Atlas Holdingsand Olympus Partners jointly announced today the signing of a definitive agreement whereby Olympus will acquire a majority ownership stake in International Wire Group Holdings, Inc. ("IWG"). Atlas, which acquired IWG in April 2019 and has worked closely with the IWG team to execute a business transformation that enabled strong growth and drove operational excellence, will continue as an investor in the company. The transaction is expected to close in the second quarter of 2023. Following the close of the transaction, longtime industry leader Gregory J. Smith will continue as President and Chief Executive Officer of IWG. Financial terms of the transaction were not disclosed.

Headquartered in Camden, New York, IWG is the largest non-vertically integrated copper and copper-alloy wire products manufacturer in the United States and maintains operations in Europe, all supported by unparalleled global engineering capabilities. IWG is highly regarded for its capacity and broad product portfolio, servicing a wide range of applications in energy, green electrification, industrial, automotive, aerospace, data communications and other major markets.

"When we acquired IWG, we partnered with Greg Smith to transform and grow the business. 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 Partners," said Atlas Partner Neil Mahajan.

"I remain deeply proud of our team and all we have accomplished together in making IWG the best wire fabricator in the industry. 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. I'm looking forward to continuing to serve our long-standing customers and continuing our growth with our new partners at Olympus," said Gregory Smith, President and CEO of IWG.

"IWG has distinguished itself as a leader in the wire and cable industry with their skilled team, breadth of products, and engineering capacity. We're excited about the opportunity to further bolster IWG's position as an industry leader and continue to drive their industry leading growth," said Dave Cardenas, Managing Partner at Olympus.

 

Source:prnewswire.com/

Report Abuse