PRINT THIS PAGE Hays continues divestment program with sale of logistics firm to US Platinum Equity27/11/2003. Source: AltAssets. 
 US private equity firm Platinum Equity has agreed to pay around £100m for the logistics unit of UK-listed business services group Hays. It is Platinum’s second major European acquisition.
Hays Logistics provides logistics and supply chain management systems across Europe and posted turnover of more than £850m last year.
Tom T Gores, chairman and chief executive of Platinum, said: ‘This acquisition underscores a concerted effort by Platinum to expand our global reach, particularly in Europe, as well as our market penetration in another mission-critical business sector.’
US private equity firms have become increasingly active participants in the European private equity market over the last eighteen months, attracted by the scale of corporate restructuring in the region and a less competitive environment than in the US.
Colin Matthews, Chief Executive Officer of Hays plc, said: ‘We are delighted with today’s announcement of the sale of this business to Platinum Equity which represents another significant step in the transformation of Hays into a specialist recruitment and HR services business…We also believe that the sale to Platinum Equity will allow the business to prosper for the benefit of its customers and employees.’
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