Platinum Equity Completes Sale of Yak Access to United Rentals for $1.1 Billion

LOS ANGELES  (March 15, 2024) – Platinum Equity announced today that the sale of Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions, LLC (collectively, “Yak”) to United Rentals, Inc. (NYSE: URI) for approximately $1.1 billion in cash has been completed.

Yak is a leader in the North American matting industry with a fleet of approximately 600,000 hardwood, softwood, and composite mats providing surface protection across both construction and maintenance, repair and operations (MRO) applications. Yak predominantly serves customers in the utility and midstream verticals.

“Over the past six years we worked with the Yak team to transform the business using the full range of Platinum’s M&A&O® tool kit,” said Platinum Equity Co-President Jacob Kotzubei. “Yak has evolved into a well-managed, diversified industry leader ready to take the next step as part of United Rentals.”

Platinum Equity acquired a controlling stake in Yak in 2018 from Jones Companies and Beasley Forest Products.

“We are proud of the work we did over the past six years and the value we created while navigating challenges posed by Covid-19 and fluctuations in the oil and gas market,” said Platinum Equity Managing Director Matthew Louie. “Ultimately Yak emerged a stronger, more capable and resilient company ready for the next chapter.”

Houlihan Lokey and J.P. Morgan Securities LLC have provided certain assistance to Platinum Equity in connection with the sale of Yak. Morgan Lewis provided legal counsel to Platinum Equity.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 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.

About Yak

Yak is one of the largest matting providers of ground protection and temporary roadway solutions in the United States. The company has an integrated network of more than 135 distribution points and operates in over 40 states. The company primarily serves powerline and pipeline customers, industrials, renewables, and other infrastructure related industries.  The company offers a full suite of solutions, including ~600,000 hardwood, softwood, and composite mats, temporary and permanent access roads, site evaluation, design and installation of access plans, and mat removal and logistics services. Yak is headquartered in Hattiesburg, Mississippi.