Atlas Adds to Auto Supplier

Motus Integrated Technologies, a portfolio company of Atlas Holdings, has agreed to acquire Janesville Fiber Solutions from publicly traded Jason Industries for $85 million.

Janesville Fiber Solutions, with annual revenues of approximately $144 million, is a maker of acoustical and thermal fiber insulation products that are used in a range of automotive applications.

The company, founded in 1874, has approximately 1,000 employees and is headquartered near Detroit in Southfield, MI with nine additional facilities in Mississippi, Missouri, North Carolina and Mexico.

In the second quarter of 2019, Janesville Fiber Solutions had net sales of $33.6 million, down almost $10 million from the year-earlier quarter, and adjusted EBITDA of $4.3 million, or 12.8 percent of net sales, compared with 13.9 percent of net sales in the prior year.

Motus Integrated Technologies is a Tier 1 and Tier 2 supplier of automotive interior products, including headliners, interior door and console armrests, and instrument panel trim components. The Holland, MI-based company is led by CEO Shannon White and has more than 2,000 employees with facilities in Maplewood, MI; Arteaga, Mexico; Ramos, Mexico; Saltillo, Mexico; and Uberherrn, Germany. In addition, Motus recently announced the construction of a new $15 million plant in Gadsden, AL, which is expected to begin operation in mid-2020 (www.motusintegrated.com).

“With this acquisition, Motus’ portfolio of innovative interior offerings and advanced manufacturing facilities continues to expand and benefit our customers around the world,” said Mr. White. “Both Motus and Janesville are recognized industry leaders in compression forming.  Janesville’s expertise in materials, strong customer relationships and complementary footprint will enable us to offer our customers more innovative, lightweight product solutions that meet increasing demands for interior quality and design innovation.”

Jason Industries (NASDAQ: JASN) is an industrial manufacturing company with four business segments: Osborne (Richmond, IN), Metalex (Libertyville, IL), Milsco (Milwaukee, WI) and Janesville Fiber Solutions (Southfield, MI). The company’s products are used in the automotive seating, finishing, acoustics and components sectors. Jason Industries, with annual revenues of more than $600 million, has approximately 4,200 employees in 14 countries and is headquartered in Milwaukee (www.jasoninc.com).

Earlier this month, Jason Industries announced that it had engaged BMO Capital Markets to explore strategic alternatives, including a potential sale of the company.

Atlas is an industrial holding company that operates in a number of sectors and its portfolio companies generate in excess of $5 billion in revenues annually. The company was founded in 2002 and is headquartered in Greenwich, CT (www.atlasholdingsllc.com).

The buy of Janesville Fiber Solutions by Motus is expected to close in the third quarter.

© 2019 Private Equity Professional | August 15, 2019

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