PEORIA, Ill.-Infrastructure equipment provider Rohn Industries Inc. said Platinum Equity L.L.C. has terminated the Nov. 29 agreement to purchase Rohn’s assets for $8.75 million.
Rohn received a letter Dec. 27 from Platinum notifying the company of termination of the sale, under which Platinum was expected to buy almost all of Rohn’s assets.
Rohn intends to take legal action against the equity firm, charging it with a material breach of the agreement. Rohn will also be forced to pursue a financial restructuring plan under its bank credit facility to reduce debt and will consolidate its manufacturing operations in Peoria, Ill., and Frankfort, Ind., to continue operations at Frankfort.
