Platinum Equity Completes Acquisition of CompuCom Systems Inc.; Company is Taken Private in $254 Million Cash-for-Stock Transaction.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Platinum Equity Platinum Equity is an American information technology and private equity firm. It was founded by billionaire Tom Gores in 1995 and is headquartered in Beverly Hills, California. announced today that it has completed the acquisition of CompuCom Systems Inc., a premier IT solutions provider that helps companies plan, implement and manage multi-vendor, industry standard computing environments. The acquisition was completed via a merger between CompuCom Systems and an affiliate of Platinum Equity. Under the merger agreement, CompuCom shareholders received $4.60 for each outstanding share of CompuCom common stock. Prior to the merger, CompuCom was a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMPC CMPC Classified Matter Protection and Control CMPC Compañia Manufacturera de Papeles y Cartones S.A. CMPC Cisco Multi-Path Channel CMPC Children's Media Policy Coalition CMPC Central Milk Producers Cooperative CMPC Connecticut Minority Purchasing Council ). The merger takes the company private. The all-cash transaction was valued at approximately $254 million, including the payment of $15 million plus accumulated dividends with respect to the company's outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . "We are very excited about the future of this business," said Jacob Kotzubei, senior vice president of mergers and acquisitions at Platinum. "CompuCom is a leading provider of IT solutions to enterprise customers. It provides a strong complement to our other service and solutions businesses, and it will be an important platform company in our operations portfolio." With the addition of CompuCom, Platinum Equity's operations portfolio now comprises 21 operating companies with more than 38,000 employees and global annual revenue of nearly $8 billion. "We have a tremendous amount of momentum right now," said Johnny O. Lopez, executive vice president and the head of Platinum's M&A organization. "CompuCom is the third billion-dollar-revenue company we have acquired this year, and we are continuing to aggressively pursue new transactions." Headquartered in Dallas, CompuCom has approximately 3,500 employees and sales of approximately $1.4 billion in 2003. As one of the largest multivendor support providers in the nation, the company's customer base includes Fortune 1000 enterprises, high-growth companies, vertical market leaders, major technology equipment manufacturers, leading-edge system integrators, and wireless technology providers who rely on CompuCom for superior, unbiased IT services and systems integration. "Platinum has a very focused approach that will ensure CompuCom's transition from public to private company is seamless," said Rob Joubran, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Platinum Equity. Platinum executives said among the top priorities in transition would be supporting the CompuCom management team as it refines its long-term strategic plan for the business. "With Platinum Equity's commitment and resources, CompuCom will be an even stronger and more capable IT solutions provider," said J. Edward Coleman Edward Coleman may refer to:
About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O(SM) firm specialized in the merger, acquisition and operation of mission-critical services and solutions companies. Since its founding in 1995, Platinum Equity has acquired more than 40 businesses and built a portfolio of companies with more than 38,000 employees, more than 600,000 customer sites and annual revenues of nearly $8 billion. In 2003 Platinum Equity was named the 34th largest private company in the United States. |
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