Platinum Equity Acquires Majority Stake in Yak Access
LOS ANGELES , July 30, 2018 (GLOBE NEWSWIRE) -- Platinum Equity today announced it has has acquired a majority stake in Yak Access LLC from Jones Companies and Beasley Forest Products. Financial terms of the transaction were not disclosed.
Yak Access, based in Columbia, Miss., provides temporary roadway solutions to remote construction sites, primarily serving the oil and gas pipeline and powerline sectors in the United States. The company comprises three related businesses – Yak Mat, New South Access and Environmental Solutions, and BluRoc – offering a full suite of solutions, including hardwood mats, temporary and permanent access roads, site evaluation, design and installation of access plans, and mat removal.
“Yak Access is led by a passionate management team with a proven track record of product and service innovation,” said Platinum Equity Partner Jacob Kotzubei. “We are excited about this partnership and have tremendous respect for the company’s culture and core values, which are part of an impressive foundation built over many years. We see a highly scalable platform with a lot of room for continued growth, both organically and through new add-on acquisitions.”
Through a joint venture, Jones Companies and Beasley Forest Products will retain a minority stake and will remain actively involved in the business.
“Platinum Equity is the ideal partner and our business will benefit from their additional financial, operational and M&A resources,” said Jones Companies CEO Jonathan Jones. “The firm shares our commitment to innovation and to serving our customers, and it has valuable experience working with entrepreneurial businesses like ours.”
Yak Access operates a nationwide network featuring locations strategically located within 200 miles of the majority of key planned powerline and pipeline projects.
“Over more than 40 years, we have grown our business into an industry leader that owns and operates nationwide manufacturing facilities and service locations, offering clients economies of scale and a variety of ready-to-ship mats in close proximity to any project, especially in the United States,” said Beasley Forest Products CEO Darrell Beasley. “This partnership with Platinum Equity will allow us to take the next step in the growth and evolution of our business.”
Yak Access CEO Jonathan Duhon will remain in his current position following the transition to new ownership.
“This is exciting news for our company, our partners and the clients we serve,” said Mr. Duhon. “Teaming up with Platinum Equity will allow us to make additional investments in multiple areas, including growth and new technology. We are thrilled about the new opportunities ahead, in both the near and long term.”
About Platinum EquityFounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of approximately 40 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, 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 23 years Platinum Equity has completed more than 200 acquisitions.
Contacts: Dan Whelan, Platinum Equity (310) 282-9202 email@example.com