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The company, which has recently been rebranded Geesinknorba, is based in Emmeloord, The Netherlands, and is a European manufacturer of refuse collection vehicles (RCVs).
"Geesinknorba is an established business with talented employees and long-standing relationships with valued customers," said Tom Gores, Platinum Equity Chairman and CEO. "The company has an extraordinary opportunity to thrive as an independent business and we look forward to helping it reach its full potential."
A transition team of Platinum in-house operations specialists is working to establish the newly acquired business as a standalone company.
"We are now focused on executing a seamless and efficient transition, while maintaining the highest standards of quality and customer service," explained Mr. Gores.
Geesinknorba's key products include rear-loading and side-loading RCVs and static and portable compactors. The company's primary markets include the UK, Benelux, Scandinavia, France, Spain and Eastern Europe. Geesinknorba also provides value-added parts and services.
Geesinknorba's latest solution has been the successful launch of the world's first "Plug-in" RCV that operates all of its functions electrically.
The transaction was first announced on May 4. Financial terms of the acquisition were not disclosed. Oshkosh will retain ownership of its Romanian facility that supplies fabrications to both Geesinknorba and JLG Industries, an Oshkosh Corp. company.
"We worked hard with Oshkosh to create a divestiture solution that meets the diverse needs of all interested parties," said Seth Romans, Vice President at Platinum and M&A execution lead for the Geesinknorba transaction. "Our ability to offer a European solution to a U.S.-based corporate seller, and to execute with speed and certainty, worked to everyone's advantage."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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