Turnspire Capital Partners and Atlas Holdings LLC Partner with Founder Don Banker to Acquire Banker Steel
New York, NY (July 31, 2014) – Turnspire Capital Partners LLC, together with Atlas Holdings LLC (through its operating company, Bridge Fabrication Holdings LLC), today announced they have partnered with Don Banker to acquire Banker Steel Co. L.L.C., a structural steel fabrication business based in Lynchburg, VA. Don Banker will continue as the company’s Chief Executive Officer and will retain a significant ownership interest. Further terms of the transaction were not disclosed.
Banker Steel Co. L.L.C. is a leading fabricator of structural steel components used in commercial and infrastructure projects. Founded in 1997 by Don and Carol Banker, the company’s reputation as one of the premier steel fabricators in the country is based on providing value-added services throughout the construction process, beginning with design assistance and extending through Banker Steel’s strong network of sub-contractors and erectors used to assemble projects on site. The company operates from two fabrication facilities in Lynchburg, VA and one in Orlando, FL which aggregate a total of 340,000 square feet with a capacity of 600,000 man hours, or production of up to 50,000 tons of steel fabrications per annum. The company’s strong market presence and recognition as a high quality and reliable supplier has resulted in Banker Steel being the fabricator of choice on a number of marquee projects, including Barclays Center in Brooklyn, NY, the award-winning Washington Nationals Park in Washington, D.C., and the Hudson Yards, the largest mixed use development in New York City since Rockefeller Center.
“We are tremendously excited to welcome Don, his wife Carol and the rest of the Banker team to the Atlas family,” Atlas Holdings Partner Ed Fletcher said. “Under Don’s leadership, Banker Steel has built a stellar industry reputation that is well-deserved. We look forward to partnering with Don to expand his structural steel fabrication footprint by leveraging the Atlas team of Operating Partners and financial resources.”
“Atlas’ track record of building companies that consistently outperform their peers made this partnership decision an easy one. Atlas already has a strong understanding of the steel fabrication industry and our partnership has begun at an ideal time for Banker Steel as we continue to see substantial urban construction opportunities in our core geographic markets,” said Don Banker, President and CEO of Banker Steel.
Michael Khutorsky, Managing Partner of Turnspire, said “We are delighted to partner with Don and Atlas. Banker Steel is a perfect fit for Turnspire’s strategy of investing in high-quality businesses with tremendous value creation opportunities. We look forward to collectively working together to take the Company to the next level.”
Atlas Holdings LLC is an industrial holding company headquartered in Greenwich, Connecticut. Atlas employs approximately 12,000 people globally at more than one hundred facilities worldwide. Atlas operates in a number of industrial sectors, including automotive, building materials, capital equipment, energy, industrial services, packaging, pulp, paper, and tissue, steel, and logistics, supply chain management and distribution. Atlas’ portfolio companies generate in excess of $3 billion dollars in revenues annually. For additional information, please visit www.atlasholdingsllc.com.
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
For more information about Banker Steel, please visit www.bankersteel.com.