Platinum Equity Completes Acquisition Of Pelican Products
Platinum Equity announced that the acquisition of Pelican Products has been completed. Pelican designs and manufactures 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.
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.
“Over more than four decades Pelican has established a powerful brand, inspiring strong loyalty from some of the world’s most demanding customers,” said Platinum Equity Partner Jacob Kotzubei. “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 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,” said Platinum Equity Managing Director Matthew Louie. “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.
Pelican CEO Phil Gyori 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,” Mr. 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 LLP served as legal counsel and Willkie Farr & Gallagher LLP provided debt financing counsel to Platinum Equity on the Pelican acquisition. BofA Securities was 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.