Platinum was previously Keystone's bond holder and worked closely with Keystone and the company's other debt holders to develop and execute a recapitalization plan that resulted in Platinum becoming the majority owner of the business.
Platinum Equity is a firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets.
Ed Orzetti, CEO of Keystone, since 2006, will continue to lead the company under Platinum Equity's ownership.
Jacob Kotzubei, partner of Platinum Equity, said: â€œKeystone has a strong management team, dedicated employees and an unparalleled distribution network, who led the team pursuing the Keystone acquisition. With a restructured balance sheet, ample liquidity and the added support of Platinum's operations team and M&A resources, Keystone is now well positioned for growth and long-term success.
â€œPlatinum's M&A resources will actively support Keystone going forward as well. We will work closely with Keystone to identify and pursue opportunities to grow the business organically and through additional acquisitions.â€
Mr Orzetti said: â€œPartnering with Platinum Equity and successfully recapitalizing our business is great news for Keystone's customers, suppliers and employees. We will continue offering the most comprehensive inventory selection in our industry, the highest levels of customer service, and the innovative marketing support our partners expect and deserve.â€
Will the acquisition benefit Platinum Equity?
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