Platinum Equity Acquires GEESINKNORBA From Oshkosh Corporation
PRNewswire, London, July 1. LOS ANGELES, California - GEESINKNORBA is specialized in one-stop solutions for a wide range of waste management needs. Its premium-quality products and services focus on efficient refuse collection and compaction. For more information, log on to www.geesinknorba.com. (PRNewsFoto/Platinum Equity)
LOS ANGELES, CA UNITED STATES
LOS ANGELES, California, July 1 /PRNewswire/ -- Platinum Equity today
announced it has completed the acquisition of The Geesink Norba Group from
Oshkosh Corporation (NYSE: OSK). The company, which has recently been
rebranded GEESINKNORBA, is based in Emmeloord, The Netherlands, and is a
leading European manufacturer of refuse collection vehicles (RCVs).
"GEESINKNORBA is an established business with talented employees and
long-standing relationships with valued customers," said Tom Gores, Platinum
Equity Chairman and CEO. "The company has an extraordinary opportunity to
thrive as an independent business and we look forward to helping it reach its
full potential."
A transition team of Platinum in-house operations specialists is working
to establish the newly acquired business as a standalone company.
"We are now focused on executing a seamless and efficient transition,
while maintaining the highest standards of quality and customer service,"
explained Mr. Gores.
GEESINKNORBA's key products include rear-loading and side-loading RCVs
and static and portable compactors. The company's primary markets include the
UK, Benelux, Scandinavia, France, Spain and Eastern Europe. GEESINKNORBA also
provides value-added parts and services.
GEESINKNORBA's latest innovation has been the successful launch of the
world's first "Plug-in" RCV that operates all of its functions electrically.
This innovation is environmentally friendly and reduces both fuel consumption
as well as noise during operation.
The transaction was first announced on May 4. Financial terms of the
acquisition were not disclosed. Oshkosh will retain ownership of its Romanian
facility that supplies fabrications to both GEESINKNORBA and JLG Industries,
an Oshkosh Corporation company.
"We worked hard with Oshkosh to create a divestiture solution that meets
the diverse needs of all interested parties," said Seth Romans, Vice
President at Platinum and M&A execution lead for the GEESINKNORBA
transaction. "Our ability to offer a European solution to a U.S.-based
corporate seller, and to execute with speed and certainty, worked to
everyone's advantage."
Platinum Equity Acquires GEESINKNORBA Platinum maintains an active and
growing presence in Europe, working from the firm's London-based European
headquarters. With significant financial resources, a unique
operations-focused investment approach, and experience executing complex
European transactions, Platinum offers customized solutions to sellers and is
actively seeking new opportunities.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm
specializing in the merger, acquisition and operation of companies that
provide services and solutions to customers in a broad range of business
markets, including information technology, telecommunications, logistics,
metals services, manufacturing and distribution. Since its founding in 1995
by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more
than $27.5 billion in aggregate annual revenue at the time of acquisition.
About GEESINKNORBA:
GEESINKNORBA is specialized in one-stop solutions for a wide range of
waste management needs. Its premium-quality products and services focus on
efficient refuse collection and compaction. For more information, log on to
http://www.geesinknorba.com.
