Platinum Equity Acquires Pelican Products
Platinum Equity announced this week the signing of a definitive agreement to acquire Pelican Products, a global leader in the design and manufacture of high-performance protective cases and rugged gear for professionals and outdoor enthusiasts, and temperature-controlled supply chain solutions for the healthcare industry.
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 highly resilient 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 Platinum Equity Partner Jacob Kotzubei. “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,” says Platinum Equity Managing Director Matthew Louie. “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,” says Mr. 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.”
Gibson Dunn & Crutcher LLP is providing legal counsel and Willkie Farr & Gallagher LLP is providing debt financing counsel to Platinum Equity on the Pelican acquisition. BofA Securities is the lead underwriter for the debt financing.
Credit Suisse served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Pelican Products.
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