PCI is a fully integrated design, engineering and manufacturing solutions provider with six manufacturing and design facilities across Asia. The company serves a variety of end markets including automotive, industrial equipment, commercial, consumer / lifestyle and medical segments.
Platinum Shares, one Los AngelesGlobal private equity firm focused on acquiring businesses that can benefit from the company’s operational expertise, acquired PCI in April 2019 in a public-private transaction. The PCI investment was led by Platinum Equity’s Singapore Office.
“We have committed substantial financial, M&A and operational resources to our investment strategy in Asia and PCI’s success is another example of how we are creating value in the region, âsaid Jacob Kotzubei, Platinum Equity’s partner Los Angeles head office which supervises the activities of the company Singapore– team based. âWe have extensive experience in transactions in Asia and a dedicated team on the ground that has real momentum. “
The sale of PCI will mark the second divestment of Platinum Equity in Singapore in the past year, having sold SingaporeComparison systems based on at Shanghai Wayne Enterprises in december 2020.
“By partnering with the PCI leadership team, we have accelerated the company’s transformation into a technology-driven company that is an integral part of its customers’ product development and supply chain ecosystems,” said Soo Jin Goh, Managing Director of Platinum Equity and responsible for Singaporebased investment team. âWe have invested in people and systems, transformed the business organization and the company’s approach to go-to-market to accelerate growth, and initiated ‘smart factory’ automation projects to increase production. efficiency and create operational leverage as the business continues to grow. “
Since the acquisition of PCI by Platinum Equity, the company has increased its annual revenue by over 40% and significantly improved its profitability. PCI also doubled its rate of customer acquisition during this period, with a focus on meeting the growing demand for connected products and devices. This resulted in a substantial contract gain in June 2021 to manufacture a portable contact tracing device as part of the Singapore government efforts to stop the spread of Covid-19.
âUnder the ownership of Platinum Equity, we have accelerated our transformation on many fronts, investing in machine and system upgrades, adding new talent to our organization and setting the stage for a new period of growth. and expansion, âsaid EL Teo, CEO of PCI. âCelestica is an industry leader and the ideal home for the future of our business. We are excited to leverage Celestica’s global footprint and significant resources to rapidly grow our business and introduce our solutions to more customers around the world.
âThe acquisition of PCI will allow us to strengthen our transformation initiatives and expand our portfolio with innovative capabilities in key growth markets,â said Rob mionis, President and CEO, Celestica. âPCI has built one of the best teams in the industry and a differentiated set of capabilities that make it a true value-added partner for their clients. By combining our portfolios and innovation platforms, we will be able to capitalize on emerging industry trends and strengthen our offerings to clients to generate meaningful value for all Celestica shareholders. “
Lincoln International is acting as financial advisor to Platinum Equity on the PCI sale. BDA Partners provides advisory services to Platinum Equity in Asia. Duane Morris is Platinum Equity’s legal advisor on the transaction.
About platinum stocks
Founded in 1995 by Tom GorÃ¨s, Platinum Equity is a global investment firm with more than $ 25 billion of assets under management and a wallet approximately 50 operating companies serving clients around the world. The company is currently investing Platinum Equity Capital Partners V, a 10 billion dollars global buyout fund, and Platinum Small Cap Equity Fund, a $ 1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and transactions – a branding strategy she calls M&A & OÂ® – acquire and operate companies in a wide range of business markets including manufacturing, distribution, transportation and logistics, equipment rental, metals related services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years, Platinum Equity has made over 300 acquisitions.
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To the extent that this press release contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws, please refer to Celestica’s press release issued today under âCaution Regarding Forward-Looking Statementsâ for identification and discussion of material underlying assumptions and the significant risks associated with, as well as further information regarding, statements and research information. This press release can be viewed under Celestica’s profile on sec.gov and sedar.com or on Celestica’s website at celestica.com. “
Dan Whelan, Platinum Action
SOURCE Platinum Action