Platinum Equity has acquired Paramount Global Surfaces from Linsalata Capital Partners. PGS is a developer, importer and distributor of porcelain tile and other hard surface floor coverings used primarily in remodel and replacement solutions by both residential and commercial end users.
“PGS serves a critical link in the value chain connecting high-quality tile manufacturers with thousands of end customers in the US residential and commercial markets,” said Platinum Equity partner Jacob Kotzubei. “Covid and demographic trends are also driving a shift in consumer lifestyle that is stimulating increased new home construction and renovation activity, and we anticipate the impact of these tailwinds will be felt for years to come.”
Platinum Equity also recently acquired Cabinetworks, an independently owned manufacturer and distributor of kitchen and bath cabinets in the United States.
O’Melveny & Myers and Alston & Bird served as Platinum Equity’s legal counsel on the transaction. Robert W. Baird & Co. served as financial advisor to Platinum Equity on the transaction. The Blackstone Group provided financing for the transaction. Moelis & Co. LLC served as exclusive financial advisor and Calfee, Halter & Griswold provided legal counsel to PGS.