FTC, State AGs Sue to Block Platinum Equity's PlayPower Purchase of BCI Burke

The Federal Trade Commission and a dozen state attorneys general sued to stop Platinum Equity and its portfolio company PlayPower from acquiring rival playground equipment maker BCI Burke from Bertram Capital, arguing the deal would raise prices and reduce innovation. The FTC contends the top five players in the market, including PlayPower and BCI Burke, hold a combined share of 85% to 90%. Regulators say the merger would particularly affect schools, municipalities and churches that buy outdoor playground equipment. The case may test Biden-era merger guidelines targeting serial acquirers, allowing regulators to weigh the "cumulative effect" of a deal within a pattern of multiple acquisitions. PlayPower has completed several large acquisitions over past decades, including Playworld in 2016, all predating Platinum's ownership. Colorado AG Phil Weiser said PlayPower is "losing ground" to Burke and seeks to "eliminate the pressure" by acquiring it. A PlayPower spokesperson said the deal would "create even more competition in a highly fragmented and globally competitive market." If litigated, the case could set precedent for future rollups.