Divesture marks final exit of Platinum's Yak
Access Investment
LOS
ANGELES, July 29, 2024 /PRNewswire/ -- Platinum
Equity announced today the sale of BluRoc LLC to Mollitiam
Holdings. Financial terms were not disclosed.
Headquartered in Northampton,
Massachusetts, BluRoc is a provider of temporary and
permanent access roads, midstream projects, renewable
infrastructure, access matting, environmental controls, land
clearing and bridge installation services.
BluRoc was previously owned by Yak Access, which Platinum Equity
sold in March to United Rentals, Inc. (NYSE: URI) for approximately
$1.1 billion in cash.
"We are grateful to the BluRoc team for their commitment to
delivering superior access solutions to customers across the
Northeast, Mid-Atlantic and beyond," said Platinum Equity
Co-President Jacob Kotzubei and
Managing Director Matthew Louie in a
joint statement. "BluRoc was a valuable contributor to our Yak
investment and is well positioned for continued success under new
ownership. We are proud of the work we did over the past six years
and the value we created while navigating challenges posed by
Covid-19 and fluctuations in the oil and gas market. Ultimately Yak
and BluRoc emerged stronger, more capable and resilient businesses
ready for the next chapter."
Jamie Moncur, President of
BluRoc, expressed his gratitude: "We are deeply thankful to
Platinum Equity for their unrivaled support throughout this
journey. Their guidance and expertise have been invaluable. We are
now equally excited about the new strength and opportunities this
acquisition brings with Mollitiam Holdings. Together with the
existing BluRoc leadership team, we look forward to continuing our
tradition of excellence and driving further innovation in access
solutions."
Platinum Equity acquired a controlling stake in Yak in 2018 from
Jones Companies and Beasley Forest Products.
Palm Tree served as financial advisor and Morgan Lewis provided legal counsel to Platinum
Equity on the sale of BluRoc.
About Platinum Equity
Founded in 1995 by Tom Gores,
Platinum Equity is a global investment firm with more than
$48 billion of assets under
management and a portfolio of approximately 50 operating
companies that serve customers around the world. Platinum Equity
specializes in mergers, acquisitions and operations – a trademarked
strategy it calls M&A&O® – acquiring and
operating companies in a broad range of business markets, including
manufacturing, distribution, transportation and logistics,
equipment rental, metals services, media and entertainment,
technology, telecommunications and other industries. Over the past
28 years Platinum Equity has completed more than 450
acquisitions.
About BLUROC
In 2017, BLUROC was acquired by YAK ACCESS to provide access road
and clearing services in the North East. BLUROC is a single-source
access solution for even the most challenging terrain. In addition
to building mat roads, BLUROC builds permanent and temporary access
roads for power line construction, installs bridges, and provides
land clearing services for all industries. Regardless of industry
or location, we create roadways, bridges and various out of the box
infrastructures to allow customers to successfully reach and
complete their jobs.
Contacts:
Dan Whelan
Platinum Equity
dwhelan@platinumequity.com
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SOURCE Platinum Equity