Billionaire Tom Gores’ Beverly Hills-based Platinum Equity has agreed to sell PCI, an electronics manufacturing services provider based in Singapore, to a Canadian buyer for $306m in cash.
The deal to sell PCI to Celestica Inc., a Toronto-based manufacturing and supply chain solutions business, is expected to close before the end of the year.
PCI is the first sale of a business by Platinum Equity in several months since it dropped more than $17bn to buy an assortment of businesses ranging from New York-based education publisher McGraw Hill to Irvine-based Ingram Micro Inc., a technology distribution business.
PCI has six manufacturing and design facilities across Asia. It serves diverse end-markets including the automotive, industrial equipment, commercial, consumer and lifestyle, and medical sectors.
Platinum acquired PCI in April 2019.
Free Webinar: The Primary Step in Creating Value: How the Right Corporate Governance Can Drive Growth
- To what extend can the relationship between the GP and board impact the company?
- How can GPs ensure trickle down change in organisations?
- How can technology help bridge the gap between GPs and management boards?
A global investment firm with more than $25bn of assets under management, Platinum was founded in 1995 by Gores. The firm is investing from two funds: a $10bn global buyout fund, and a $1.5bn buyout fund focused on investment opportunities in companies that generate up to $50 million in annual revenue.
Gores’ private equity firm has made a number of big-name acquisitions over the past three months.
In July, it agreed to buy Wilmington, Del.-based water treatment company Solenis in a deal valued at $5.25bn from German chemical giant BASF and New York City-based private equity firm Clayton Dubilier & Rice.
In mid-June, Platinum Equity agreed to buy educational publisher McGraw Hill from affiliates of Apollo Global Management Inc. for $4.5bn.
Founded in 1888, McGraw Hill is among the largest educational publishers in the world.
Also in June, Platinum Equity agreed to buy a controlling stake in La Vergne, Tenn.-based SVP-Singer Holdings Inc. and its wholly owned subsidiary, SVP Worldwide, the world’s largest consumer sewing machine company.
In July, Platinum Equity completed its purchase of Ingram Micro in a deal valued at $7.2bn. The private equity giant picked up Ingram from a subsidiary of Chinese aviation and shipping conglomerate HNA Group Co. Ltd.
In the past month, Platinum Equity has also picked up Petmate, an Arlington, Texas-based maker of pet products; Datalot Inc., a New York City-based digital marketing company for the insurance industry; and Achieve3000 Inc., a Red Bank, N.J.-based instruction and learning company for pre-kindergarten through 12th grade.
Source: Los Angeles Business Journal
Can’t stop reading? Read more
BlueFive Capital lands sovereign backing from Bahrain’s Mumtalakat
BlueFive Capital lands sovereign backing from Bahrain’s Mumtalakat Bahrain’s sovereign wealth...
Green Arrow Capital to acquire De Agostini’s alternatives arm in portfolio reshuffle
Green Arrow Capital to acquire De Agostini’s alternatives arm in portfolio reshuffle Green Arrow...
Apollo hits $840bn AUM amid market volatility and record deal activity
Apollo hits $840bn AUM amid market volatility and record deal activity Apollo Global Management...