Continuim Equity Partners has acquired Anker Industries, a maker of a range of metallurgical products used by steel producers.
Anker is a manufacturer of powders and briquettes and provides aluminum processing and slag design services for steel mills, ferrous foundries and non-ferrous metals producers throughout North America.
Anker specializes in processing aluminum turnings that are used in a variety of steel-making processes, grinding, sizing, blending, and briquetting. Additionally, the company’s powders are used to minimize temperature loss in ladles used by steelmakers to transport and pour molten metals.
Anker was founded in 1975 by the Antonelli family and today is led by President Rich Antonelli (the son of the founder). The company operates a 200,000 square-foot facility located 12 miles east of Pittsburgh in Turtle Creek, Pennsylvania.
In partnership with Continuim, Mr. Antonelli remains an active member of the Anker leadership team and is a member of the company’s board of directors. “I am very excited to partner with Continuim and to remain with the business to assist in executing the next phase of growth of Anker,” said Mr. Antonelli. “From the beginning, working with Continuim has been a smooth, transparent, fun and rewarding process.”
Continuim invests in family and founder-owned manufacturers, distribution, and industrial businesses that have $10 million to $50 million of revenue and $3 million to $10 million of EBITDA. Typical transaction types include buyouts and majority recapitalizations. The Pittsburgh-headquartered firm, with committed capital from ex-Fortune 500 level industrial executives, invests across the United States but prefers companies located in western Pennsylvania and the surrounding region. Continuim’s investment team is led by Managing Partner George Pilafas and Partner Brian Dandrea.
With the acquisition closed, Continuim plans to create value at Anker by building on the company’s existing lean operating strategies, expanding its product lines, pursuing add-on acquisitions, and recruiting additional employees to join the company. These strategies are part of Continuim’s “Enterprise Growth Engine” which it implements at its portfolio companies to create shareholder value.
“Anker represents a great opportunity for our team to utilize our collective skill sets and new strategic plan to foster growth and continuous improvement,” said Mr. Pilafas. “Being aligned with management and combining their deep industry knowledge with our principles to achieve the company’s growth objectives is an exciting dynamic.”
The buy of Anker is Continuim’s first platform investment, and the firm currently has a second platform under letter of intent.
© 2021 Private Equity Professional | August 6, 2021
