5/20/2015 12:44:00 AM
HEADLINES
Platinum Equity Re-Enters Fastener Industry
Former Textron Fastening Systems owner Platinum Equity acquired construction fasteners distributor PrimeSource Building Products, Inc. from ITOCHU Corp. Terms were not disclosed.
In addition to fasteners, Irving, TX-based PrimeSource is one of the largest distributors of non-lumber building products in North America. Web: primesourcebp.com/us/en
Platinum Equity partner Jacob Kotzubei said several factors make PrimeSource an attractive investment opportunity.
“PrimeSource is one of the leaders in the industry with an impressive global network, strong customer relationships and well recognized brands,” said Kotzubei. “We believe the company is well positioned for growth, both organically and through prospective add-on acquisitions.”
Over the past 20 years Platinum Equity has completed more than 150 acquisitions.
Troy, MI-based Textron Fastening Systems was acquired by Beverly Hills-based Platinum Equity on Aug. 11, 2006, in a deal worth a reported $673 million plus assumption of debt.
Within months, TFS was rebranded as Acument Global Technologies, “reflecting its new beginning and strategic direction as a stand-alone company,” the company stated.
Italy-based Fontana Gruppo acquired Acument Global Technologies in June 2014 for an undisclosed price.
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