Platinum Equity Divests Livingston International
In a strategic business move, Platinum Equity has announced that it has sold Livingston International, a premier firm in international trade services, to Purolator, Inc. With a focus on customs brokerage, freight forwarding, and trade consulting, this acquisition symbolizes a significant transition for both companies.
The Transformation Journey
Established in 1945, Livingston International has garnered trust from over 30,000 businesses engaged in cross-border trade, becoming Canada’s largest customs broker. Platinum Equity took ownership of Livingston in 2019 and embarked on an extensive transformation campaign aimed at optimizing its operational capabilities.
Streamlining Operations and Digital Upgrades
Under Platinum Equity's management, Livingston went through a thorough operational overhaul. The firm focused on enhancing digital capabilities, investing in valuable talent and cutting-edge technology. These improvements were designed to bolster Livingston's core offerings, making it a more resilient enterprise ready for future challenges.
Purolator: The New Home for Livingston
Louis Samson, Co-President of Platinum Equity, expressed confidence that Purolator is an excellent fit for Livingston, stating that their long-standing relationship as a customer lays the groundwork for a fruitful partnership. As a highly regarded company in Canada, Purolator is expected to provide strong support for Livingston's continued growth and development.
Cultivating Canadian Investments
Samson elaborated on Platinum Equity's commitment to expanding its Canadian investment portfolio. With deep knowledge of the Canadian market, the company is on the lookout for additional partnerships and opportunities to create value in various sectors. This recent transaction positions them for a more influential presence in the Canadian landscape.
The Financial Aspects & Advisors Involved
While the financial details of the transaction have not been disclosed, expert guidance was provided by renowned financial advisors Morgan Stanley & Co. LLC and RBC Capital Markets LLC for both parties, ensuring a smooth transition. Legal teams from Stikeman Elliott LLP and Latham & Watkins LLP also played crucial roles in finalizing the sale.
A Snapshot of Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity operates with more than $48 billion in assets under management. As a global investment firm, it emphasizes a well-rounded approach, acquiring and managing a diverse range of companies across numerous industries including technology, transportation, and media.
Continuing Legacy of Livingston International
Since its inception, Livingston International has established itself as a vital trade advisor, specializing in customs brokerage and simplifying logistics for businesses worldwide. With a team of around 2,700 professionals based across North America, Europe, and Asia, Livingston ensures clarity amid complex trade dynamics, contributing to the success of its clients.
Frequently Asked Questions
What prompted Platinum Equity to sell Livingston International?
The sale aligns with Platinum Equity's strategy to capitalize on investments and pursue new opportunities in the Canadian market.
How long has Livingston International been in operation?
Livingston International was founded in 1945, serving clients for over 75 years.
What is the role of Purolator in this acquisition?
Purolator aims to leverage its strong logistics network to enhance Livingston’s services and growth potential in the customs brokerage sector.
Why is Platinum Equity focused on investments in Canada?
Platinum Equity has extensive experience and knowledge of the Canadian market, allowing them to identify areas of potential growth and investment.
Who were the advisors involved in the transaction?
Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Stikeman Elliott LLP, and Latham & Watkins LLP provided financial and legal counsel during the sale.
