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).
(Logo:
http://www.newscom.com/cgi-bin/prnh/20090701/352401 )
"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.
