Platinum agrees to buy insulation business from Broadway Industrial Group

Platinum Equity agreed to acquire Foam Plastic Solutions and Flow Control Devices business of Broadway Industrial Group. Foam Plastic Solutions provides protective packaging, insulation and component products to consumer electronics, automotive and medical industries. The proposed acquisition was led from Platinum’s Singapore office and represents the firm’s second of a business in Asia.

Press Release

Platinum Equity today announced it has signed a definitive agreement to acquire the Foam Plastic Solutions (“FPS”) and Flow Control Devices (“FCD”) businesses of Broadway Industrial Group Limited.

FPS is a leading supplier of protective packaging, insulation and component products to the consumer electronics, automotive, medical and other end-markets. FCD supplies high-performance parts such as valves, fittings, sensors, and related components used in diverse end-applications.

Platinum Equity is a Los Angeles-based global private equity firm focused on acquiring businesses that can benefit from the firm’s operational expertise. The proposed acquisition was led by Platinum Equity’s Singapore office.

Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the Singapore-based team, said this type of transaction is a perfect fit for Platinum Equity’s approach.

“We have 20 years of experience providing divestiture solutions to corporate sellers and establishing thriving standalone businesses,” said Mr. Kotzubei. “We also have substantial financial and operational resources in Asia and a strong and growing track record of creating value in the region.”

Platinum Equity has long had a presence in Asia through the operations of its portfolio companies, with total employment today now exceeding 20,000 people across multiple portfolio companies in a range of different industries.

The proposed acquisition of FPS and FCD marks the firm’s second acquisition of a business headquartered in Asia. In April 2015 Platinum Equity acquired Chinese manufacturer Ying Shing Enterprises Limited (“Ying Shing”), a vertically integrated manufacturing solutions provider for customized precision-engineered plastic injection molded and metal stamping components.

“This transaction with Platinum Equity marks an important milestone in the history of Broadway Industrial Group Ltd. Not only does it unlock shareholder value, it also connects the divested businesses to a reputable and financially strong private equity firm with operational expertise and extensive experience in Asia,” said Lew Syn Pau, Chairman of Broadway Industrial Group. “I am confident that Platinum Equity will provide the much-needed resources to help the businesses grow and continue to get stronger.”

Soo Jin Goh, Principal at Platinum Equity and co-head of the firm’s Singapore-based team, said he is excited about the prospects for the business and looks forward to working with the management team.

“This acquisition creates a strong platform for growth and we are eager to work with the management team to pursue opportunities to expand the business both organically and through strategic add-on acquisitions,” said Mr. Goh.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity ( is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 25 operating companies that serve customers around the world. 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 20 years Platinum Equity has completed more than 175 acquisitions.