Atlas Holdings Forms Veritas Steel, Acquires Certain Assets of PDM Bridge
CHICAGO, Illinois. (November 5, 2013) — Veritas Steel LLC announced today that it has acquired certain assets of PDM Bridge, LLC, a steel fabricator that produces steel components for the largest and most complex bridge structures. Veritas Steel is a newly formed portfolio company of Atlas Holdings, an industrial holding company headquartered in Greenwich, Connecticut. Terms of the transaction were not disclosed. Veritas Steel LLC will be based in Chicago.
With the acquisition, Veritas Steel will operate three fabrication plants located in Eau Claire, Wisconsin, Wausau, Wisconsin and Palatka, Florida. These plants are in geographically strategic locations which give Veritas significant reach across several U.S. regions to competitively bid on complex jobs. All associates at these plants have been offered positions with Veritas Steel.
“We are pleased to announce the formation of Veritas Steel LLC, 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 said. “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.”
"Veritas' commitment towards its great workforce is a win-win for both the steelworkers and for the future of the steel fabrication industry," said Michael Bolton, Director of USW District 2. "As America digs its way out of a recession, the road toward economic recovery starts with investing in domestic manufacturing jobs. We applaud Veritas' work towards that objective." Gary Collins, President of Shopmen’s Local 811 Ironworkers, said "keeping its plants open, operational and fully staffed shows Veritas is committed towards its skilled workers and their future. The ironworker community is excited about the investment Veritas is making, starting with its great workforce, and we look forward to seeing the company succeed as new opportunities in the bridge fabrication market present themselves."
As part of the transaction, Veritas is adding significant expertise and leadership to its executive team with the addition of Richard Phillips and Henrik Jensen to the Board of Veritas. Mr. Phillips most recently served as Executive Vice President and Chief Financial Officer of Hirschfeld Industries, one of the country’s largest bridge fabricators. Mr. 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.
“This is an exciting time for this company. PDM’s historic reputation for successful execution to the highest quality standards will be the foundation for Veritas’ future growth. We will continue to successfully bid on and build the most high profile and complex bridge contracts throughout the Central and Eastern U.S.,” said Veritas CEO Matt Cahill. “I want to welcome Mr. Phillips and Mr. Jensen onboard and I look forward to working with them as we lead our extraordinary team of employees into the next chapter as a company.”
ABOUT VERITAS STEEL LLC
Veritas Steel LLC is a steel fabricator capable of producing steel components for the largest and most complex bridge structures. The Veritas Steel fabricating facilities are equipped with state-of-the-art CNC equipment and modern paint facilities capable of applying full shop paint systems, which the bridge industry has come to expect. Veritas Steel facilities are certified by the American Institute of Steel Construction to have the personnel, organization, experience, capability and commitment to produce fabricated structural steel for Conventional Steel Building Structures, Simple Steel Bridges, Complex Steel Building Structures and Major Steel Bridges With Fracture Critical and Paint Endorsements as set forth in the AISC Certification Program. The market area of Veritas Steel expands nationwide for major bridge projects. For more information about Veritas Steel, please visit www.veritassteel.com.
ABOUT ATLAS HOLDINGS LLC
Atlas Holdings LLC is an industrial holding company headquartered in Greenwich, Connecticut. Atlas employs approximately 10,000 people at more than ninety facilities worldwide. Atlas operates in a number of industrial sectors, including building materials, energy, capital equipment, steel mill services, wood products, pulp and paper, and packaging. Atlas’ portfolio companies combined generate in excess of $3 billion dollars in revenues annually. Over the last twenty five years the principals of Atlas, in partnership with capable management teams, have built more than 40 companies in a variety of industries. For additional information, please visit www.atlasholdingsllc.com.