Platinum Equity to acquire Pelican Products
Platinum Equity has agreed to acquire Pelican Products from Behrman Capital, a private equity investment firm based in New York.
Financial terms were not disclosed. The transaction is expected to be completed by the end of the fourth quarter of 2021.
Pelican operates in two primary segments: Pelican Products designs and manufactures high-performance rigid protective cases, advanced portable lighting systems, and outdoor consumer products for government, commercial and consumer markets. Peli BioThermal provides a comprehensive portfolio of passive temperature-controlled parcel solutions for high-growth clinical trials and commercial biopharma markets.
“For more than 45 years Pelican has built a powerful brand with a well-earned reputation among its demanding and loyal customers for making some of the most indestructible products in the world,” said Jacob Kotzubei, Platinum Equity partner. “We are committed to building on the company’s rich heritage and investing in continued innovation.”
Headquartered in Torrance, California, Pelican maintains 12 manufacturing sites, 17 service centers and network stations, and 23 international sales offices across 25 countries.
“With a global manufacturing footprint and broad distribution network, Pelican is an outstanding platform for acquisitive growth with substantial opportunity in both its core markets and adjacent categories,” said Matthew Louie, Platinum Equity managing director. “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.”
Pelican CEO Phil Gyori will continue to lead the company following the transaction.
“As we move forward with the backing of Platinum Equity, I’m confident Pelican’s growth trajectory will remain strong, and our products and services will expand to meet the needs of our diverse customer base,” said Gyori. “I look forward to rolling up our sleeves, working alongside Platinum’s experienced team, and creating an exciting new chapter in the Pelican story.”
Grant G. Behrman, managing partner of Behrman Capital, said: “Pelican has been an exceptional investment for Behrman, and we are very proud of our role in driving the Company’s industry leadership and value creation story. Under our 17 years of ownership, Pelican has completed numerous strategic acquisitions, pioneered innovative new products including temperature-controlled packaging solutions, and expanded its footprint globally. We commend Phil and the team for their excellent work leading Pelican’s expansion efforts and have every confidence the company is poised for continued success.”
Los Angeles-based Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies.
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