Atlas Holdings has agreed to sell International Wire Group to Olympus Partners. Atlas will remain a minority investor in the business in partnership with Olympus.
International Wire Group (IWG) is a manufacturer and marketer of wire products used by wire suppliers, distributors, and original equipment manufacturers. IWG’s products include bare, silver-plated, nickel-plated, and tin-plated copper wire, as well as aluminum, bronze, stainless steel, and other specialty alloy wires; and cable products, including round, flat, shaped, and custom-designed cables.
Many of the IWG’s customers are active in the industrial and energy, electronics and data communications, automotive/specialty vehicles, aerospace and defense, and consumer and appliance industries. According to the company, it is the largest non-vertically integrated copper and copper-alloy wire products manufacturer in the United States.
IWG, led by CEO Gregory Smith, is headquartered near Syracuse in Camden, New York, and operates 19 manufacturing facilities and 1 distribution facility located throughout the United States, France, Italy, and Poland.
“I remain deeply proud of our team and all we have accomplished together in making IWG the best wire fabricator in the industry,” said Mr. Smith. “With the support of our partners at Atlas, we have made significant investments to grow our core business and provide the industry’s most robust product portfolio.”
Atlas acquired publicly traded IWG in April 2019. “When we acquired IWG, we partnered with Greg Smith to transform and grow the business,” said Neil Mahajan, a partner at Atlas. “In the four years since, we have seen IWG cement its industry-leading position and create a unique platform for continued growth. We are looking forward to continuing to support the company in this new chapter with Olympus.”
“IWG has distinguished itself as a leader in the wire and cable industry with their skilled team, breadth of products, and engineering capacity,” said Dave Cardenas, a managing partner at Olympus. “We’re excited about the opportunity to further bolster IWG’s position as an industry leader and continue to drive their industry-leading growth.”
Olympus invests in a range of industries but has a specific interest in business services, consumer products, healthcare services, financial services, industrial services, and manufacturing. The firm was founded in 1988 and is based in Stamford, Connecticut.
Atlas is a holding company that has more than 26 platform companies operating in a wide range of sectors with more than $16 billion in total revenues, more than 50,000 employees, and more than 300 facilities worldwide. Some of the sectors that Atlas invests in are aluminum processing, automotive, building materials, food manufacturing and distribution, packaging, paper, power generation, and wood products.
In April 2021, Atlas held a first, final, and hard cap close of its fourth private equity investment fund, Atlas Capital Resources IV LP, with $3.1 billion of capital. The firm was founded in 2002 by managing partners Andrew Bursky and Tim Fazio and is headquartered in Greenwich, Connecticut.
The sale of IWG to Olympus is expected to close before the end of the second quarter.
© 2023 Private Equity Professional | April 19, 2023
