|By Marketwired .||
|June 23, 2014 06:05 PM EDT||
LOS ANGELES, CA -- (Marketwired) -- 06/23/14 -- Platinum Equity today announced the sale of Acument Global Technologies, a leading provider of mechanical fastening products and services for the transportation market, to Fontana Gruppo, an Italian manufacturer of fastening solutions. Financial terms of the transaction were not disclosed.
"Acument is a healthy, thriving business today and will be a great fit within Fontana's portfolio," said Platinum Equity Partner Bob Wymbs, who led the sale process. "Like many automotive suppliers, the company faced a lot of ups and downs over the past eight years. This successful outcome reflects the hard work done by the people at Acument and is a testament to Platinum Equity's ability to steer its portfolio companies through good times and bad."
Founded by Tom Gores, Platinum Equity also owns Detroit area businesses Active Aero, Chassix, the Detroit Pistons and Palace Sports & Entertainment (PS&E).
Platinum Equity acquired Textron Fastening Systems in 2006 from Textron Inc. and established it as a standalone business under the Acument brand. Beginning in late 2008 Acument faced rapidly falling revenue caused by economic dislocation and steep declines in global automotive production. Platinum Equity worked with Acument management to develop and execute a global restructuring initiative.
"At a time when a lot of suppliers were going out of business, we buckled down and made some difficult but necessary decisions in order to survive and ensure continuity of supply," said Bryan Kelln, Partner and President of Portfolio Operations at Platinum Equity. "Acument aggressively scaled its cost structure while working closely with customers, lenders and other key stakeholders to stabilize the business."
In August 2010 Acument sold its non-core Avdel and Global Electronics & Commercial (GEC) business units, which helped provide needed working capital and reduced Acument's debt. It also intensified its focus on lean manufacturing, taking unnecessary costs out of the supply chain.
Acument CEO Patrick Paige reflected on the company's ability to survive the crisis.
"Acument emerged from the crisis a much stronger competitor in the fastener industry, with a healthy balance sheet and an even greater focus on operational performance and customer service," said Mr. Paige. "As a result, we were well positioned to invest in and grow our transportation businesses going forward."
At the end of 2010, as vehicle production was rebounding in North America, Acument re-launched an idled plant in Fenton, Michigan, and invested $20 million to replace an antiquated manufacturing facility in Brazil.
"We worked with the management team to stay disciplined on costs, while making smart investments that allowed Acument to capitalize on improving market conditions," said Mr. Kelln. "We attacked the rebound with the same sense of urgency used to weather the crisis. Ultimately, that collaborative, operationally intensive approach helped Acument succeed."
About Platinum Equity
Founded by Tom Gores in 1995, Platinum Equity is a global investment firm with more than $7 billion in assets under management and a portfolio of operating companies that generated approximately $15 billion in revenue in 2013. Platinum Equity specializes in mergers, acquisitions and operations -- a trademarked strategy the firm calls M&A&O® -- acquiring and operating companies in a broad range of business markets, including manufacturing, information technology, telecommunications, transportation and logistics, media, equipment rental, metals and other industries. Over the past 19 years Platinum Equity has completed more than 150 acquisitions.
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