Platinum Equity Forms Continuation Fund to Support Continued Growth of United Site Services

Transaction includes reinvestment from existing shareholders, and commitments from new investors including Fortress Investment Group, Landmark Partners and Blackstone Strategic Partners

LOS ANGELES – November 1, 2021 – Platinum Equity announced today the closing of a continuation fund vehicle in connection with the acquisition of United Site Services (USS), the largest provider of portable sanitation and related site services in the United States.

The continuation fund is backed by a group of leading institutional investors, including Fortress Investment Group, Landmark Partners and Blackstone Strategic Partners. Credit Suisse assisted with the private offering.

Since acquiring USS in 2017, Platinum Equity has helped transform the company by stimulating organic growth, executing 36 highly accretive add-on acquisitions, and implementing a broad range of operational improvements throughout the business. USS revenue doubled and EBITDA tripled during the four years under Platinum Equity’s ownership.

“This transaction provides the best of both worlds: a chance to monetize the value we have created over the past four years, while providing new and existing investors the opportunity for additional returns on the next stage of the company’s growth,” said Platinum Equity Partner Louis Samson. “USS has a proven leadership team, a clearly defined strategic plan, and a playbook that has generated consistent results. With additional capital and a longer runway, the company is poised to reach even greater heights.”

Asterios Satrazemis, who joined USS as CEO in 2019, will continue to lead the company going forward.

“Platinum has been an outstanding partner and provided all the tools we needed to fundamentally reshape the business into the leader it is today,” said Mr. Satrazemis. “We have done a lot of the heavy lifting together and I’m grateful for their continued stewardship of the business. We now have the right people, systems, culture and infrastructure in place to maximize the company’s near and long-term potential.”

Platinum Equity said it will continue to invest in organic and inorganic growth initiatives.

“USS has proven to be an exceptional platform for organic and acquisitive growth,” said Platinum Equity Managing Director David Glatt. “Our M&A program at USS is a well-oiled machine that continues to accelerate, with substantial opportunities to continue expanding in a highly fragmented market.”

Latham and Watkins and Simpson Thacher & Bartlett LLP served as legal counsel to Platinum Equity on the formation of the continuation fund and USS transaction. BofA Securities was the lead underwriter for the debt financing of the USS transaction.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 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 25 years Platinum Equity has completed more than 300 acquisitions.

About United Site Services
With 120 locations coast-to-coast, United Site Services is the nation’s leading provider of portable sanitation and temporary site services, including portable restrooms and trailers, hand hygiene stations, temporary fence and more.  Learn more at www.unitedsiteservices.com.

Media Contacts:
Nina Jankowski
United Site Services
nina@unitedsiteservices.com