7/16/2009
Acument’s Parent Continues Acquisitions
The parent company of fastener distributor Acument Global Technologies continues to make attention-catching acquisitions.
Since March Platinum Equity LLC acquired the San Diego Union-Tribune, bought a majority stake in Canvas Systems LLC, which supplies used and refurbished IT equipment, and agreed to buy the wire harness and electrical distribution business of Alcoa Inc.
Norcross, Ga.-based Canvas provides used and refurbished networking, storage, server and IP Telephony equipment in more than 65 countries. The company has over $100 million in annual revenue.
Canvas hopes to cash in on the demand of “cost-conscious” corporations looking to cut down on IT spending, said Canvas spokesman Matt Goggin, adding that the used equipment costs about 40% to 50% less than brand new equipment.
Platinum, headed by founder and CEO Tom Gores, acquired Textron Fastening Systems from Textron Inc. for $673 million plus assuming debt in 2006 and renamed the company Acument.
Beverly Hills, CA-based Platinum’s automotive-related deals also include 3B Fibreglass, a maker of thermoplastics and fiberglass products; and DyStar, a maker of textile dyestuffs, leather and textile auxiliary products. ©2009 GlobalFastenerNews.com
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