Latest news with #PlatinumEquity
Bloomberg
a day ago
- Business
- Bloomberg
Earnings Tweak for Tariffs Draws Scrutiny to Urbaser's Debt Sale
Spanish waste management company Urbaser SA has removed a clause from deal documents that would have allowed it to exclude the impact of the US trade war from its earnings, according to people familiar with its debt sale. Urbaser, which is owned by private equity firm Platinum Equity, is seeking to raise €2.3 billion ($2.7 billion) in fresh debt from investors. An offering memorandum seen by Bloomberg included a provision that would have allowed it to tweak Ebitda, or earnings before interest, tax, depreciation and amortization, to exclude the impact of tariffs.
Yahoo
3 days ago
- Business
- Yahoo
Forward Air stock surges on report PE firms express acquisition interest
-- Forward Air Corporation (NASDAQ:FWRD) stock surged 15% in mid-day trading Monday after Reuters reported after the close Friday that private equity firms including Blackstone Inc (NYSE:BX) and Apollo Global Management (NYSE:APO) have expressed interest in acquiring the U.S. trucking company. According to sources familiar with the matter, these firms, along with Platinum Equity and Clearlake Capital, have signed confidentiality agreements allowing them to review company documents and information to shape potential bids. Initial takeover offers are expected during the first week of July. Forward Air, which specializes in less-than-truckload shipping services, confirmed earlier this week that it remains committed to its strategic alternatives review announced in January, which could potentially include a sale of the company. The company declined to comment on the specific interest from private equity firms, as did Blackstone and Apollo. Platinum and Clearlake were not immediately available for comment when contacted about their potential interest. Forward Air's strategic review comes as the company evaluates options to maximize shareholder value in the competitive logistics and transportation sector. Related articles Forward Air stock surges on report PE firms express acquisition interest Analysts start with bullish ratings on Hinge Health on growth potential UBS starts coverage on packaged food stocks with cautious tone, Sell on Freshpet Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Business
- Reuters
US trucker Forward Air attracts takeover interest from buyout firms, sources say
NEW YORK, June 13 (Reuters) - Private equity firms including Blackstone (BX.N), opens new tab and Apollo Global Management (APO.N), opens new tab have expressed interest in acquiring U.S. trucker Forward Air (FWRD.O), opens new tab, people familiar with the matter said. They signed confidentiality agreements with the company, allowing them to review documents and receive other information to shape a potential bid. Platinum Equity and Clearlake Capital are also able to review material after having signed agreements, the sources said. Initial takeover bids are due to be submitted during the first week of July, added the sources, who noted there was no guarantee the quartet of buyout firms would submit offers. There is also a possibility other suitors may emerge. The sources spoke on condition of anonymity to discuss private deliberations. The company declined to comment, as did Blackstone and Apollo. Platinum and Clearlake were not immediately available for comment. Forward Air, which specializes in moving hauls which do not take up a full truckload, said earlier this week it is committed to advancing its strategic alternatives review, which was announced in January and could include a sale of the company. Shares in the Greeneville, Tennessee-based company have tumbled from $121 in late 2021 to roughly $20 now, shrinking its market valuation to roughly $610 million. But on a fully diluted basis, including net debt, analysts said the company's enterprise value is closer to $2.5 billion. Private equity investors may be interested in Forward Air because they see a path to growth for the company which is already the dominant player in a niche area of the transportation market, but fell on tough times after an unpopular acquisition in 2024. The company bought freight forwarder Omni Logistics in a deal that was not voted on by shareholders, added debt and created operational disruptions, the analysts added. Not long after the deal was finalized in early 2024, several investors began pressuring the company to review its business, which resulted in the company's January 2025 announcement. Frustrated by little visible movement on the review, activist investor Ancora Holdings, which owns 4% of the company, in May mounted a campaign to remove three long-serving directors that it blamed for signing off on the Omni deal and stalling the sales process. The withhold campaign was a success and the trio resigned this week after the company's annual meeting.
USA Today
22-03-2025
- Automotive
- USA Today
Head of one of world's biggest golf cart manufacturers stepping down
Club Car CEO Mark Wagner will retire on August 1. Club Car, a major golf cart manufacturer, was founded in 1958 and is currently owned by Platinum Equity. The company recently invested in a new facility in Georgia to expand production of its electric street-legal vehicles. The head of one of the world's biggest golf cart manufacturers is stepping down. Club Car CEO Mark Wagner's retirement is effective Aug. 1, the company recently announced. "'We have achieved remarkable milestones, navigated historic challenges, and built a culture – a strong Black & Gold family,' Wagner said in a letter to employees. 'The current new product launches and our tariff success require our commitment and focus to achieve our growth plans and share gains this year. It is important to me that Club Car continues to succeed, and this planned transition time will allow that to happen without disruption.' Founded in Houston in 1958, Club Car moved to Augusta in 1962. It was owned by industrial components manufacturer Ingersoll Rand until it sold the business to investment firm Platinum Equity in 2021 for $1.7 billion. In April 2024, news outlets began reporting that Platinum Equity was in talks with multinational financial services giant Goldman Sachs to sell Club Car for more than $2 billion. Goldman Sachs helped Club Car with debt financing in 2022 when it purchased Danish electric vehicle manufacturer Garia. In April, Georgia Gov. Brian Kemp helped cut the ribbon on a new Club Car facility at White Oak Business Park. The 105,000-square-foot production and warehouse space will be devoted to the company's electric, street-legal Club Car Urban vehicles.
