PLATINUM EQUITY COMPLETES ACQUISITION OF PELICAN PRODUCTS
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LOS ANGELES, Dec. 31, 2021 /PRNewswire/ -- Platinum Equity announced today that the acquisition of Pelican Products has been completed. Pelican is a global leader in the design and manufacture of high-performance protective cases and rugged gear for professionals and outdoor enthusiasts, and temperature-controlled supply chain solutions for the healthcare industry.
Financial terms were not disclosed.
Pelican operates in two primary segments: Pelican Products designs and manufactures high-performance rigid protective cases, advanced portable lighting systems, and outdoor consumer products for highly resilient government, commercial, and consumer markets. Peli BioThermal provides a comprehensive portfolio of passive temperature-controlled parcel solutions for high-growth clinical trials and commercial biopharma markets.
"Over more than four decades Pelican has established a powerful brand, inspiring strong loyalty from some of the world's most demanding customers," said Platinum Equity Partner Jacob Kotzubei. "We are very excited about the company's potential to build on that heritage and further expand its reach. There is a lot for us to do operationally, both in capital investment and also intellectual investment in terms of new product innovation, more efficient manufacturing, and enhancing the go-to market effort."
Headquartered in Torrance, CA, Pelican maintains 11 manufacturing sites, 19 service centers and network stations, and 23 international sales offices across 27 countries.
"The Pelican brand is well known for its commitment to durability, safety, and superior product performance and innovation," said Platinum Equity Managing Director Matthew Louie. "In our view, it's the gold standard of the protective case industry and that's solidified and supported by a strong brand equity. We look forward to working with the company's management team and deploying our operational and M&A resources in support of the next phase of Pelican's growth and expansion."
Pelican CEO Phil Gyori will continue to lead the company following the transaction.
"The entire Pelican team is excited about our new partnership with Platinum Equity, as they have an impressive record of helping companies maximize their potential," Mr. Gyori said. "Platinum will offer a fresh perspective on our business, along with specialized expertise and the resources to fuel our growth and expand our robust collection of products and services."
Gibson Dunn & Crutcher LLP served as legal counsel and Willkie Farr & Gallagher LLP provided debt financing counsel to Platinum Equity on the Pelican acquisition. BofA Securities was the lead underwriter for the debt financing.
Credit Suisse served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Pelican Products.
About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – 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 25 years Platinum Equity has completed more than 300 acquisitions.
About Pelican ProductsPelican Products, Inc. is the global leader in the design and manufacture of high-performance protective cases, temperature-controlled packaging solutions, advanced portable lighting systems and rugged gear for professionals and outdoor enthusiasts. Their products are used by professionals in the most demanding markets including fire safety, law enforcement, defense / military, aerospace, life sciences, industrial, entertainment, and in numerous outdoor markets. Pelican™ products are designed and built to last a lifetime. The company operates in 27 countries, with 23 international sales offices and eleven manufacturing facilities around the globe. In Europe, the company does business under the name Peli Products, S.LU. and the division which manufactures temperature-controlled packaging for the healthcare industry, does business worldwide under the brand Peli BioThermal. For more information, visit www.pelican.com.
Dan Whelan, Platinum Equity(310) 282-9202[email protected]
Sharon Ward, Pelican Products(310) 257-5650[email protected]
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SOURCE Platinum Equity
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