Private-equity firm Platinum Group said Wednesday it bought two Twin Cities mapping businesses that were facing cash-flow problems.
Eden Prairie-based Platinum Group didn’t disclose terms of its deal to acquire Oakdale-based Lawrence Mapping and Graphics Inc. and St. Louis Park-based King Enterprise Solutions. Lawrence and King were owned by the same family and operated as The Lawrence Group.
“Lawrence Group fit the profile of Platinum Group Holdings II as a privately held business that has fallen on hard times, which placed the family owners in harm’s way,” Platinum Group Chairman Dean Bachelor said in a statement.
Lawrence Mapping and Graphic is a full-service geographic information services (GIS) firm. King Enterprise Solutions is a map distributor.
Platinum Group has named David Clausen, who formerly owned a Silicon Valley-based GIS firm, to serve as CEO of Laurence Group. Platinum Group partner Pat Brennan will serve as chief financial officer.