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CCMP Capital Partners exits MetoKote to Platinum Equity after 15 years

1 Oct 2013

metals5sq_lrgPlatinum Equity has bought industrial metal coating services provider MetoKote Corporation from fellow private equity firm CCMP Capital Partners, which owned the company fro 15 years.

Platinum noted that it has extensive experience in industrial services and working with automotive OEMs and heavy equipment manufacturers.

The fimr’s portfolio includes automotive suppliers Acument and Chassix and logistics companies Neovia and Active Aero, which serve the automotive sector.

MetoKote operates 29 facilities in the US, Canada, Mexico, Brazil and Europe.

MetoKote President and CEO Jeff Oravitz said, “We are excited about the transition to new ownership and look forward to working with the Platinum Equity team to continue growing our business by providing customers with best-in-class coatings services.

“MetoKote will benefit from Platinum’s expertise working with portfolio companies to create value and generate opportunities for growth.”

Platinum Equity has recently closed its its third fund on its $3.75bn target.

The close means Fund III has outstripped the $2.75bn Platinum raised for its second fund in 2008, and is well above the firm’s $700m debut closed in 2004.

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