Platinum Equity announced it has completed the acquisition of Volvo Rents from the Volvo Group.
"We believe Volvo Rents has a tremendous opportunity to reach new heights as a standalone company," said Platinum Equity Partner Louis Samson. "We will work with the management team to help the business grow both organically and through prospective complementary add-on acquisitions."
A team that includes Platinum Equity in-house operations specialists is focused on transitioning the newly acquired business. A rebranding initiative is underway, and a new company name and image is expected to be announced soon.
Morgan Stanley and Harris Williams served as financial advisors to Platinum Equity on the Volvo Rents acquisition and Latham & Watkins served as legal advisors. Debt financing for the acquisition was led by Bank of America Merrill Lynch with Morgan Stanley, Goldman Sachs and Barclays serving as joint bookrunners.