Atlas Holdings Announces Completion of Permasteelisa Group Acquisition

Atlas Holdings has completed its acquisition of Permasteelisa Group, a global leader in the engineering, project management, manufacturing, installation and after-sales service of advanced building facades, architectural envelopes and interiors. Permasteelisa Group includes three brands, Permasteelisa, Gartner and Scheldebouw, which are noted as integrated providers of high quality, bespoke curtainwall solutions. The brands together employ more than 4,500 associates out of locations in 30 countries, including nine production facilities and eight principal design offices.

Earlier this year, Lixil Group Corp. entered into a definitive agreement to sell Permasteelisa to Atlas Holdings LLC, which, along with its affiliates, own and operate a diversified group of global manufacturing, distribution and construction businesses with an emphasis on safety and operational improvement.

“Permasteelisa Group is trusted by the world’s most visionary architects to turn their designs into reality and has a 100 percent project delivery record over its five decades of market leadership,” says Timothy Fazio, Atlas Holdings co-founder and managing partner. “Combining this unique positioning in the market with Atlas’ construction and manufacturing industry expertise is a win-win for the company, its associates and its customers. We are thrilled to welcome Permasteelisa Group to the Atlas Family.”

Peter Bacon, operating partner of Atlas Holdings, adds, “Permasteelisa Group has brought to life some of the world’s most iconic buildings. The company’s ability to execute large, complex projects is simply unmatched in the curtainwall industry.”

“We could not have found a better partner to strengthen our company today and build a brighter future than Atlas Holdings,” said Klaus Lother, Permasteelisa Group CEO. “Our clients trust us to get the job done quickly and flexibly, wherever a project demands, and Atlas’ global footprint and directly relevant experience in the construction and manufacturing arenas is a perfect fit. Most importantly, they have a long-term focus and share our core values; a commitment to environmental stewardship, employee safety and delivering superior customer service. Our team is thrilled to begin working with Atlas.”

Kinya Seto, CEO of LIXIL Group, adds, “We are pleased to have successfully concluded the transfer of Permasteelisa to Atlas, an important step in our ongoing transformation. This transaction will enable LIXIL Group to focus on the future growth of our core water and housing technology businesses, while providing Permasteelisa with an ideal new owner that will build on its proud heritage and strengthen the business in the long term.”

EU Commission Clears Acquisition

Assa Abloy, a 39% shareholder of the Swiss company Agta Record AG, has received clearance by the EU Commission to indirectly acquire the 54% shareholding in Agta Record from the shareholders of Agta Finance.

The purchase price for the acquisition amounts to approximately USD $600 million*, equivalent to an adjusted purchase price per Agta Record share of $83.77. The acquisition closed in August, giving Assa Abloy approximately 93% of the share capital and voting rights of Agta Record.

In addition, Assa Abloy has closed the sale of certain Agta Record and Assa Abloy businesses to Italy-based FAAC Group as part of the commitments to address the EU Commission’s competition concerns. The divested business includes the Agta Record operations in the Netherlands, Austria, Hungary and Slovenia, as well as the Assa Abloy automatic pedestrian door business in France and the U.K. Agta Record´s high-speed door business, located mainly in France, is also included.

“I look forward to finally welcoming Agta Record and all of its employees into the Assa Abloy Group. I am convinced Assa Abloy will be a good home for Agta Record, which is a strategic addition to the group and will bring important competence, products and services. I am also glad that the divested businesses, with its employees and customers, will be in good hands and I wish them future success,” says Nico Delvaux, president and CEO of Assa Abloy.

“Following a long acquisition journey we are happy to be near the end of the process. Agta Record brings the well-known brand ‘record,’ a strong culture, high quality products and a very strong workforce and management. We can now turn our focus to the many opportunities this acquisition will bring,” says Christopher Norbye, executive vice president of Assa Abloy and head of its entrance systems division.

*Editor’s Note: The currency amounts were converted from Euros to U.S. dollars on August 17, 2020.

Ruthmann Group Acquires ReachMaster in Merger

Ruthmann, a manufacturer of truck-mounted and track-based compact aerial work platforms has, through its U.S. subsidiary Ruthmann North America LP, acquired its long-standing sales and service partner ReachMaster Inc. from Ebbe Christensen. ReachMaster Inc. has been a provider of compact aerial equipment and material handling equipment in North America for the past 20 years. The companies are now operating under the new name, Ruthmann Reachmaster North America LP.

Şişecam Group Approved to Unite Operations

Following approval by the Capital Markets Board (CMB), shareholders also approved the merger of all of Şişecam Group’s operations under a single entity. The group opted for simplification of its legal entity and shareholding structure. Procedures on consolidating the publicly listed main subsidiaries of the Group—Anadolu Cam, Denizli Cam, Soda Sanayii, Trakya Cam and Paşabahçe Cam—under the Şişecam umbrella were initiated on January 30, 2020. The official application was made to the CMB on April 27, 2020, and the regulatory authority’s approval was received on July 23, 2020.

Extraordinary General Assembly meetings were held August 26-28, 2020 with the specific agenda of the merger following the CMB’s approval. Shareholders approved the merger of Anadolu Cam Sanayii A.Ş., Denizli Cam Sanayii ve Ticaret A.Ş., Pas¸abahçe Cam Sanayii ve Ticaret A.Ş., Soda Sanayii A.Ş. and Trakya Cam Sanayii A.Ş. being taken over by Türkiye Şişe ve Cam Fabrikaları A.Ş. as a whole with all of their assets and liabilities.

Compusoft to Acquire Soft Tech

Software company Compusoft is acquiring Soft Tech. “We are excited about what this next chapter represents for both Compusoft and Soft Tech as we combine forces. Bringing Soft Tech under the Compusoft fold gives Soft Tech’s people and customers access to top talent, leading edge technology and a wide range of new growth opportunities,” says Tyron Ball, Soft Tech’s co-CEO. “Co-CEO Rowan Hick and I were instantly attracted to Compusoft’s clear vision, the cultural alignment with Soft Tech and their expanding global footprint. We look forward to the journey ahead.”

The acquisition will grow Soft Tech’s market reach with additional resources, access to experts and new technologies, allowing the business to accelerate new products and growth initiatives to better service customers and innovate in the market, according to a company statement.

David Tombre, CEO of Compusoft Group, adds, “We are very excited to welcome Tyron, Rowan and the rest of the Soft Tech team to Compusoft Group. We have been looking to expand into the window and door industry for some time due to compelling similarities with our existing business, such as the growing adoption of technology, complex configuration needs and the importance of data driven solutions. The acquisition will also allow us to continue to grow internationally through Soft Tech’s existing presence in North America, New Zealand and Australia.”

Soft Tech will continue to run as a subsidiary under Compusoft, with the business operations and existing company name, branding and leadership remaining intact.

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