Platinum Equity Buys Industrial Firm, Completes CBS DealTuesday, October 1, 2013
Platinum Equity on Tuesday said that it has acquired MetoKote Corp., a Lima, Ohio provider of industrial metal coating services.
The Beverly Hills private equity firm led by billionaire Tom Gores did not disclose financial terms, but said MetoKote Chief Executive Jeff Oravitz will continue to lead the company. MetoKote serves a wide variety of manufacturers at 29 facilities in the United States, Canada, Mexico, Brazil and Europe. Platinum bought MetoKote from CCMP Capital Partners.
Platinum Equity has experience working with automotive and heavy equipment manufacturers. Its current portfolio includes automotive suppliers Acument and Chassix; Neovia Logistics, a global provider of complex supply chain and logistics services for automotive and other industries; and Active Aero, a provider of expedited transportation and logistics services for manufacturing, industrial and automotive customers.
In a separate announcement, Platinum said it had completed its acquisition of overseas outdoor advertising firm CBS Outdoor International from media giant CBS Corp., a deal valued at $225 million. Platinum plans to rebrand the business.