LOS
ANGELES, July 19, 2024 /PRNewswire/
-- Platinum Equity announced today that the sale of the
Hunterstown power generation facility and related assets to LS
Power has been completed.
Financial terms were not disclosed.
Located in Gettysburg,
Pennsylvania, the Hunterstown facility is a combined-cycle
gas turbine generating power plant that provides 810 MW to the PJM
(Met-Ed) 500kV grid, with enough to supply more than 600,000
homes.
"Hunterstown is a good example of how Platinum can use its
playbook to create value in different ways," said Platinum Equity
Co-President Louis Samson. "The
Hunterstown facility is an outstanding asset, with high free cash
flow and strong recurring revenue, acquired from a seller that
needed a divestiture solution during a time of distress, so it
checked a lot of the boxes we typically look for. Our experience
with corporate carveouts and our willingness to be open minded put
us in position to help."
Platinum Equity acquired the facility in 2018 from GenOn, a unit
of NRG Energy Inc. (NYSE: NRG), which had filed for bankruptcy
protection in June 2017, and managed
it as a standalone business in the firm's portfolio.
"Hunterstown performed well and benefited from meaningful
investment and operational oversite during our ownership," said
Platinum Equity Managing Director David
Glatt. "We then found a new home for the facility with a
buyer who is a natural fit for the long term. We are proud of the
outcome and will continue seeking opportunities to put our M&A
capabilities to work in creative ways."
Evercore served as financial advisor to Platinum Equity on the
sale of Hunterstown and Latham & Watkins LLP provided legal
counsel to Platinum Equity.
About Platinum Equity
Founded in 1995 by Tom Gores,
Platinum Equity is a global investment firm with more than
$48 billion of assets under
management and a portfolio of approximately 50 operating
companies that serve customers around the world. Platinum Equity
specializes in mergers, acquisitions and operations – a trademarked
strategy it calls M&A&O® – acquiring and
operating companies in a broad range of business markets, including
manufacturing, distribution, transportation and logistics,
equipment rental, metals services, media and entertainment,
technology, telecommunications and other industries. Over the past
28 years Platinum Equity has completed more than 450
acquisitions.
Contacts:
Dan Whelan
Platinum Equity
dwhelan@platinumequity.com
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SOURCE Platinum Equity