Platinum Equity Completes Acquisition of GE IT Solutions; Former General Electric Unit Will Be Integrated With CompuCom Systems, Inc.

LOS ANGELES--()--Dec. 1, 2004--Platinum Equity, a global investment firm that specializes in the acquisition and operation of mission-critical solutions companies, announced today that it has completed the acquisition of General Electric's IT Solutions business unit, a premier provider of IT infrastructure consulting, products and services to enterprise customers in North America.

Platinum will integrate IT Solutions with CompuCom Systems, Inc. - which the firm acquired just eight weeks ago in one of the largest public-to-private transactions this year - to form an independent, full-service provider of IT products, services and consulting.

"There is enormous opportunity to build value through consolidation in the IT Services marketplace, and we pursued these two acquisitions with that in mind," said Tom Gores, chairman and CEO of Platinum Equity. "CompuCom and IT Solutions are two outstanding businesses in their own right. Combined, they'll deliver powerful results for customers."

The new business will be headquartered in Dallas and led by CompuCom CEO James W. Dixon, who was appointed last month by Platinum to lead the combined business. Mr. Dixon said he would form an integrated management team of senior executives from both companies.

"There is tremendous talent in each of these organizations," Mr. Dixon said. "I am really looking forward to working with the Platinum Equity team to bring the capabilities of these two great businesses together."

IT Solutions Acquisition

The companies will be integrated under the CompuCom name, and a rebranding initiative will be developed as part of the transition. Integration teams are being formed at both businesses, and they will work with Platinum's guidance to complete a smooth transition over the next several months.

IT Solutions is the ninth acquisition completed by Platinum Equity so far in 2004. Aggregate annual revenue from those acquisitions is nearly $4.5 billion - increasing the overall revenue from companies in Platinum's portfolio to more than $8 billion.

"It's been a good year thus far, but we've only just scratched the surface in terms of Platinum's potential," said Johnny O. Lopez, executive vice president and the head of Platinum's M&A organization. "There are numerous acquisition opportunities, and we're prepared to mobilize whatever resources are necessary to run down every single one that meets our criteria."

In addition to GE ITS, the acquisitions signed or completed by Platinum Equity so far in 2004 include:

-- CompuCom Systems Inc. (, a premier IT solutions provider with revenue of nearly $1.5 billion in 2003, acquired in October. This was a public-to-private transaction in which Platinum acquired all outstanding common shares of the company, which previously traded on the NASDAQ national market, for approximately $254 million.

-- Core Computer Ltd, which provides data network communication solutions to customers in the Czech and Slovak Republics, acquired in November by Platinum's portfolio company NextiraOne Europe (

IT Solutions Acquisition

-- The Systems Integration and Managed Services division of Citee in the Netherlands, acquired in October by Platinum's portfolio company NextiraOne Europe (

-- The Transportation Division of Aether Systems Inc., which provides wireless and mobile data solutions to the transportation and fleet management industry, acquired in September. The business has since been renamed GeoLogic Solutions (

-- DyStar (, a premier global provider of dyes and services to the fashion and textile industry with annual revenue of approximately $1 billion, acquired in August.

-- Workability, the asset management of Assurant Employee Benefits, a business of Assurant, acquired in May by Platinum's portfolio company Broadspire Services ( Workability provides short- and long-term disability management services to employers who self-insure their disability programs.

-- RSKCo Services and Cunningham Lindsey Claims Management, the third-party claims administration assets of Cunningham Lindsey Inc., acquired in March by Platinum's portfolio company Broadspire Services (

-- Hays Logistics, which provides supply chain and logistics services to enterprise customers in Europe, acquired in February. The business, which has annual revenue of approximately $1.5 billion, has since been renamed ACR Logistics (

About Platinum Equity

Platinum Equity ( is a global M&A&O(SM) firm specialized in the merger, acquisition and operation of mission-critical services and solutions companies. Since its founding in 1995, Platinum Equity has acquired more than 50 businesses and built a portfolio of companies with nearly 40,000 employees serving more than 600,000 customer sites. In 2004 Platinum Equity was named the 32nd largest private company in the United States.


Platinum Equity
Mark Barnhill, (310) 228-9514


Platinum Equity
Mark Barnhill, (310) 228-9514