Proposed Corporate Divestiture Being Led by Platinum Equity’s Dedicated Lower Middle Market Team
LOS ANGELES (Jan. 7, 2015) – Platinum Equity today announced it has signed a definitive agreement to acquire Ten Cate Enbi (“Enbi”) from Dutch multinational Royal Ten Cate (“TenCate”). The transaction is expected to close during the first half of 2015. Financial terms were not disclosed.
Enbi is a supplier of paper transport, fusing and image transfer rollers, focusing primarily on the office equipment market. Enbi serves its customers through strategically placed manufacturing facilities in North America, Europe and Asia.
Platinum Equity is a global private equity firm currently investing from a $3.75 billion buyout fund focused on acquiring businesses that can benefit from the firm’s operational expertise.
“Enbi is a leader in its industry with a long history in the space, a broad international footprint, and strong customer relationships,” said Farhaad Wadia, the senior vice president in Platinum Equity’s lower middle market group that is leading the transaction. “We look forward to working with the management team to help the business reach its full potential as a standalone enterprise.”
Platinum Equity operations professionals are working closely with Enbi on plans to ensure a seamless transition once the transaction is completed.
“We have worked closely with Platinum Equity to develop a divestiture solution that meets our needs while setting Enbi up for long term success,” said Frank Spaan, Corporate Director, Business Development at TenCate. “Given Platinum Equity’s experience in corporate divestitures and its operational acumen, we are confident they are the right owner for the business going forward.”
Platinum Equity has a highly specialized focus on business operations and 19 years of experience owning and operating businesses that have been acquired from large corporate parent companies. Transactions Platinum Equity completed in 2014 included carve outs from Volvo, Telstra and Bemis.
“We are excited about the new opportunities ahead as an independent business with strong financial and operational support,” said Jim Maulucci, Enbi’s Chief Executive Officer. “Through a continued commitment to providing worldclass products and customer service, we expect to reach even greater levels of success.”
About Platinum Equity
Founded by Tom Gores in 1995, Platinum Equity is a global investment firm with more than $7 billion in assets under management and a portfolio of operating companies that generated approximately $15 billion in revenue in 2013. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy the firm calls M&A&O – acquiring and operating companies in a broad range of business markets, including manufacturing, information technology, telecommunications, transportation and logistics, media, equipment rental, metals and other industries. Over the past 19 years Platinum Equity has completed more than 150 acquisitions.