July 25, 2007 |
Beverly Hills-based buyout firm Platinum Equity said Tuesday it had agreed to acquire Ryerson Inc., a Chicago-based steel distributor and processor, for about $1 billion in cash. For Platinum, known for taking over high-tech companies, Ryerson would be its third steel industry acquisition in less than three years. The private equity firm, which is led by billionaire Tom Gores, agreed to pay $34.50 a share for Ryerson and to assume about $1 billion in debt.
August 16, 2005
As expected, Platinum Equity, a buyout company owned by billionaire Tom Gores, agreed to acquire struggling computer modem maker U.S. Robotics Corp. Terms weren't disclosed.
November 19, 2004 |
Continuing its acquisition spree, Los Angeles private investment firm Platinum Equity said Thursday that it would acquire General Electric Co.'s IT Solutions unit for undisclosed terms. The purchase, expected to be completed by year-end pending regulatory approval, would be Platinum's seventh in 2004. Platinum Equity, which has a portfolio of 22 operating companies, plans to integrate Erlanger, Ky.
July 23, 2003 |
Los Angeles-based Platinum Equity said it bought the service division of Kemper Insurance Cos. for an undisclosed sum. Platinum said it would keep the management team at Kemper Services, which handles property and casualty claims management, safety consulting and related services for Kemper and for third-party insurers and employers. Oak Grove, Ill.-based Kemper is exiting the insurance business and selling its assets.
November 27, 2003 |
Platinum Equity, the big Los Angeles investment firm, said Wednesday that it would buy the logistics unit of London-based Hays for $174 million. The deal would boost Platinum's annual revenue to $5.5 billion from $4 billion and cement its position as Los Angeles County's largest private company, the firm said. It would add 16,000 employees, nearly doubling its global employee base. Platinum led private L.A. companies in fiscal 2002 revenue, according to the Los Angeles Business Journal.
June 26, 2009 |
Bankrupt auto parts maker Delphi Corp. defended its proposed sale to Beverly Hills-based private equity firm Platinum Equity on Thursday, saying claims that the transaction was a sweetheart deal were unfounded. In a filing with the U.S. Bankruptcy Court in Manhattan, Delphi Chief Financial Officer John Sheehan fired back at criticism from Delphi's creditors, who say the $3.6-billion deal between the two companies had been covertly brokered. The deal has the backing of the U.S.