Platinum Equity Invests in Grand Appliance
Platinum Equity has signed a definitive agreement to invest in Grand Appliance, a well-established Midwest retailer and distributor of appliances and consumer electronics. Founded in 1930, Grand Appliance is a fourth-generation family-owned business with 31 retail locations and five distribution centers across Wisconsin, Illinois, Indiana, and Iowa. The company serves a diverse customer base, including retail, builders, contractors, and e-commerce channels.
The founders will remain shareholders, and although the terms of the transaction are undisclosed, the deal is expected to close later this month. Grand Appliance has also formed a strategic partnership with R&B Wholesale Distributors, an appliance distributor that Platinum invested in last year.
This partnership aims to leverage the strengths of both companies, fostering knowledge sharing while maintaining their individual identities. Grand Appliance will continue operating under its existing brand, with President Anish Gauri stepping in as CEO for both Grand Appliance and R&B.
The collaboration is anticipated to open doors for growth, enhance capabilities, and improve service levels across various channels.
Key Quotes:
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Jacob Kotzubei, Co-President of Platinum Equity: “This partnership brings together two highly respected family businesses… We see an opportunity to support continued growth while preserving the values that have defined each company.”
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Dan Krasner, Managing Director at Platinum Equity: “Grand has built an impressive omnichannel platform… We see meaningful opportunities for expansion going forward.”
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Anish Gauri, President of Grand Appliance: “Today marks an exciting new chapter for Grand Appliance… We are excited about the opportunities to expand our capabilities while continuing to deliver on our commitments.”
Mesirow Investment Banking acted as exclusive financial advisor for Grand Appliance, while Taft served as legal counsel for the company. Massumi + Consoli provided legal counsel to Platinum Equity.
