Platinum Equity Sells Keen Transport to Wallenius Wilhemsen Logistics

 

LOS ANGELES (Dec. 8, 2017) –Platinum Equity today announced it has sold Keen Transport to Wallenius Wilhelmsen Logistics ASA (WWL).  Financial terms of the transaction were not disclosed. 

 

Keen Transport is a national provider of heavy-haul logistics and transportation services for the construction, mining and agriculture equipment markets. WWL, based in Oslo, Norway, is a global logistics operator serving the manufacturing industry with special focus on vehicles, mining and construction equipment and machinery. 

 

“In partnership with the Keen management team we have driven substantial operational improvements and helped transform the business,” said Platinum Equity Partner Bob Wymbs. “We installed new systems, implemented best practices throughout the organization, and helped diversify Keen’s customer base and industry concentration.”

 

Platinum Equity acquired the business in 2012 from the Keen family. Bill Keen has served as an advisor to the company for the past five years.

 

“Platinum’s operational expertise helped us transform from a family-owned business into a more sophisticated enterprise that is well prepared for the future,” said Keen Transport CEO Chris Easter. “They helped us develop new capabilities and delivered the tools we needed to operate more effectively.”

 

Mr. Wymbs added that the Keen Transport investment reflects Platinum Equity’s commitment to the lower middle market as the firm continues to grow. Platinum Equity is today investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund.

 

“We are very active in the lower middle market and the Keen investment is another great example of the firm continuing to create value in that space,” said Mr. Wymbs.

 

 

Keen Transport specializes in the movement of large and oversize equipment.  The company also provides value-added logistics, light assembly, painting, installation of aftermarket accessories, storage, and managed logistics services at facilities near U.S. ports and co-located with customer production facilities.

 

Raymond James & Associates served as financial advisor to Platinum Equity on the sale of Keen. Stubbs Alderton & Markiles, LLP served as Platinum Equity’s legal advisor.

 

Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with $13 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. 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 22 years Platinum Equity has completed more than 200 acquisitions.