Proposed Sale Adds to Global Buyout Firm’s European Momentum
LOS ANGELES (Oct. 16, 2018) – Platinum Equity today announced it has signed a definitive agreement to sell Exterion Media to British media and entertainment group Global. The deal is expected to close in Q1 2019 subject to regulatory approval and certain customary closing conditions. Terms of the transaction were not disclosed.
Exterion Media is a leading European out-of-home media company that was created when Platinum Equity acquired the assets of CBS Outdoor International in 2013. The business provides both traditional and digital media solutions to agencies and advertisers throughout the United Kingdom, Ireland, France, Spain and the Netherlands.
Following the carve out from CBS, Platinum Equity led a transformation process that established a standalone company under the Exterion Media brand, installed operational best practices throughout the business, expanded Exterion Media’s digital capabilities, and initiated a series of organic and acquisitive growth strategies.
In March 2016, Exterion Media won the eight-year Transport for London advertising contract for London Underground and Rail Networks. Exterion Media also acquired Centercom BV in February 2016.
“Exterion Media has all the hallmarks of a successful Platinum Equity portfolio company and illustrates the power of our entire M&A&O® toolkit,” said Platinum Equity Partner Louis Samson. “First we provided a divestiture solution to CBS and executed a seamless transition that established Exterion Media as an independent company. We then launched a series of operational improvements and growth initiatives that helped the company thrive, to the benefit of Exterion Media’s customers, employees and other partners. We have now found a new home for Exterion Media that we believe is a perfect fit. It’s a credit to our partnership with CEO Leon Taviansky and the hard work of many Exterion Media employees throughout Europe.”
The proposed sale is the latest example of Platinum Equity’s increasing momentum in Europe, and follows the firm’s sale of Paris-based Worldwide Flight Services to Cerberus Capital Management, L.P. earlier this month in a transaction valued at approximately €1.2 billion.
“Exterion Media has all the hallmarks of a successful Platinum Equity portfolio company and illustrates the power of our entire M&A&O® toolkit,” said Platinum Equity Partner Louis Samson
On the buy side, Platinum Equity recently completed a $2.1 billion acquisition of Zug, Switzerland- and Chesterbrook, PA-based blood glucose monitoring company LifeScan
from Johnson & Johnson. In May, the firm acquired Wyndham’s European vacation rental business
for $1.3 billion.
Platinum Equity continues deploying Platinum Equity Capital Partners IV
, a $6.5 billion global buyout fund and Platinum Equity Small Cap Fund
, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market.
Goldman Sachs is serving as Platinum Equity’s lead financial advisor on the sale of Exterion Media with PJ SOLOMON serving as co-advisor on the transaction. Latham & Watkins LLP is serving as Platinum Equity’s legal advisor on the Exterion Media sale.
About Platinum Equity
Founded in 1995 by Tom Gores
, Platinum Equity
is a global investment firm with approximately $13 billion of assets under management and a portfolio
of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV
, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund
, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 200 acquisitions.