The Detroit Pistons and Platinum Equity today announced a multi-year corporate partnership that will include representation of the Platinum Equity logo on the basketball court at the new Little Caesars Arena and presence across Detroit Pistons social media platforms. Terms of the agreement were not disclosed.
Platinum Equity joins a growing list of corporate sponsors signing on to join the Pistons basketball club in its move to downtown Detroit, including Henry Ford Health System, Flagstar Bank, Fiat Chrysler Automobiles, United Shore Financial and McDonald’s.
“We’ve had overwhelming interest from corporate partners that want to be part of our move downtown and competition for presence in the new arena has been intense,” said Palace Sports & Entertainment and Detroit Pistons Vice Chairman Arn Tellem. “We had a competitive bidding process that included several large corporate players, and in the end Platinum stepped up with the highest bid.”
Platinum Equity, founded in 1995 by Pistons Owner Tom Gores, is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that generates $22 billion in revenue. The firm employs a highly specialized strategy it calls M&A&O® that integrates investment expertise with deep operational capability and resources. Its focus on operational execution is a signature of Platinum Equity’s differentiation in the global M&A marketplace.
“Tom’s ownership of the Pistons has given us a front row seat for the dramatic turnaround story being written in Detroit,” said Platinum Equity Partner Mark Barnhill. “We’re in the turnaround business and are pleased to put our name at center court in a new arena that is a pivotal part of that larger turnaround story. It’s a great fit for the Platinum Equity brand.”
As part of the partnership, the firm’s logo will be displayed in two locations on each side of the half court line, providing maximum visibility to fans inside the arena and exposure to viewers during local, national and international television broadcasts. The Platinum Equity logo will also be included on arena court designs in all video games licensed by the NBA.
Mr. Barnhill said the NBA’s unique combination of international reach and local presence made the opportunity especially valuable.
“Platinum Equity is a global business and the NBA provides us a platform with international reach,” said Mr. Barnhill. “Our portfolio companies employ more than 100,000 people across all seven continents and we source investment opportunities around the world. At the same time, Michigan is an important market for us. We have invested hundreds of millions of dollars in Michigan-based companies over the years and we continue seeking new opportunities to deploy capital here.”
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with $13 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. 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 22 years Platinum Equity has completed more than 200 acquisitions.
About the Detroit Pistons
The Detroit Pistons are one of the most storied franchises in the NBA. With over 2,300 regular-season and playoff victories, the club has celebrated three NBA Championships (1989, 1990, 2004), five NBA Finals appearances (1988, 1989, 1990, 2004, 2005) and 11 Eastern Conference Finals appearances. For in-depth analysis by website editor Keith Langlois and special inside-access videos, visit www.pistons.com, the official source for news and features on the Detroit Pistons.
About Little Caesars Arena
Little Caesars Arena will feature a dramatic arena bowl, close proximity to the action and great sight lines. It also boasts state-of-the-art technology, fan amenities geared toward creating memorable experiences, innovations throughout, and active community spaces like a streetscape-inspired concourse and an outdoor plaza with a massive video wall. The arena will anchor The District Detroit, a 50-block, mixed-use development that unites six world-class theaters, five neighborhoods and three professional sports venues in one vibrant, walkable destination for people who want to live, work and play in an exciting urban environment.