Platinum Equity announced today that it has completed
the sale of portfolio company ACR Logistics to Kuehne + Nagel
International AG, one of world's largest logistics companies.
"ACR Logistics was an outstanding investment for Platinum Equity, and we are very proud to have established the company as a leader in contract logistics," said Platinum Equity Chairman and CEO Tom Gores. "This is a great company, and we are confident it will continue to thrive under Kuehne + Nagel."
Platinum acquired the business, which was known as Hays Logistics, from Hays plc in February 2004, established the organization as a standalone company and re-launched it under the new name ACR Logistics. Subsequently, Platinum's operations executives worked with CEO Xavier Urbain and his management team to drive operational improvements and increase the enterprise value of the business.
When the agreement to sell the business was announced in October 2005, Kuehne + Nagel described ACR Logistics as "an ideal strategic fit" that would provide complementary geographic and industry penetration with blue-chip customers, a strong information technology platform, and an experienced and capable management team.
ACR's capabilities include supply-chain design, information systems and data management, distribution center and transport services, and asset management of returnable transport packaging and not-for-sale goods.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition, and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition.
"ACR Logistics was an outstanding investment for Platinum Equity, and we are very proud to have established the company as a leader in contract logistics," said Platinum Equity Chairman and CEO Tom Gores. "This is a great company, and we are confident it will continue to thrive under Kuehne + Nagel."
Platinum acquired the business, which was known as Hays Logistics, from Hays plc in February 2004, established the organization as a standalone company and re-launched it under the new name ACR Logistics. Subsequently, Platinum's operations executives worked with CEO Xavier Urbain and his management team to drive operational improvements and increase the enterprise value of the business.
When the agreement to sell the business was announced in October 2005, Kuehne + Nagel described ACR Logistics as "an ideal strategic fit" that would provide complementary geographic and industry penetration with blue-chip customers, a strong information technology platform, and an experienced and capable management team.
ACR's capabilities include supply-chain design, information systems and data management, distribution center and transport services, and asset management of returnable transport packaging and not-for-sale goods.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition, and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses with more than $11 billion in aggregate revenue at time of acquisition.
© 2006 Business Wire
