Turnspire Capital Partners has sold its equity interest in Banker Steel to Atlas Holdings. Turnspire partnered with Atlas Holdings to acquire Banker Steel in August 2014.
Banker Steel is a fabricator of structural steel components used in commercial and infrastructure projects. The company operates from three fabrication facilities: Lynchburg, VA; Orlando, FL; and South Plainfield, NJ. The company was founded in 1997 by Don and Carol Banker and is headquartered in Lynchburg, VA (www.bankersteel.com).
“Banker Steel was an extremely successful investment for Turnspire,” said Ilya Koffman, Managing Partner of Turnspire. “We are delighted with the company’s growth and operating performance since the 2014 acquisition, and we are confident that Banker Steel has a very bright future under Atlas’s and Don Banker’s continued ownership.”
Atlas is an industrial holding company that operates in a number of sectors, including automotive, building materials, capital equipment, energy, industrial services, packaging, pulp, paper, and tissue, steel, and logistics, supply chain management and distribution. Atlas’ portfolio companies generate in excess of $5 billion dollars in revenues annually. The company is headquartered in Greenwich, CT (www.atlasholdingsllc.com).
Turnspire invests up to $30 million in companies with revenues between $25 million and $300 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround. Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; engineered products; food and beverage; industrial equipment; logistics (asset heavy); metals and metal fabrication; paper and packaging; and plastics and synthetic materials. Turnspire is led by its founders Michael Khutorsky and Ilya Koffman and is based in New York (www.turnspirecap.com).
© 2017 Private Equity Professional | February 14, 2017
