Platinum Equity moving to SE Mich; bringing second company + 500 employees to Detroit

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June-04-13, 04:07 PM
TexasT

Platinum Equity moving to SE Mich; bringing second company + 500 employees to Detroit

Should say "Opening in SE Mich" not "Moving to" as I believe it will maintain its HQ in California. The other company is moving to Detroit [[if they buy it).

Quote:

Tom Gores' Platinum Equity Partners LLC, the Beverly Hills, Calif.-based private equity firm that owns the Detroit Pistons and Palace Sports and Entertainment, is planning to open an investment office in Southeastern Michigan in the next three to six months.
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"We are very bullish on Michigan … We want to put a key executive here," said Diggins. Later, he told Crain's: "It could be Detroit. It could be Oakland County. I don't want to commit, yet."
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Platinum currently has offices in Boston, New York and London, but its portfolio has a heavy emphasis on Midwest companies.

Quote:

The company is also negotiating to buy an out-of-state company and move it and its 500 employees to the city of Detroit, according to John Diggins, a partner in Platinum Equity.

http://www.crainsdetroit.com/article...ve-company-500
June-04-13, 06:20 PM
canuck

Excellent news. And you know, it sort of negates the comment made about Detroit and Michigan on the other thread about the killed chickens and goats.

Sure, Pulte is one of many companies that leave Michigan and there are many HQ's that left California for Texas in the past decade too. Some leave and some come back and new ones appear because there is plenty of know-how in Michigan to make it worthwhile.

We have a fairly important pharma sector in Montreal, and some years are good, some bad. Merck Laboratories had a huge research and manufacturing center not far form where I live and it sits almost empty now, the building cost a half a billion at least to build over the years. Pfizer is expanding its facilities across the highway from it. Last year, Valeant; a company headquarted in Vancouver moved here and is now growing through acquisitions. There is a normal ebb and flow in business.
June-04-13, 07:46 PM
illwill

Excellent news. I'm bullish on Detroit too!
June-04-13, 09:37 PM
gameguy56

Quote:

Originally Posted by TexasT

Should say "Opening in SE Mich" not "Moving to" as I believe it will maintain its HQ in California. The other company is moving to Detroit [[if they buy it).

http://www.crainsdetroit.com/article...ve-company-500

This article is really confusing. So they're buying a company and moving it to Detroit.

They're also going to open an office in SE MI and potentially have the office in Detroit, but are also considering Oakland County locations? Is that right?
June-05-13, 09:27 AM
Spartan

Quote:

Originally Posted by gameguy56

This article is really confusing. So they're buying a company and moving it to Detroit.

They're also going to open an office in SE MI and potentially have the office in Detroit, but are also considering Oakland County locations? Is that right?

That's what it sounds like to me as well. A new investment office somewhere in SEMI, and purchase a different company with 500 employees to move to COD as well.
June-05-13, 07:02 PM
Lowell

I welcome all new business to the Detroit-Windsor metro. If they set up in the city of Detroit all the better. If outside, good enough. It's good for us all. Don't let invisible line divide us.