April 30, 2008
Platinum Group Holdings Acquires Assets of Lawrence Mapping and Graphics, Inc. And King Enterprise Solutions, Inc.
EDEN PRAIRIE, Minn., April 30 /PRNewswire-FirstCall/ -- Platinum Group today announced the third investment in its private equity fund, which acquired the assets of two strategically linked companies: Oakdale-based Lawrence Mapping and Graphics, Inc. and St. Louis Park-based King Enterprise Solutions, Inc. The same family had owned both companies, which operates as The Lawrence Group.
Platinum Group Holdings II Fund acquired the assets in a transaction worked out between the previous owners, who had faced sudden cash flow problems, and their bank. The fund seeks majority positions in underperforming companies or those in critical transition in need of turnaround capital and management expertise.
"Lawrence Group fit the profile of Platinum Group Holdings II as a privately held business that has fallen on hard times, which placed the family owners in harm's way," according to Dean Bachelor, chairman of Platinum Group. "We were able to step in during a critical transition point and provide a favorable outcome for all parties."
David Clausen has been appointed CEO. His experience includes successfully owning a Silicon Valley-based geographic information services (GIS) firm. Pat Brennan, a Platinum Group partner, serves as chief financial officer.
Platinum Group has invested in 16 companies over the past 14 years through its Platinum Holdings funds, including majority ownership in Eden Prairie-based Elvin Safety, LLC and Blaine-based Law Enforcement Targets, Inc.
Platinum provides interim management and consulting services to both underperforming and growing private companies, in addition to investing in private companies in need of capital and management. For more information, visit http://www.theplatinumgrp.com/
Lawrence Mapping and Graphics is a full-service map publishing and geographic information services (GIS) firm with a strong Upper Midwest database. King Enterprise Solutions is the leading direct-to-store map distribution company in Minnesota. Since 1996, the two companies partnered to bring atlases and map products to public and private markets through more than 1,100 locations. As a result, the King's Twin Cities Street Atlas has become the leading street atlas in the region. For more information, visit http://www.lawrencegroup.com/
CONTACT: Susan Blakely, APR, Blakely and Associates, +1-952-937-2869,[email protected], for Platinum Group
Web site: http://www.theplatinumgrp.com/http://www.lawrencegroup.com/