5/24/2010
HEADLINES
Platinum Equity Selling Avdel To Pan-Asian Private Equity Firm
Platinum Equity, the parent company of Acument Global Technologies, signed a definitive agreement to sell Acument’s Avdel and Global Electronics and Commercial (GEC) business units for an undisclosed sum.
“Divesting our Avdel and Global Electronics and Commercial businesses is an important step in the global realignment that has strengthened Acument in response to the economic downturn,” Acument communications director Tim Weir told GlobalFastenerNews.com.
“Acument is on much stronger footing today than at any time since the onset of the global recession over 18 months ago.”
The acquiring company is Asia Trading Company Limited, an entity controlled by CVC Asia Pacific, a pan-Asian private equity firm, and Standard Chartered Private Equity Limited, the private equity arm of Standard Chartered Bank (“CVC Standard”).
The deal, which is expected to close in the third quarter, will make CVC Standard the new owner of the Avdel and GEC businesses.
CVC Capital Partners, based in Luxembourg, is a leading global private equity firm with over US$35 billion in funds raised focused on management buyouts. CVC was founded in 1981 and today has a network of 19 offices throughout Europe, Asia and the United States. Since 1981, CVC has completed over 250 investments across a wide range of industries and countries.
CVC Asia Pacific has been one of the most active private equity investors in the Asia-Pacific region and has completed 29 investments, for a total transaction size of US$19 billion, covering Greater China, Southeast Asia, Korea, Japan, and Australia.
Acument intents to apply the net proceeds from the sale to the company’s loans outstanding under our Term Loan Agreement and Revolving Line of Credit.
The agreement “does not involve Avdel France at this time, pending the information and consultation process with employee representatives,” Weir stated.
In April Acument completed the sale of its French automotive business to Lisi and Agrati, as well as the French government’s “Fonds de Modernisation des Equipementiers Automobiles” (The Fund for the Modernisation of Automotive Suppliers – FMEA).
Weir said Acument will continue to focused on serving the global transportation market, including the automotive, heavy truck and bus, off-highway equipment, military and aerospace industries. ©2010 GlobalFastenerNews.com
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