Platinum Equity completed its acquisition of Pelican Products, a designer and manufacturer of protective cases and gear for professionals and outdoor enthusiasts and temperature-controlled supply chain solutions for the healthcare industry. BofA Securities was the lead underwriter for debt financing in support of the transaction.
“Over more than four decades Pelican has established a powerful brand, inspiring strong loyalty from some of the world’s most demanding customers,” Jacob Kotzubei, a partner at Platinum Equity, said. “We are very excited about the company’s potential to build on that heritage and further expand its reach. There is a lot for us to do operationally, both in capital investment and also intellectual investment in terms of new product innovation, more efficient manufacturing and enhancing the go-to market effort.”
Headquartered in Torrance, CA, Pelican Products maintains 11 manufacturing sites, 19 service centers and network stations and 23 international sales offices across 27 countries.
“The Pelican brand is well known for its commitment to durability, safety and superior product performance and innovation,” Matthew Louie, managing director at Platinum Equity, said. “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.”
Phil Gyori, CEO of Pelican Products, will continue to lead the company following the transaction.
“The entire Pelican team is excited about our new partnership with Platinum Equity, as they have an impressive record of helping companies maximize their potential,” Gyori said. “Platinum will offer a fresh perspective on our business, along with specialized expertise and the resources to fuel our growth and expand our robust collection of products and services.”
Gibson Dunn & Crutcher served as legal counsel and Willkie Farr & Gallagher provided debt financing counsel to Platinum Equity on the Pelican Products acquisition.
Credit Suisse served as exclusive financial advisor and Latham & Watkins served as legal counsel to Pelican Products.
