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Olympus Partners invests USD50m in Atlas Industrial Services

Olympus Partners, a Stamford, Connecticut-based private equity investor, has invested USD50m in equity and subordinated debt in Atlas Industrial Services, which through its operating su

Olympus Partners, a Stamford, Connecticut-based private equity investor, has invested USD50m in equity and subordinated debt in Atlas Industrial Services, which through its operating subsidiary Phoenix Services provides mill services to the global steel industry. 

The funding will enable Phoenix Services to continue its expansion, bringing its service offering to steel mills of global steel manufacturers.
 
Phoenix Services, which commenced operations in 2006, operates under long-term service contracts with many of the world’s premier steel makers, including ArcelorMittal, Gerdau Ameristeel, SeverStal, Steel Dynamics and others, and has revenue in backlog in excess of USD600m.
 
Atlas Industrial Services is an affiliate of Greenwich, Connecticut-based Atlas Holdings which has overseen the growth at Phoenix Services. 
 
‘As Phoenix Services enters its next phase of expansion, Atlas Holdings is excited to welcome a new partner whose core business values are aligned with ours,’ says Atlas Holdings chairman Andrew M. Bursky. ‘An investment of this magnitude in today’s current capital environment is a testament to the management team at Phoenix Services and the exciting prospects for the business. Our partnership with Olympus will allow Phoenix Services to realise the tremendous opportunities for growth that we see in the steel mill services industry.’
 
Olympus has approximately USD3.1bn under management and invests in companies with opportunities for growth. The investment in Atlas Industrial Services was made through Olympus’ USD1.5bn Olympus Growth Fund V.
 
‘We are pleased to be taking a leading role with a dynamic growth company. The Phoenix management team has built an organization that is focused on providing exceptional service to its steel mill clients and has made huge inroads toward becoming a dominant force in the steel mill services industry,’ says Olympus Partners’ managing partner Robert S. Morris.

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