PLATINUM EQUITY PORTFOLIO COMPANY UNITED SITE SERVICES ANNOUNCES CLOSE OF NEW STRATEGIC INVESTMENT TO SUPPORT CONTINUED GROWTH

LOS ANGELES, Dec. 20, 2021 /PRNewswire/ -- Platinum Equity portfolio company United Site Services, the largest provider of portable sanitation and related site services in the United States, announced today the closing of an investment by a Platinum Equity continuation fund vehicle that will support the company's continued growth. Terms of the transaction were not disclosed.

Asterios Satrazemis, who joined USS as CEO in 2019 and will continue to lead the company going forward, said the new investment and Platinum Equity's continued support will help USS sustain its momentum.

"Platinum has been a terrific partner and great steward of our business, we have accomplished a lot already and there is so much more we can do together," said Mr. Satrazemis. "We have the right foundation, with the people, systems, culture and infrastructure in place to support a new phase of growth and expansion."

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 so far.

"This transaction is truly a win-win, allowing us to realize the value we have created together in the first phase of the USS transformation, while affirming our commitment to providing the financial and operational resources it needs to accelerate its growth in the next chapter," said Platinum Equity Partner Louis Samson. "We believe strongly in the company because the playbook we put in place has consistently delivered."

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

"In USS we have created a proven platform for organic and acquisitive growth," said Platinum Equity Managing Director David Glatt. "Our M&A program is a well-oiled machine with substantial opportunities to continue expanding in a highly fragmented market."

Credit Suisse, Goldman Sachs & Co. and Harris Williams served as financial advisors to USS on the transaction. BofA Securities was the lead underwriter for the debt financing. Latham & Watkins LLP and Simpson Thacher & Bartlett LLP served as legal counsel to Platinum Equity on the USS transaction and the formation of the continuation fund, respectively.

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:

Dan Whelan
Platinum Equity
(310) 282-9202
[email protected]

Nina Jankowski
United Site Services
[email protected]

SOURCE Platinum Equity

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