Daum Commercial Real Estate Services said Wednesday that Platinum Equity has purchased a majority stake in the Los Angeles real estate services company. Terms of the transaction were not disclosed.
Founded in 1904, Daum has 10 offices throughout Southern California and Arizona. The company provides commercial real estate brokerage, consulting, leasing, sales and property management.
"Daum is a respected brand with talented people and an impressive, long-standing track record," Brian Wall, partner at Platinum who oversaw the investment, said in a statement. "Daum's management team has proven its ability to consistently deliver exceptional customer service and despite a difficult economic environment we believe that the company is positioned to achieve long-term growth."
The acquisition is a change for Platinum, the Beverly Hills investment vehicle of billionaire Tom Gores. Many of its most recent acquisitions have been in the metal services sector.
The private equity group in September completed raising $2.75 billion for a new leveraged buyout fund, considered a feat in the current investment environment.
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