PrimeSource gets new owner

PrimeSource truckLOS ANGELES — PrimeSource has new owners. The building materials distributor, which has 42 locations in North America, including six distribution centres in Canada, has been sold by its current owner, Tokyo-based holding company Itochu Corporation, to Platinum Equity, a global private equity firm in Los Angeles. The transaction is subject to customary closing conditions, including legal procedures and approval by antitrust authorities. The company expects the transfer of shares to close before the middle of 2015. PrimeSource was acquired by Itochu Group in 1998.