LOS ANGELES, Oct. 19, 2021 /PRNewswire/ -- Platinum Equity announced today the signing of a definitive agreement to acquire Pelican Products, 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. The transaction is expected to be completed by the end of the fourth quarter of 2021.
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.
"For more than 45 years Pelican has built a powerful brand with a well-earned reputation among its demanding and loyal customers for making some of the most indestructible products in the world," said Platinum Equity Partner Jacob Kotzubei. "We are committed to building on the company's rich heritage and investing in continued innovation."
Headquartered in Torrance, CA, Pelican maintains 12 manufacturing sites, 17 service centers and network stations, and 23 international sales offices across 25 countries.
"With a global manufacturing footprint and broad distribution network, Pelican is an outstanding platform for acquisitive growth with substantial opportunity in both its core markets and adjacent categories," said Platinum Equity Managing Director Matthew Louie. "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.
"As we move forward with the backing of Platinum Equity, I'm confident Pelican's growth trajectory will remain strong, and our products and services will expand to meet the needs of our diverse customer base," said Mr. Gyori. "I look forward to rolling up our sleeves, working alongside Platinum's experienced team, and creating an exciting new chapter in the Pelican story."
Gibson Dunn & Crutcher LLP is providing legal counsel and Willkie Farr & Gallagher LLP is providing debt financing counsel to Platinum Equity on the Pelican acquisition. BofA Securities is 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 Equity Founded 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 Products Pelican 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, entertainment, industrial and in numerous outdoor markets. Pelican™ products are designed and built to last a lifetime. The company operates in 25 countries, with 23 international sales offices and twelve 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.