Platinum Equity to acquire Customs Brokerage and Trade Services Firm Livingston International
The private equity firm recently acquired Canada's largest customs brokerage company.
LOS ANGELES, Feb. 21, 2019 (GLOBE NEWSWIRE) — Platinum Equity announced today it has signed a definitive agreement to acquire Livingston International. Financial terms were not disclosed.
Livingston is an international trade-services firm based in Toronto, Ontario, Canada, which specializes in customs brokerage, freight forwarding and trade consulting. It holds the distinction of being Canada’s largest customs broker and third-largest entry filer in the United States.
“Livingston has a unique business model and offers a compelling value proposition in the transportation and logistics sector,” said Platinum Equity Principal Jason Price. “The company is run by a strong leadership team and we believe it can benefit from our financial resources and operational expertise. We look forward to helping the business maximize its potential.”
For more than 70 years, Livingston has served as a trusted partner to businesses engaged in cross-border and global trade. Established in 1945 by Gerry Livingston as an export packaging firm, Livingston later evolved into a customs brokerage. Over the past 40 years, the company has grown through acquisition and dramatically broadened its capabilities. It has also expanded its geographic footprint beyond Canada and the U.S. to include Mexico, Europe and Asia. More recently, Livingston has invested heavily in technologies to streamline and enhance its operational systems while continually investigating new opportunities for advancement.
“We are excited to set out on this new journey with Platinum Equity, which shares our vision for growth through innovation and can offer dedicated resources and invaluable counsel to helping us achieve that vision,” said Dan McHugh, Chief Executive Officer, Livingston International. “With Platinum’s support, we will continue to execute on our customer-centric growth strategy, which focuses on offering best-in-class customs brokerage, trade compliance and logistics services to more than 30,000 businesses in the U.S., Canada and around the world.”
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. 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 23 years Platinum Equity has completed more than 250 acquisitions.
About Livingston International
Livingston International focuses on customs brokerage and trade compliance, offering international trade consulting, global trade management and freight forwarding. It provides clarity in a world of trade complexity, so businesses can grow further, faster and smarter. Livingston employs approximately 3,200 associates at more than 100 key border points, sea ports, airports and other strategic locations across North America, Europe and Asia. Visit us at www.livingstonintl.com, and on Twitter, LinkedIn and Facebook.
