Behrman Capital has agreed to sell rugged case-maker Pelican Products to Platinum Equity. Behrman first invested in Pelican in October 2004.
Pelican Products is a designer and manufacturer of protective cases and lighting products – designed to withstand hazardous and extreme conditions – that are used in the consumer, commercial, industrial, bio-pharmaceutical, and government end markets. The company’s Peli BioThermal division provides temperature-controlled, thermally-protected packaging to the life sciences industry.
Pelican began in 1976 in Torrance, California when scuba diver Dave Parker designed a safety tool that bobbed on the water’s surface to mark a diver’s location. Soon thereafter, Mr. Parker designed a rugged, durable, and water-proof first-aid kit for divers. The product was a hit with divers who soon began removing the first-aid supplies and used the case to protect other valuables.
Today, the company is led by CEO Phil Gyori and is still headquartered in Torrance with primary manufacturing facilities – which employ both injection and roto-molding technologies – in California and Massachusetts.
“We are very grateful to Behrman Capital for their support and partnership since their initial investment in 2004,” said Mr. Gyori. “The Behrman team’s expertise and resources have been invaluable as Pelican has pursued our strategy to be the global leading protection solutions company. We believe Pelican today is well-positioned to drive profitable growth for the benefit of our team and customers around the world, and we look forward to embarking on this next chapter of growth under Platinum’s ownership.”
“Pelican has been an exceptional investment for Behrman, and we are very proud of our role in driving the company’s industry leadership and value creation story,” said Grant Behrman, a managing partner of Behrman Capital. “Under our 17 years of ownership, Pelican has completed numerous strategic acquisitions, pioneered innovative new products including temperature-controlled packaging solutions, and expanded its footprint globally. We commend Phil and the team for their excellent work leading Pelican’s expansion efforts and have every confidence the company is poised for continued success.”
Behrman Capital invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses that are active in defense and aerospace, healthcare services, and specialty manufacturing and distribution. The firm has raised more than $3.5 billion since its founding in 1991 and is currently investing out of its sixth fund. Behrman Capital was founded by Grant and Daryl Behrman and has offices in New York City and San Francisco.
“For more than 45 years, Pelican has built a powerful brand with a well-earned reputation among its demanding and loyal customers for making some of the most indestructible products in the world,” said Jacob Kotzubei, a partner at Platinum. “We are committed to building on the company’s rich heritage and investing in continued innovation.”
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners V LP, a $10 billion buyout fund, and Platinum Equity Small Cap Fund LP, a $1.5 billion buyout fund focused on the lower middle market. Platinum was formed in 1995 by Tom Gores and is headquartered in Beverly Hills.
Credit Suisse was the financial advisor to Pelican Products and BofA Securities is the lead underwriter for the transaction’s debt financing.
This transaction is expected to close by the end of the year.
© 2021 Private Equity Professional | October 21, 2021
LLR Partners has made an investment in Genesee Scientific, a manufacturer and distributor of products used in life sciences applications.
“I am excited and honored to be joining such an incredible team and organization,” said Mr. Patrick. “Along with Jeff Boone, David Ultis and the rest of the Genesee team, we are excited to build upon the strong product portfolio and drive continued innovation in the business to support the needs of our customer base.”
“We are thrilled to be working with the Genesee team at such an exciting time in the life sciences research & development market. Genesee Scientific has served as a key partner to laboratories for more than two decades and will continue to support its customers as they lead innovative research initiatives for the industry,” said Michael Levenberg, a partner at LLR.
Philadelphia-based 
Monroe Capital, an active provider of senior and junior debt financing to middle-market businesses, has named Zia Uddin as its new president.
“I am humbled by the opportunity to build on Monroe Capital’s strong almost 20-year history of producing stable and consistent returns for our limited partners, as well as being an innovator in private credit asset management,” said Mr. Uddin. “Monroe’s 150 employees are extraordinary in what they do, and I am excited to be part of that collaboration.
New Mountain Capital has closed its latest direct lending fund, New Mountain Guardian III BDC LLC, with an above-target $1.15 billion of capital commitments. Including expected leverage, the new fund will have investable capital of $2.0 billion.
“We believe that the current environment, where robust sponsor deal activity and strong overall credit conditions are coupled with continued uncertainty and volatility in certain sectors, is especially well-suited to our agile and selective approach to credit investing,” said Mr. Hamwee. “We look forward to working with leading sponsors and portfolio companies to support their growth while pursuing attractive and consistent returns.”
“We were very pleased to see the strong reception Guardian III received from who we believe to be some of the leading sophisticated and experienced investors,” added Mr. Kline. “Our ability to leverage the resources, investing experience, knowledge, and relationships of the entire New Mountain platform to help source and evaluate opportunities is a true differentiator, and we are excited to utilize that capability for the benefit of all of our stakeholders.”
