Platinum Equity Sells Portfolio CompanyThursday, February 27, 2014
Platinum Equity on Thursday said it completed the sale of fleet equipment rental company Nesco to an affiliate of Energy Capital Partners.
The Beverly Hills private equity firm led by billionaire Tom Gores did not disclose financial terms of the deal with Energy Capital of Short Hills N.J.
Nesco, in Fort Wayne, Ind., primarily serves the North American electrical transmission and distribution market. Platinum acquired a controlling interest in October 2011.
"We are proud of the way Nesco grew and evolved under Platinum Equity's ownership," Louis Samson, the Platinum partner who led the team that first acquired the company, said in a statement. "We created substantial value in the business by investing in Nesco's people, fleet, operations, processes and systems. The business is well positioned for continued success under ECP's ownership."