Platinum Equity Completes Acquisition of TFS
Platinum Equity Completes Acquisition of TFS
Jason Sandefur
Textron Inc. completed the sale of Textron Fastening Systems to Beverly Hills-based Platinum Equity. The deal is worth a reported $673 million plus assumption of certain debt.
TFS, with more than 9,000 employees serving customers in 150 countries, will be renamed in the coming months, Platinum Equity stated.
“Textron Fastening Systems has really differentiated itself as a leader in the global fastener market,” commented Matt Young, senior vice president for mergers and acquisitions at Platinum Equity. “We are very pleased to add this business to our portfolio of operating companies.”
TFS, which reported 2005 revenue of approximately $1.8 billion, will function as a separate business.
“Platinum Equity does not intend to integrate our business into an existing management structure,” TFS communications director Tim Weir told FastenerNews.com in June. “TFS would continue to operate separately, while reporting to an operating board established specifically to provide guidance and oversight to the business. TFS management will be part of this board.”
Founded in 1995, Platinum Equity is an M&A&O firm that invests in information technology, telecommunications, logistics and manufacturing. The firm owns 18 portfolio companies with total consolidated revenue of $13.5 billion. The company is listed at No. 18 on the 2005 Forbes Largest Private Companies list.
The deal ends parent company Textron’s 51-year participation in the fastener industry. Web: platinumequity.com �2006 FastenerNews.com
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