Global fishing cooler maker sold to private equity group
A private equity group has taken over Pelican Products, the US-based global supplier of fishing coolers and other application temperature-controlled gear for professionals and outdoor enthusiasts.
It has been acquired by Platinum Equity, which is headquartered in California and specialises in mergers, acquisitions and the operations of a wide range of companies in diverse industries.
Jacob Kotzubei, a partner at Platinum, said: “Over more than four decades Pelican has established a powerful brand, inspiring strong loyalty from some of the world’s most demanding customers. We are very excited by its potential to build on that heritage and further expand its reach. There is a lot for us to do operationally, both in capital investment and also intellectual investment in terms of new product innovation, more efficient manufacturing and enhancing the go-to-market effort.”
Situated in Torrance, California, Pelican has 11 manufacturing sites, 19 service centres and network stations and 23 international sales offices in 27 countries.
“The Pelican brand is well known for its commitment to durability, safety and superior product performance,” said Platinum Equity Managing Director Matthew Louie. “In our view, it’s the gold standard of the protective case industry and that is solidified and supported by a strong brand equity. We look forward to working with the company’s management team and deploying our operational M&A resources in support of the next phase of Pelican’s growth and expansion.”
Pelican CEO Phil Gyori will continue to lead the business following the transaction. He said: “The entire Pelican team is excited about the new partnership with Platinum Equity as it has an impressive record of helping companies maximise their potential. Platinum will offer a fresh perspective on our business, along with specialised expertise and the resources to fuel our growth and expand our robust collection of products and services.”