ARROW INTERNATIONAL PARTNERS WITH PLATINUM EQUITY TO ACCELERATE GROWTH
CLEVELAND (January 7, 2021) – Arrow International, Inc., the world’s largest manufacturer and distributor of charitable gaming products, has announced today that is has partnered with Platinum Equity to ensure its continued and expanded industry leadership.
Founded in 1967, Arrow is the leading supplier of pull tabs, electronic pull tabs, bingo products and electronic bingo devices for charity. Headquartered in Cleveland, Ohio, Arrow has approximately 1,000 employees across four manufacturing facilities and a network of 40+ distribution facilities.
The Gallagher family has retained a meaningful equity interest in the business and will continue to serve in leadership roles as part of the company’s management team.
“Arrow has built a successful business through a combination of product innovation, customer service and entrepreneurial drive,” said Platinum Equity Managing Director Dan Krasner. “We look forward to joining forces with the Gallagher family, investing in growth and providing the operational tools the company needs to maximize its potential.”
Arrow’s products help generate billions of revenue for charities, lotteries, tribes and non-profits, raising funds for a broad range of causes, including veterans clubs, fraternal organizations, local fire departments and first responders, children’s sports, religious organizations, healthcare causes, booster clubs and other community groups.
“This is great news for our company, our customers and the future of our business,” said John Gallagher, Jr. “We sought a partner with the financial resources and operational know-how to help accelerate our growth, and a proven track record working with founders to take family-owned businesses to the next level. With Platinum’s partnership and support, we can accelerate our acquisition strategy, expand our product offerings and continue investing in technology and people, while maintaining the entrepreneurial spirit that has defined our culture for over 50 years. We are very excited about the opportunities that await us over our next 50 years.”
The Arrow / Platinum combination has commenced and is in the process of obtaining final regulatory approvals.
About Platinum Equity
Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. 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 25 years, Platinum Equity has completed more than 300 acquisitions.