|By Marketwired .||
|February 27, 2014 05:00 AM EST||
LOS ANGELES, CA -- (Marketwired) -- 02/27/14 -- Platinum Equity announced today it has completed the sale of NESCO to an affiliate of Energy Capital Partners LLC ("ECP"). Terms of the agreement were not disclosed.
Based in Fort Wayne, Ind., NESCO is a leading provider of fleet equipment rental, sales and services for the North American electrical transmission and distribution market.
"We are proud of the way NESCO grew and evolved under Platinum Equity's ownership," said Louis Samson, the Partner at Platinum Equity who led the team that acquired NESCO. "We created substantial value in the business by investing in NESCO's people, fleet, operations, processes and systems. The business is well positioned for continued success under ECP's ownership."
Platinum Equity acquired a controlling interest in NESCO in October 2011. Since that time, NESCO has undergone a series of operational and M&A initiatives to drive growth and create a more profitable and operationally sound business.
Under Platinum Equity's ownership, the company completed two add-on acquisitions, which helped grow NESCO's fleet and expand the company's footprint in key regions. In August 2012, NESCO acquired the utility equipment fleet and related assets of Penske's utility rental division and in December 2012 acquired Utility Equipment Leasing Corporation.
Morgan Stanley and Harris Williams served as financial advisors to Platinum Equity on the sale of NESCO and Latham & Watkins served as legal advisors.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.