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Platinum Equity to Acquire Global Sewing Machine Manufacturer SVP Worldwide
Friday 11 June 2021

US investment fund Platinum Equity has agreed to acquire a controlling interest in Tennessee-based consumer sewing machining company SVP-Singer Holdings, Inc. and its wholly owned subsidiaries, the company said.

Financial terms were not disclosed. The transaction is expected to be completed during 3Q21.

Existing shareholders and management have retained a meaningful equity interest.

SVP's operations include manufacturing facilities in Asia and Latin America, multiple R and D centres, including a new state-of-the-art facility in Sweden, a software development centre in the UK, and a global supply chain with distribution centres in all regions.

In addition to opportunities for organic growth, Platinum Equity expects to use its M and A resources to help the company expand.

Latham and Watkins is serving as legal advisor to Platinum Equity on the acquisition of SVP Worldwide. BofA Securities is providing financing for the transaction.

Sawaya Partners LLC is acting as exclusive financial advisor and Morgan Lewis as legal advisor to SVP Worldwide with respect to the transaction.

Platinum Equity is a global investment firm with more than USD 25bn 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 V, a USD 10bn global buyout fund, and Platinum Equity Small Cap Fund, a USD 1.5bn buyout fund focussed on investment opportunities in the lower middle market.
Date Published: 11/06/2021