Schutt Sports Acquired out of Chapter 11 by Platinum Equity
Dec 16, 2010
PLATINUM EQUITY ACQUIRES SCHUTT SPORTS
LOS ANGELES, Calif. (December 16, 2010) – Platinum Equity announced today that it has completed the acquisition of substantially all the assets of Schutt Sports through a transaction conducted under Section 363 of the U.S. Bankruptcy Code. The United States Bankruptcy Court for the District of Delaware approved the transaction on December 15, 2010.
Schutt Sports is a leading domestic manufacturer of protective sports equipment and aftermarket reconditioning services.
“Schutt Sports is a great company with a strong brand, quality products and enormous potential,” said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Schutt acquisition. “The business also has a strong management team, talented employees and loyal customers. We are excited to help the company achieve its full potential with the support of Platinum Equity’s financial resources and operations expertise.”
Robert Erb, Schutt Sports CEO since 2007, will continue to lead the company under Platinum Equity’s ownership.
“I am grateful for the tremendous loyalty we have received throughout this process and am excited to emerge a stronger, healthier company poised for long-term growth and profitability,” said Mr. Erb. “I am especially proud of the continued hard work and support of our outstanding employees, dealers and suppliers. Their extraordinary resolve and commitment to serving our customers is a primary reason we are now positioned for long-term success.”
Mr. Kotzubei said that Platinum Equity’s operations team is now acting on a plan to assist Schutt Sports following the change in ownership.
“Schutt Sports has done an exceptional job maintaining focus and continuing to serve its customers throughout this process,” said Mr. Kotzubei. “We are now deploying additional operations resources to support their efforts.”
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® 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. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more 100 acquisitions.
About Schutt Sports
Schutt Sports is a domestic manufacturer and the world’s leading maker of football helmets and faceguards. Three out of four professional football players take the field wearing Schutt® gear. The ION 4D, AiR XP, and DNA line of helmets are the world’s only football helmets to feature TPU Cushioning &ndash. Schutt faceguards are the best in the world, both in form and in function. Schutt is also the manufacturer and supplier of bases to Major League Baseball and Minor League Baseball, as well as the official batter’s helmet supplier to the Team USA National Softball Team. Schutt gear is designed for maximum performance based on standards dictated by the most important person in our world – the player.
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Dan Whelan, Platinum Equity
Glenn Beckmann, Schutt Sports
(217) 324-2712 ext.2147