Fairburn, GA (November 16, 2015) — Atlas Holdings LLC announced today that its portfolio company Pangborn Group, a leading designer, manufacturer and supplier of innovative surface preparation equipment and related aftermarket parts and services, has been sold to United Generations, LLC. Terms of the transaction were not disclosed.
Atlas acquired Pangborn in June of 2006. Headquartered in Fairburn, Georgia, the company employs over 250 people at nine strategically located facilities around the world.
“When we acquired Pangborn, our goal was to reinvigorate and strengthen an innovative manufacturing company, one with roots dating back well over a century,” said Andrew Bursky, Atlas Co-Managing Partner. “We succeeded by doing what Atlas does best; partnering with a great management team, skilled associates and loyal, blue-chip customers to drive value creation. In so doing, we re-established Pangborn as the “go to” shot blast and air blast equipment and services provider in the global marketplace.”
“Pangborn’s global footprint, entrenched customer relationships and core brands have positioned the company well for the future,” said Tim Fazio, Co-Managing Partner of Atlas. “The business has been part of the Atlas family for nearly a decade and we’re very proud of its record of achievement.”
“Pangborn has the history, market recognition, engineering expertise and passionate associates engaged in building high-quality equipment and providing responsive service for their customers. These valuable characteristics match very closely to the characteristics we have learned and developed over many decades in our operating businesses” says Doug Basler, Chairman of United Generations, LLC. “We are confident we can, with the active partnership of Pangborn’s talented and committed management and employees, build upon an already successful company.”
Pangborn provides complete solutions throughout the lifecycle of surface preparation equipment, including initial design and installation, reliable aftermarket rebuilds and service and timely delivery of high quality replacement parts. Its three core brands – Pangborn, Berger Strahltechnik (“Berger”) and Vogel & Schemmann (“V+S”), enjoy a rich history, dating back over 140 years. They are recognized globally as innovators and leaders within the shot blasting industry.
Duff & Phelps served as the exclusive financial advisor to Pangborn Group and assisted in initiating, structuring and negotiating the transaction on its behalf. Duff & Phelps is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation.
About Atlas Holdings LLC
Founded in 2002, Atlas Holdings LLC is headquartered in Greenwich, Connecticut. Atlas and its affiliates own 16 companies that employ approximately 20,000 associates and operate from more than 100 facilities across the globe — generating more than $4 billion in revenue annually. Atlas companies are engaged in a variety of industries, including aluminum processing, automotive, building materials, capital equipment, construction, energy, industrial services, packaging, paper, power generation, steel, and supply chain management. Visit www.atlasholdingsllc.com for more information.
About United Generations, LLC
United Generations, LLC (UG) headquartered in Waukegan, Illinois is a privately held, family holding company formed to make long-term investments in highly-engineered, mission-critical product and services-based businesses. UG looks for strong management to partner with in successful businesses. The management of UG differentiates itself from financial buyers by taking an operating approach to owning businesses coupled with a long-term view. Visit www.unitedgenerations.com for more information.