Platinum Equity announced the signing of a definitive agreement to sell Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions, LLC (collectively, "Yak") to United Rentals, Inc. for approximately $1.1 billion in cash. The transaction is expected to close in the Q1 2024, subject to limited contractual conditions.
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. Yak is headquartered in Hattiesburg, Mississippi.
Platinum Equity acquired a controlling stake in Yak in 2018 from Jones Companies and Beasley Forest Products.
Image: Yak Mat
"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."
During Platinum's stewardship, Yak diversified and expanded its service offerings, implemented digital tools to enhance the customer experience, and invested in R&D to enhance mat longevity. The company also acquired Klein's Restoration Services, expanding Yak's footprint in the Midwest.
Platinum Equity is a global investment firm.
