Platinum Equity Acquires PrimeSource

Platinum Equity announced it has completed the acquisition of PrimeSource Building Products, Inc. from ITOCHU Corporation. Financial terms were not disclosed.

PrimeSource, headquartered in Irving, Texas, is the largest distributor of construction fasteners and one of the largest distributors of non-lumber building products in North America. Platinum Equity is a global private equity firm currently investing from a $3.75 billion buyout fund focused on acquiring businesses that can benefit from the firm’s operational expertise. Platinum Equity partner Jacob Kotzubei, who leads the team that pursued the acquisition, said several factors make PrimeSource an attractive investment opportunity.

The PrimeSource transaction represents the third acquisition Platinum Equity has completed in the last three months. The firm acquired Enbi, a manufacturer of print rollers and specialty components, in March from Dutch multinational Royal Tencate and acquired Chinese manufacturer Ying Shing Enterprises in April. A fourth transaction, the proposed acquisiton of Worldwide Flight Services, was announced in April and is expected to close by the end of June.