Gibson, Dunn & Crutcher LLP is serving as legal counsel to Platinum Equity on the transaction.įounded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Moelis & Company LLC and William Blair & Company, LLC are serving as financial advisors to Platinum Equity on the sale of Orbit. With over 62 billion gallons saved to date, our comprehensive suite of smart technologies will continue to benefit the environment." "Expanding the use of smart watering products promotes conservation and more efficient use of natural resources. "Fresh water availability is one of the most vital resource issues facing the world today," said Mr. Eyring said the investments Platinum Equity made to transform the company were not only good for business, they were good for the environment. "Orbit is now a leading omni-channel provider of water management and gardening solutions, with a very bright future."
"It was important to not just invest in Orbit's core product portfolio, but to also diversify the company's revenue streams across customer channels and end-market applications," added Platinum Equity's Nick Fries, who led the Orbit investment for the firm's Small Cap team. In June 2020, Orbit acquired Bond Manufacturing, a manufacturer and distributor of irrigation and garden products, including hose and watering devices. In addition to investing in the company's core product portfolio, Platinum Equity also helped establish a robust M&A pipeline. Today we are well prepared to join forces with Husqvarna Group's Gardena Division, one of the world's leading innovative gardening product brands."
"They also helped us put the systems and infrastructure in place to facilitate our growth and transition to a true market leader. "Platinum helped Orbit transform from a traditional consumer goods company into an innovative technology provider," said Orbit CEO Stuart Eyring. By investing in new B-hyve products, app development and continuous innovation, the total number of B-hyve connected devices has increased from approximately 220,000 in 2019 to more than 1.4 million today.
ORBIT IRRIGATION FULL
"We deployed the full range of Platinum's M&A and operational toolkit in service of transforming the company into an industry leader, and we are proud of everything the company has accomplished."Įxpanding Orbit's B-hyve ecosystem, which comprises a comprehensive suite of connected smart water and irrigation management tools, was a core element of the transformation plan. "Orbit's success is the result of a strong partnership with the company's leadership team and a lot of hard work by dedicated employees at every level of the organization," said Platinum Equity Partner Jacob Kotzubei.
ORBIT IRRIGATION PRO
Orbit's revenue increased approximately 75% and the company doubled its pro forma adjusted EBITDA in less than three years. The sale is the culmination of a transformation program under Platinum Equity's ownership that prioritized investing in Orbit's smart watering technology, diversifying its product portfolio and implementing operational improvement initiatves throughout the organization.
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