Turnspire Capital and Atlas Holdings have acquired Banker Steel, a fabricator of structural steel components. The company’s founder, Don Banker, will continue as the company’s Chief Executive Officer and will retain a significant ownership interest.
Banker Steel is a fabricator of structural steel components used in commercial and infrastructure projects. The company operates from two fabrication facilities in Lynchburg, VA and one in Orlando, FL which aggregate a total of 340,000 square feet with a capacity to produce up to 50,000 tons of steel fabrications per year. The company was founded in 1997 by Don and Carol Banker and is based in Lynchburg, VA (www.bankersteel.com).
“We are delighted to partner with Don and Atlas. Banker Steel is a perfect fit for Turnspire’s strategy of investing in high-quality businesses with tremendous value creation opportunities. We look forward to collectively working together to take the company to the next level,” said Michael Khutorsky, Managing Partner of Turnspire.
Turnspire Capital Partners 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.
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 $3 billion dollars in revenues annually. Atlas3 employs approximately 12,000 people globally at more than one hundred facilities worldwide. The company is headquartered in Greenwich, CT (www.atlasholdingsllc.com).
“We are tremendously excited to welcome Don, his wife Carol and the rest of the Banker team to the Atlas family,” said Atlas Holdings Partner Ed Fletcher. “Under Don’s leadership, Banker Steel has built a stellar industry reputation that is well-deserved. We look forward to partnering with Don to expand his structural steel fabrication footprint by leveraging the Atlas team of Operating Partners and financial resources.”
“Atlas’ track record of building companies that consistently outperform their peers made this partnership decision an easy one. Atlas already has a strong understanding of the steel fabrication industry and our partnership has begun at an ideal time for Banker Steel as we continue to see substantial urban construction opportunities in our core geographic markets,” said Don Banker, President and CEO of Banker Steel.
2014 PEPD • Private Equity’s Leading News Magazine • 8-1-14