Platinum Equity said Tuesday that it has bought MetoKote Corp. from CCMP Capital Partners. No financial terms were disclosed. Also, MetoKote President and CEO Jeff Oravitz will remain in his leadership roles. Based in Lima, Ohio, MetoKote is a provider of industrial metal coating solutions.
LOS ANGELES, CA–(Marketwired – October 01, 2013) – Platinum Equity announced today it has acquired MetoKote Corporation, a provider of industrial metal coating services, from CCMP Capital Partners LLC. Terms of the transaction were not disclosed.
MetoKote President and CEO Jeff Oravitz will continue to lead the company under new ownership and the company will continue to operate under the MetoKote brand.
“We are excited about the transition to new ownership and look forward to working with the Platinum Equity team to continue growing our business by providing customers with best-in-class coatings services,” said Mr. Oravitz. “MetoKote will benefit from Platinum’s expertise working with portfolio companies to create value and generate opportunities for growth.”
Platinum Equity has extensive experience in industrial services and working with automotive OEMs and heavy equipment manufacturers. The firm’s current portfolio includes Tier-1 automotive suppliers Acument and Chassix; Neovia Logistics, a global provider of complex supply chain and logistics solutions serving automotive and other industries; and Active Aero, a provider of expedited transportation and logistics solutions serving manufacturing, industrial and automotive customers.
“The MetoKote team can also benefit from Platinum’s international reach and experience working with global companies,” said Mr. Oravitz. “We are excited about the next chapter in the evolution of our business.”
About MetoKote Corporation
MetoKote Corporation, headquartered in Lima, Ohio, serves its many customers in 29 facilities throughout the United States, Canada, Mexico, Brazil and Europe. MetoKote provides environmentally sound and cost-effective coating solutions including equipment, coating application, and related management and support services to a wide variety of industries such as agriculture, appliance, automotive, computer, construction equipment, electrical, furniture, industrial equipment, recreational, and truck and bus. For more information, please visit: www.metokote.com.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® 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, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions. The firm recently completed raising Platinum Equity Capital Partners III, a $3.75 billion buyout fund focused on investing in businesses that can benefit from Platinum Equity’s operational expertise.