EDEN PRAIRIE, Minn., May 10, 2011 /PRNewswire/ -- Turnaround firm Platinum Group today announced that its private equity fund has acquired the assets of Nordquist Sign Company, Inc., which has designed, fabricated and serviced signage for businesses and institutions since 1904. Terms were not disclosed.
The firm's fund, Platinum Group Holdings II, invests in companies in need of capital and turnaround management expertise to restore value.
"Nordquist Sign Company was hit hard by the economic downturn," said Tom Ahonen, managing partner of Platinum Group. "We saw this as an excellent opportunity to invest and apply our turnaround expertise to return the company to a sound financial footing," he said. "In the process, we're saving jobs and taking a century-long legacy forward."
The new company, Nordquist Holdings, LLC, continues to do business as Nordquist Sign Company and operates out of its facility at 312 West Lake Street in Minneapolis with 16 employees who keep their positions. A former owner of the 107-year-old company, Dick Nordquist Jr., has joined the company's board of directors.
Ahonen is the new CEO of Nordquist Sign. He recently led the sale of Law Enforcement Targets, Inc. where he was president. He also served as vice president of finance and operations for Elvin Safety. Both companies were private equity investments of Platinum's fund. Ahonen's leadership expertise combines finance, operations and information technology.
Nordquist Sign's new chief operating officer is Kevin Yakes, an associate of Platinum Group with extensive experience in turnaround consulting, manufacturing and engineering.
Nordquist Sign is a designer and fabricator of signage, environment graphics and architectural elements since 1904. The company's designers and project managers team up with clients to transform their designs into quality, three-dimensional identities at a reasonable price. For more information about Nordquist Sign, visit www.nordquistsign.com
Founded in the early 1980s, Platinum Group is a turnaround management, consulting and investment firm that helps business owners restore, enhance and realize the value of their businesses. Its private equity funds seek majority positions in underperforming companies or those in critical transition in need of capital and turnaround management expertise. Over the past 16 years, the firm has invested in 17 companies. For more information, visit www.ThePlatinumGrp.com
SOURCE Platinum Group