Atlas and Phoenix Services International have finalised a financing arrangement with Olympus Partners to provide USD15m of additional capital to Phoenix in the form of subordinated debt to fund the growth of the company.
Atlas, an industrial holdings company, says the financing provides incremental growth capital and better aligns the objectives of all the shareholders of Phoenix.
Facilitated by the financing, Phoenix recently signed a ten-year contract with Gurex Ferrochrome in Poland to process an old slag bank and recover low-carbon and high-carbon ferrochrome.
Phoenix also expects to finalise a new contract with ArcelorMittal to provide steel mill services to its facility in Galati, Romania.
Phoenix Services International, which provides mission-critical steel mill services, was formerly called Atlas Industrial Services.
