Based in Torrance, California, Pelican Products has a network of 11 manufacturing sites, 19 service centres, and 23 international sales offices across 27 countries
A water-resistant Pelican Products iPod case. (Credit: Jason7825/Wikipedia.)
US-based private equity firm Platinum Equity has completed the acquisition of packaging and protective cases provider Pelican Products for an undisclosed sum.
In October last year, Platinum has initially signed an agreement with Behrman Capital, the holding company of Pelican Products, to acquire the company.
Under the terms of the acquisition, Pelican CEO Phil Gyori will continue to lead the company after the closing of the transaction.
Based in Torrance, California, Pelican has a network of 11 manufacturing sites, 19 service centres, and 23 international sales offices across 27 countries.
The company operates in two segments, where Pelican Products is engaged in designing and manufacturing high-performance rigid protective cases, and portable lighting solutions.
Its other unit Peli BioThermal offers a complete portfolio of passive temperature-controlled parcel solutions for clinical trials and commercial biopharma markets.
Gyori added: “The entire Pelican team is excited about our new partnership with Platinum Equity, as they have an impressive record of helping companies maximise their potential.
“Platinum will offer a fresh perspective on our business, along with specialised expertise and the resources to fuel our growth and expand our robust collection of products and services.”
Established in 1995, Platinum Equity is an investment firm with more than $25bn of assets under management and a portfolio of around 50 operating companies.
The company specialises in mergers, acquisitions and operations, a trademarked strategy it calls M&A&O, acquiring and operating companies in various markets.
It has completed more than 300 acquisitions in the last 25 years.
Platinum Equity managing director Matthew Louie said: “The Pelican brand is well known for its commitment to durability, safety, and superior product performance and innovation.
“In our view, it’s the gold standard of the protective case industry and that’s solidified and supported by a strong brand equity.
“We look forward to working with the company’s management team and deploying our operational and M&A resources in support of the next phase of Pelican’s growth and expansion.”
Gibson Dunn & Crutcher served as legal counsel and Willkie Farr & Gallagher as debt financing counsel to Platinum Equity on the acquisition.
BofA Securities served as lead underwriter for the debt financing, Credit Suisse as exclusive financial advisor and Latham & Watkins as legal counsel to Pelican Products.