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LOS ANGELES, Dec. 3, 2021 /PRNewswire/ -- Platinum Equity announced today that the previously announced sale of Orbit Irrigation to Husqvarna Group in a transaction valued at approximately $480 million has been completed.
Orbit, based in Salt Lake City, Utah, has approximately 300 employees and generates over 95% of its revenues in North America. The Orbit product offering includes watering equipment sold through retail, garden centers, e-commerce and professional channels. In addition, the company's B-hyve® suite of smart products helps consumers conserve water, promote plant health and save money. Platinum Equity acquired Orbit in February 2019.
The sale was the culmination of a transformation program under Platinum Equity's ownership that prioritized investing in Orbit's smart watering technology, diversifying its product portfolio and implementing operational improvement initiatives throughout the organization.
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"Orbit's success underscores the value of our M&A&O toolkit and contributes to the momentum our Small Cap team has generated," said Platinum Equity Partner Jacob Kotzubei. "We put the full range of our resources to work and helped transform Orbit into an industry leader that is well positioned to continue growing under Husqvarna's ownership."
Expanding Orbit's B-hyve ecosystem, which comprises a comprehensive suite of connected smart water and irrigation management tools, was a core element of the transformation plan.
"We invested in both organic and acquisitive growth, strengthening Orbit's core product line and helping diversify its portfolio," added Platinum Equity Managing Director Nick Fries. "Those efforts helped transform Orbit into a true omni-channel provider of water management and gardening solutions."
Moelis & Company LLC and William Blair & Company, LLC served as financial advisors to Platinum Equity on the sale of Orbit. Gibson, Dunn & Crutcher LLP served as legal counsel to Platinum Equity on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. 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 25 years Platinum Equity has completed more than 250 acquisitions.
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Contact:
Dan Whelan, Platinum Equity
(310) 282-9202
[email protected]
SOURCE Platinum Equity
Orbit, based in Salt Lake City, Utah, has approximately 300 employees and generates over 95% of its revenues in North America. The Orbit product offering includes watering equipment sold through retail, garden centers, e-commerce and professional channels. In addition, the company's B-hyve® suite of smart products helps consumers conserve water, promote plant health and save money. Platinum Equity acquired Orbit in February 2019.
The sale was the culmination of a transformation program under Platinum Equity's ownership that prioritized investing in Orbit's smart watering technology, diversifying its product portfolio and implementing operational improvement initiatives throughout the organization.
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"Orbit's success underscores the value of our M&A&O toolkit and contributes to the momentum our Small Cap team has generated," said Platinum Equity Partner Jacob Kotzubei. "We put the full range of our resources to work and helped transform Orbit into an industry leader that is well positioned to continue growing under Husqvarna's ownership."
Expanding Orbit's B-hyve ecosystem, which comprises a comprehensive suite of connected smart water and irrigation management tools, was a core element of the transformation plan.
"We invested in both organic and acquisitive growth, strengthening Orbit's core product line and helping diversify its portfolio," added Platinum Equity Managing Director Nick Fries. "Those efforts helped transform Orbit into a true omni-channel provider of water management and gardening solutions."
Moelis & Company LLC and William Blair & Company, LLC served as financial advisors to Platinum Equity on the sale of Orbit. Gibson, Dunn & Crutcher LLP served as legal counsel to Platinum Equity on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. 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 25 years Platinum Equity has completed more than 250 acquisitions.
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Contact:
Dan Whelan, Platinum Equity
(310) 282-9202
[email protected]
SOURCE Platinum Equity
Filed Under: Business
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