquired Utility Equipment
Morgan Stanley and Harris Williams served
as financial advisors to Platinum Equity on the sale of NESCO and Latham & Watkins
served as legal advisors.
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.
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