PrimeSource to be sold to Clearlake Capital Group
Platinum Equity has agreed to sell PriSo Holding Corporation (PrimeSource) to Clearlake Capital Group L.P.
Terms of the transaction were not disclosed.
PrimeSource is a global distributor of specialty building materials serving residential, commercial, and industrial new-construction and remodeling markets. Founded in 1990, PrimeSource manages a highly diversified global supply chain, distributing over 23,000 SKUs sourced from more than 500 vendors in 16 countries throughout Asia, Europe and North America.
Platinum Equity acquired PrimeSource in 2015 from Itochu Corporation.
"We deployed the full range of our M&A&O toolkit, helping the company grow strategically while enhancing its capabilities in supply chain management, logistics, salesforce effectiveness and technology applications," said Jacob Kotzubei, Platinum Equity partner. "By investing in growth and fundamentally improving the Company's operational underpinnings, PrimeSource substantially increased earnings and is well positioned to sustain its momentum."
"We are excited to partner with Tom, Bill, and the entire PrimeSource management team," said José E. Feliciano, co-founder and managing partner at Clearlake. "This new investment is a great example of our focus and expertise in the specialty industrial distribution sector. We look forward to leveraging Clearlake's O.P.S. playbook to capitalize on the Company's market leadership and strong momentum to accelerate growth through both organic initiatives and acquisitions."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
