Platinum Equity follows $3.75bn fund close with swift Alliance Entertainment exit


dvd cd musicPlatinum Equity Partners has followed up this week’s $3.75bn close of its latest fund by exiting CD, DVD and Blu-Ray wholesale distribution giant Alliance Entertainment alongside The Gores Group.

The exit to strategic player Super D marks a relatively fast turnaround for the pair following their buyout of the business – the largest of its type in the US – in 2010.

Alliance made two strategic add-on acquisitions during its private equity ownership, acquiring EDGE Entertainment Distribution in March 2011 and Audiolife in May 2012

Platinum partner Johnny Lopez said, “We are proud of what we accomplished with Alliance Entertainment over the past three years.

“We achieved our goals, helping the business thrive as it has continued navigating the evolving market for media distribution.

“Earnings improved each year under our ownership and the company made strong gains in home entertainment, e-commerce and licensing.”

Earlier this week Platinum confirmed an AltAssets scoop from July by closing its third fund on $3.75bn, easily outstripping the $2.75bn it raised for its second vehicle in 2008.

AltAssets revealed eight weeks ago that the firm was expecting to close on $3.75bn following just over 18 months on the road.

Copyright © 2013 AltAssets