LOS ANGELES, CA-- June 08, 2016 - Platinum Equity today announced the signing of a definitive agreement to sell MetoKote to PPG (NYSE: PPG). MetoKote is a U.S.-based provider of industrial coating services. Financial terms were not disclosed. The pending transaction is subject to customary closing conditions and is expected to close in the third quarter of 2016.
"MetoKote's success is a result of a great partnership with the management team and a lot of hard work by the company's dedicated employees," said Platinum Equity Partner Bob Wymbs. "Working together we have grown the business, diversified its customer base and positioned MetoKote for long-term success."
Mr. Wymbs said that during Platinum Equity's ownership, MetoKote implemented a range of strategic and operational initiatives that have helped the company grow and adapt to changes in the market. Platinum Equity acquired MetoKote in October 2013. In December 2015 MetoKote acquired Malcolm Enamellers ACP Limited, a provider of coating services in the UK.
"Platinum Equity has been a great partner, from helping us set strategy to providing the support we needed to execute," said MetoKote President and CEO Jeff Oravitz. "Working together we realigned the company's global footprint, sharpened our focus on high-growth markets, and made important investments to strengthen key customer relationships. We are on a strong path for continued growth and success."
Houlihan Lokey is serving as financial advisor to Platinum Equity on the sale of MetoKote and Milbank, Tweed, Hadley & McCloy is acting as Platinum Equity's legal counsel.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of approximately 25 operating companies that serve customers around the world. Platinum Equity specializes in mergers and operations -- a trademarked strategy it calls M&A&O(R) -- acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years, Platinum Equity has completed more than 175 acquisitions.