Platinum Equity said July 3 that it has acquired PLI Card Marketing Solutions (a.k.a. Plasticard-Locktech International). Financial terms weren’t announced. PLI, of Las Vegas, provides gift, loyalty and membership card marketing solutions. Gibson, Dunn & Crutcher LLP served as Platinum Equity’s legal counsel on the acquisition of PLI. J.P. Morgan provided financial advice to PLI, while Robinson Bradshaw served as legal counsel to PLI.
LOS ANGELES and LAS VEGAS, July 03, 2018 (GLOBE NEWSWIRE) — Platinum Equity and PLI Card Marketing Solutions (a.k.a. Plasticard-Locktech International) announced today that Platinum Equity has acquired PLI from affiliates of the company’s founders. Financial terms were not disclosed.
Headquartered in Las Vegas, NV, PLI is a leading provider of gift, loyalty and membership card marketing solutions, including card production, personalization, fulfillment, direct mail and print services.
PLI is also the world’s largest manufacturer of hotel keycards and is the exclusive keycard vendor to some of the industry’s largest brands, including Hilton, Marriott and Hyatt. In 2017, the company produced approximately 1.6 billion gift, loyalty and hotel cards across all segments.
“PLI has built an outstanding business through a combination of grit and tenacity, and we respect the company’s growth-oriented mindset and entrepreneurial spirit,” said Platinum Equity Partner Jacob Kotzubei. “With the support of our financial, operational and M&A resources, PLI can now reach for the next level. We see tremendous opportunities for additional growth, in both core and adjacent markets, and will help the company invest in new technologies and deploy operational best practices throughout the organization.”
PLI CEO Peter Krauss said he believes Platinum Equity and PLI are a great fit.
“This is exciting news for PLI and our customers, and marks the next stage in our company’s evolution,” said Mr. Krauss. “Platinum Equity shares our relentless commitment to customer service and has a proven track record of helping businesses like ours maximize their potential.
“Our shared vision of continued growth, while ensuring the best customer experience, makes this an exceptional match,” added Mr. Krauss. “We are poised to revolutionize our industry and I couldn’t be more enthusiastic about the future of PLI.”
Mr. Kotzubei said the PLI acquisition also reflects Platinum Equity’s commitment to investing in the lower middle market as the firm continues to grow.
“We are very active in the lower middle market and PLI represents another exciting opportunity for Platinum to create value in that space,” said Mr. Kotzubei.
Gibson, Dunn & Crutcher LLP served as Platinum Equity’s legal counsel on the acquisition of PLI. Robinson Bradshaw served as legal counsel to PLI.
J.P. Morgan served as exclusive financial advisor to PLI on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 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 23 years Platinum Equity has completed more than 200 acquisitions.
PLI is a global provider of card production, card personalization, fulfillment, direct mail, advertising and marketing collateral and all print services with four production facilities and warehouses located in Asheville, NC, North Las Vegas, NV, Romeoville, IL and St. Louis, MO, including international worldwide customer support through distribution centers in Canada and the Netherlands. PLI is a leading card producer in the commercial card market with more than 1,000 employees nationwide and 450,000 square feet of total manufacturing space. The company manufactures cards produced from a variety of materials, producing more than 1.6 billion cards annually.