Atlas Holdings has acquired certain operating assets of PDM Bridge, a steel fabricator that produces steel components for the largest and most complex bridge structures.
The acquired assets now operate under a new entity, Veritas Steel. Terms of the transaction were not disclosed.
Headquartered in Chicago, Illinois, Veritas Steel becomes a leader in the steel bridge fabrication industry with extensive experience in fabricating both simple and complex bridge structures. With the acquisition, Veritas Steel will operate three fabrication plants in Eau Claire, Wisconsin, Wausau, Wisconsin and Palatka, Florida.
“We are pleased to announce the formation of Veritas Steel, the purchase of certain assets of PDM Bridge and the addition to the Atlas family of three quality workforces in great communities,” Atlas Holdings managing partner Tim Fazio says. “Veritas will build on PDM Bridge’s historical success and reputation, while adding Atlas’ operating and financial expertise. With three strategically located plants, a highly-skilled workforce, and expanded bonding capacity, Veritas will have the capability to more competitively bid on the most complex projects. We have established Veritas with a rock solid balance sheet and we intend to invest in high return capital projects that will result in greater efficiency.”
As part of the transaction, Richard Phillips and Henrik Jensen are joining the board of Veritas. Phillips most recently served as executive vice president and chief financial officer of Hirschfeld Industries, one of the country’s largest bridge fabricators. Jensen, who will serve as the chairman of the board of Veritas, is currently the president and chief executive officer of Pangborn Group, an Atlas company which is a leading manufacturer of complete surface preparation systems, equipment and services including systems that are sold into the steel fabrication industry.
“Atlas’ strong reputation of building companies that consistently outperform their peers made the opportunity to join the board of Veritas an easy one. The acquisition of PDM’s assets by Atlas will lead to growth for the company at just the right time as there is an increased call to improve America’s infrastructure. The new entity, Veritas Steel LLC, is in excellent position to capitalize on opportunities in the near and long-term,” says Phillips.
