L.A.-based Platinum Equity has completed the sale of North American wire harness business, AEES, to PKC Group, a wireless harness manufacturer. The sale transaction included cash and newly issued PKC shares.
Los Angeles – Platinum Equity announced today it has completed the sale of its North American wire harness business, AEES, to PKC Group. The sale transaction included cash consideration and newly issued PKC shares.
AEES is one of the leading North American suppliers of wiring harness solutions to automotive original equipment manufacturers and tier-one suppliers. AEES also has operations in Brazil and Ireland. PKC is one of the leading wiring harness manufacturers for trucks in Europe and South America.
“PKC is a great strategic fit for AEES with a complementary geographic footprint and customer base,” said Robert Wymbs, the principal at Platinum Equity whose team led the AEES sale. “We are proud of Platinum’s role in establishing AEES as a leader in North America and look forward to continuing on as a shareholder in the combined organization.”
Platinum acquired the business, a former division of Alcoa, in 2009 and established it as a standalone company branded “AEES.” Platinum installed new leadership and helped manage the company through two years of complex international restructuring.
“PKC is a great strategic fit for AEES with a complementary geographic footprint and customer base.”
“We helped transform AEES into a profitable, growing business on the heels of an economic downturn that was devastating to the global automotive industry,” said Mr. Wymbs. “That AEES is a leader in its industry today is a testament to a lot of hard work by Platinum’s operations team and AEES employees, customers, suppliers, and vendors around the world.”
Platinum’s M&A&O® approach focuses on acquiring businesses that need operational support and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration, and operations.
About Platinum Equity
Platinum Equity 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 120 acquisitions.