PLATINUM EQUITY SELLS BLUROC TO MOLLITIAM HOLDINGS

Rhea-AI Summary

Platinum Equity has sold BluRoc to Mollitiam Holdings, marking the final exit of its Yak Access investment. BluRoc, a provider of temporary and permanent access solutions, was previously part of Yak Access, which Platinum Equity sold to United Rentals (NYSE: URI) for $1.1 billion in March. The sale of BluRoc follows Platinum Equity's successful six-year ownership, during which the company navigated challenges like COVID-19 and oil market fluctuations. Jamie Moncur, BluRoc's President, expressed gratitude for Platinum Equity's support and excitement about future opportunities with Mollitiam Holdings.

Positive

• Successful exit strategy for Platinum Equity, completing the divestiture of Yak Access investment
• Previous sale of Yak Access to United Rentals for $1.1 billion in cash
• BluRoc emerged as a stronger and more resilient business under Platinum Equity's ownership

Negative

• None.

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

 

View original content:https://www.prnewswire.com/news-releases/platinum-equity-sells-bluroc-to-mollitiam-holdings-302208499.html

SOURCE Platinum Equity

FAQ

What company acquired BluRoc from Platinum Equity?

Mollitiam Holdings acquired BluRoc from Platinum Equity.

How much did United Rentals (URI) pay for Yak Access in March?

United Rentals (URI) acquired Yak Access for approximately $1.1 billion in cash in March.

What challenges did BluRoc face during Platinum Equity's ownership?

BluRoc faced challenges posed by COVID-19 and fluctuations in the oil and gas market during Platinum Equity's ownership.

Who served as financial advisor to Platinum Equity for the sale of BluRoc?

Palm Tree served as financial advisor to Platinum Equity for the sale of BluRoc.