Vertiv, a company specializing in digital mission critical infrastructure, will be traded
Vertiv Holdings LLC (“Vertiv”), a Platinum Equity portfolio company and a global provider of business continuity solutions for mission-critical digital applications, announced that it will become a publicly traded company through GS Acquisition Holdings Corp (NYSE: GSAH, GSAH.U, GSAH WS), a Special Purpose Acquisition Company (SPAC) including an affiliate of Goldman Sachs Group, Inc. and David M. Cote. David Cote, CEO of GSAH and former CEO and Chairman of the Board of Honeywell, will serve as Chairman of the Board of Vertiv. Vertiv's current management team will continue to be led by Rob Johnson, an industry-savvy manager with 30 years of experience. Upon completion of the transaction, which will close within the first quarter of 2020, Vertiv shares will be traded on the market under the symbol NYSE: VRT.
"Platinum Equity, Rob Johnson and his team have done an extraordinary job over the last few years guiding Vertiv to achieve strong long-term results. The Company has the specific assets we were looking for, with an excellent position in a great industry sector, differentiated products by technology, strong organic growth and market share potential, and sustained room for improvement over time. Overall, I am pleased with Vertiv's short- and long-term prospects and the opportunities presented to shareholders," Cote said.
Tom Gores, President and CEO of Platinum Equity, said: "I am proud of the work our team has done to put Vertiv in exactly the position it is today, and I am particularly excited about the new partnership we have entered into with our friend David and our long-time partner Goldman Sachs. Rob Johnson and the management team have done a great job in preparing the company for the next phases of growth."
“This business transaction will allow us to accelerate our innovation and development strategies, while also facilitating our growth opportunities as we continue to be focused on timely responding to evolving customer needs,” said Rob Johnson, CEO of Vertiv. “The valuable collaboration with David, who has a proven track record of driving operational improvements and shareholder value, will further enhance our path forward as we look to capitalize on our strong foundation in a growing industry.”
Jacob Kotzubei, Platinum Equity partners, who at the time of listing will become a member of the Board, said: "We are delighted to partner with Goldman Sachs and Dave Cote to the next stage of the Vertiv path and to participate in the future success of the company as major shareholder. We also look forward to working with Dave, Rob and the Vertiv management team to accelerate the leadership of products and services Vertiv in the industry. "
With operations in more than 130 countries, Vertiv is a leading global provider of hardware, software and diagnostic and monitoring services to ensure mission critical applications of their customers to function optimally and to align the growth of business needs. The portfolio of electricity and services contiuità solutions for managing IT infrastructure ends that extend from the edge of the network cloud, generated nearly $ 4.3 billion in 2018.
