Platinum Equity Supports Proposed Recapitalization Agreement at Aventiv Technologies

LOS ANGELES, April 16, 2025 /PRNewswire/ -- Platinum Equity confirmed today that it and other financial stakeholders have reached agreement to recapitalize Aventiv Technologies via an out-of-court debt-for-equity exchange.

If approved by relevant regulatory agencies, the agreement, announced today, will facilitate Platinum's long-anticipated divestiture of the business as Aventiv transitions to new ownership upon close of the transaction.

In March 2024, Platinum initiated a process to evaluate strategic alternatives for Aventiv, which has been significantly transformed under Platinum's ownership. The agreement announced today is the culmination of that process.

"We are proud of the work we've done and believe Aventiv is a much different business today than when we acquired it, to the benefit of the diverse range of stakeholders the company serves," Platinum Equity said in a statement.

The divestiture will culminate a business transformation of Aventiv that was accomplished during one of the most trying periods in the company's history, including a pandemic that significantly altered operations and drove long-term changes to the workforce in most of the institutions it serves, regulatory changes that have significantly changed the industry, and capital markets dislocation that drove a sudden increase in borrowing costs that limited working capital.

"We faced challenges head on and never wavered in our commitment to doing the right thing," Platinum said in its statement. "We believe the company is well-positioned today to continue effecting change and leading the industry."

Key elements of Aventiv's transformation during Platinum's ownership include:

    --  appointment of leaders focused on collaborative, solutions-oriented
        engagement with customers, consumers, and regulators;


    --  improved affordability and accessibility of communication services for
        customers, consumers, and their friends and family, via vastly expanded
        connections delivered through phone apps on tablets, secure e-messaging
        and text, and video connect capabilities;


    --  development of an expansive new suite of technology products and
        services supporting access to media, education, job training, and other
        programs designed to support rehabilitative justice and help reduce
        recidivism;


    --  creation of the Justice Sandbox, a digital marketplace where
        justice-impacted tech entrepreneurs can develop and launch content that
        directly supports currently incarcerated individuals preparing for
        reentry;
    --  investment of more than $600 million over the past five years to build
        the quality infrastructure and innovative solutions, while deploying
        more than 600K tablets, that help keep families and communities safe and
        connected when a loved one is incarcerated - providing resources
        otherwise unavailable if facility customers relied solely on public
        funds.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. 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 28 years Platinum Equity has completed more than 450 acquisitions.

Contact:

Dan Whelan
Platinum Equity
dwhelan@platinumequity.com

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SOURCE Platinum Equity