In response to the global pandemic caused by COVID-19, Platinum Equity’s top priorities are:
“We are intensely focused on the health of our people, our firm and our portfolio companies during this global pandemic,” said Platinum Equity Chairman and CEO Tom Gores. “We are taking the steps needed to keep our team safe while ensuring the continuity of our business.”
The firm implemented companywide travel restrictions and work-from-home policies weeks ago to protect employees and help “flatten the curve,” and has taken necessary precautions to ensure the safety and wellbeing of its teams around the world.
Platinum Equity’s large in-house operations team is aggressively managing the firm’s portfolio companies to preserve liquidity, reduce costs and prepare for an extended downturn. They have implemented custom playbooks at every operating company and are working with management teams to take decisive action on a daily basis.
Many Platinum Equity portfolio companies have been deemed essential businesses and are working hard to support those on the front lines fighting the virus in different capacities. Other businesses have repurposed or redeployed their resources to assist in relief efforts.
“The community needs everyone to come together now more than ever,” said Mr. Gores. “I’m proud to see our partners joining forces to make a difference. There is so much more that needs to be done.”
“We also continue pursuing new investment opportunities,” Mr. Gores added. “We have access to capital and a lot of experience investing in dislocated markets. We are adjusting our models and adapting every day, but our M&A teams are still hard at work.”
Platinum Equity Capital Partners V completed capital raising in December 2019 with $10 billion in capital commitments, and Platinum Equity Small Cap Partners completed capital raising in June 2018 with $1.5 billion in capital commitments.
The firm recently completed the acquisition of Farnese Vini, a wine producer headquartered in Pescara, Italy.
More stories about how Platinum Equity and its portfolio companies are responding to the crisis: