Aterian Investment Partners Acquires Johnstown Wire Technologies
NEW YORK, May 12, 2014-- Aterian Investment Partners ("Aterian"), a leading private equity firm, announces that one of its affiliates has acquired Johnstown Wire Technologies, Inc. ("Johnstown Wire," or the "Company").
Johnstown Wire is the largest independent producer of high-quality, value-added carbon and alloy wire in North America. The Company focuses on customized specialty wire products consisting of cold heading quality, plated, and premium direct-drawn products where metallurgical quality is the differentiating factor. Headquartered in Johnstown, PA, the Company's products are sold into a variety of end markets, including transportation, construction, utilities, and select consumer durables. Since 1911, and formed from Bethlehem Steel, JWT has been a pioneer in the industry, producing steel wire and maintaining leading market positions with a broad customer base.
Christopher H. Thomas, Partner of Aterian, said, "For more than 100 years, Johnstown Wire has been a leader with unmatched depth and breadth of its product portfolio and excellence in quality and customer service. We look forward to working with management and supporting the Company in its growth and strategic initiatives while delivering value to its customers."
Walt Robertson, President of Johnstown Wire, said, "This transaction is a significant step in the Company's history. Aterian is a firm with a demonstrated track record of expanding product development and capabilities, investing in operations, and growing businesses alongside management. Aterian's support will allow Johnstown to continue to drive results through execution of its strategic plan and its relentless focus on product excellence and customer service."
BB&T Capital Markets advised on the transaction.
About Aterian Investment Partners
Aterian Investment Partners is an operationally-focused middle market private equity firm. The firm focuses on complex, underperforming and unique situations generating $25 million to $500 million of revenue. After making an investment, Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.
For more information, please visit http://www.aterianpartners.com.
About Johnstown Wire Technologies
Johnstown Wire Technologies, Inc., headquartered in Johnstown, PA and formed from the assets of Bethlehem Steel Corp. in 1992, is one of the largest producers of value added carbon and alloy wire in North America. Johnstown focuses on segments where metallurgical quality is a differentiating factor. The company operates from a single 638,000 square foot facility in Johnstown, PA and employs 260 people.
JWT produces a wide variety of steel wire products made from carbon and alloy wire rod and hot rolled bar. The company's manufacturing processes include acid cleaning and coating, wire drawing, plating, and annealing. For more information, please visit http://www.johnstownwire.com.
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