LOS ANGELES, CA – July 25, 2016 – Platinum Equity announced today it has completed the acquisition of JM Swank from ConAgra Foods, Inc. (NYSE: CAG). Financial terms were not disclosed.
JM Swank is a national, full-line food ingredient distributor that operates a network of distribution centers and warehouses across the United States.
“We are excited about the prospects for JM Swank and look forward to working with management to support the company's long-term strategy,” said Platinum Equity Principal Adam Cooper. “We believe it is a strong platform for growth, both organically and through prospective add-on acquisitions.”
JM Swank CEO Shawn Meaney said he expects a seamless transition.
“We are excited to begin this new chapter in JM Swank's evolution and look forward to partnering with Platinum as we continue delivering the exceptional products and services our customers deserve,” said Mr. Meaney.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of approximately 25 operating companies that serve customers around the world. Platinum Equity specializes in mergers 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 20 years, Platinum Equity has completed more than 175 acquisitions.