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