Back in July [1] an affiliate of Platinum Equity LLC [2] made an irrevocable binding offer to purchase CBS Corp.’s CBS Outdoor International and it looks like the acquisition is now complete.
CBSO International CEO Antonio Alonso said “The CBS Outdoor International team has worked incredibly hard in recent years to create a business that has generated growth in a challenging market and reshaped CBS’s European and Asian Outdoor assets into a much improved company that is well-positioned for future success,”
“We are excited for this new chapter and feel that Platinum Equity provides the tools we will need to achieve our potential in the years to come.”
Platinum Equity’s European investment team headed by Bastian Lueken in London led the acquisition.
Bastian Lueken said “We have a strong team in London with a lot of experience, and our portfolio includes companies with pan-European operations. Our goal is to partner with the management team and help elevate CBSO International to new heights through hard work and customer focus. We will also continue looking for ways to grow the business organically and through complementary add-on investments.”
We understand that a team that includes Platinum Equity in-house operations specialists is focused on transitioning the newly acquired business and that a rebranding initiative is underway and a new corporate name and image will be announced as that process unfolds.
About Platinum Equity
Platinum Equity 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. The firm recently completed raising Platinum Equity Capital Partners III, a $3.75 billion buyout fund focused on investing in businesses that can benefit from Platinum Equity’s operational expertise.