LOS ANGELES (December 31, 2020) – Platinum Equity announced today that the sale of PriSo Holding Corporation (“PrimeSource”, or the “Company”) to Clearlake Capital Group, L.P. (together with affiliates, “Clearlake”) has been completed.
PrimeSource is a leading global distributor of specialty building materials serving residential, commercial, and industrial new-construction and remodeling markets. Founded in 1990, PrimeSource manages a highly diversified global supply chain, distributing over 23,000 SKUs sourced from more than 500 vendors in 16 countries throughout Asia, Europe and North America. The Company plays a crucial role for its customers who rely on its superior brand value, breadth of offering and sourcing and logistics capabilities.
“PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment,” said Platinum Equity Partner Jacob Kotzubei.
Platinum Equity acquired PrimeSource in 2015 from Itochu Corporation.
“PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment,” said Platinum Equity Partner Jacob Kotzubei. “We started by providing a divestiture solution to a large corporate seller, then executed a comprehensive transition and transformation program that established PrimeSource as a solid platform for growth as an independent company. The business thrived under our stewardship, to the benefit of its customers, suppliers, employees and their communities.”
“PrimeSource has been an outstanding investment and is a testament to our strong partnership with CEO Tom Koos and the leadership team,” said Platinum Equity Managing Director Todd Golditch. “Platinum Equity has a proven track record in the building products space over many years and we will continue to look for new opportunities to create value in the sector.”
Moelis & Company LLC served as financial advisor to PrimeSource on the sale and Gibson, Dunn & Crutcher LLP served as Platinum Equity’s legal advisor.
Hear Platinum Equity and PrimeSource executives discuss more about the investment and the transformation of the company here: PrimeSource Building Products