LOS ANGELES, July 12, 2019 (GLOBE NEWSWIRE) -- Yak Access LLC, a portfolio company of Platinum Equity, announced today it has acquired Klein’s Restoration Services. Financial terms were not disclosed.
Based in Canton, Ohio, Klein’s provides a broad range of services including restoration, matting, site development and construction, and traffic control solutions, primarily to the powerline industry.
Yak Access, based in Columbia, Miss., is a comprehensive access solutions company providing matting solutions, installation and removal of temporary roads, construction of permanent access roads, and civil services for various industries throughout North America. Platinum Equity acquired a majority stake in Yak Access in July 2018.
“Klein’s will expand Yak’s footprint in the Midwest, strengthen its services offering and diversify its revenue base,” said Platinum Equity Partner Jacob Kotzubei. “We expect the combination will make Yak even more competitive and better positioned for long-term growth.”
Klein’s President Erik Klein will join the Yak Access leadership team following the transition to new ownership.
“Joining forces with an industry leader in Yak will benefit our customers and our employees, and will support our continued growth,” said Mr. Klein. “I’m confident that Yak will be a strong and committed partner, and with Platinum Equity’s financial and operational resources, we’ll be able to further invest in our business while implementing best practices throughout the organization.”
Yak CEO Jonathan Duhon said the combination is a natural fit.
“Klein’s will fit seamlessly into our business, expanding our ability to serve customers and providing new avenues for growth,” said Mr. Duhon. “I have great respect for Erik and the whole Klein’s team. They have built an impressive company through a combination of hard work, innovation and commitment to customer service.”
The acquisition of Klein’s marks Yak Access’s third add-on acquisition in recent years. The company acquired New South Access & Environmental Solutions in 2016 and BluRoc in 2017.
“We will continue pursuing additional ways to expand the company’s capabilities, both organically and through other potential add-on acquisitions,” added Mr. Kotzubei.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 24 years Platinum Equity has completed more than 250 acquisitions.