Thursday, February 12, 2009

90210

If you want to peruse through a smart looking Web page, log onto Beverly Hills-based Platinum Equity's site. "A multibillion dollar revenue base," a message reads as it scrolls along black and white photos of what looks to be the original Getty Musuem in Malibu (or some really really rich guy's mansion). "Hundreds of thousands of customers worldwide," another banner reads. "Tens of thousands of employees."

Platinum is a global firm "specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution," the site states. Navigate further and you'll find Covad Communications Group, Inc. (April, 2008), Tecumseh Power (November, 2007) and Broadleaf Logistics (June 2007) among its acquisitions.

Platinum might soon have another trophy in its case: The San Diego Union-Tribune. According to several sources (who knows how good they are?), Platinum is the key financial backer behind the Black Press in its pending effort to buy one of California's largest papers, and all that's left is a few dotting of the "i's" and crossing of the "t's." David Black, the privately held company's chairman and chief executive, was seen touring the U-T's Mission Valley headquarters Wednesday.

The smart money, however, is on an announcement next week. Breaking the news that the U-T has sold on Friday the 13th might be bad form.

3 comments:

ricky said...
This comment has been removed by the author.
ricky said...

They're also looking at Hummer:
http://tinyurl.com/PlatinumEq

Reuters identifies them as "a U.S. private equity firm that buys distressed assets"

Cookie Munster said...

Any further word on whether this is happening? I called Black Press two weeks ago, and they made the usual comment about not commenting on speculation.