EOS Investment Management (EOS IM) has acquired a majority stake in Atex, a multinational nonwovens company with a manufacturing presence in both Italy and the U.S.
Founded in 1993, Atex’s headquarters is located in the north of Italy, and boasts a high value added production facility, utilising a specialist polymer extrusion process.
In 2000, after achieving commercial success abroad, Atex built a cutting-edge production plant in Gainesville (Georgia, USA), which has now become Atex Inc. In 2016, Atex had a turnover of about EUR 50 million, with strong operating margins (14 % Ebitda) and a solid financial position.
EOS IM’s acquisition will enable Atex to further develop its ambitious yet pragmatic new industrial strategy, which entails both the enhancing of the key senior team resources and the strengthening of production plants in order to penetrate new market niches. The plan is also to widen the Atex offering through new acquisitions, always under the hallmark of identifying talent, flexibility and quality, which are part of Atex’s historical DNA.
Max Castellani, Luca Di Benedetto and Mario Di Benedetto, the Group’s senior management, comment: “We are very satisfied with this important achievement, because EOS IM is the ideal partner to pursue not only a financial path, but also strong industrial growth. Atex has all the credentials to gain the leadership in the sector of nonwoven fabrics on an international scale.”
Ciro Mongillo, founder and CEO of EOS IM, says: “This industrial partnership has a special value. The Atex management team and shareholders will make a significant investment alongside EOS IM in the development project. This is a key part of EOS IM’s culture and approach, whereby it makes deals and establishes partners with converging objectives. The purpose is to pursue a measured financial and strong industrial growth strategy, which is sustainable and profitable for all our investors.”
Marco Giuseppini, head of Private Equity at EOS, concludes: “Atex represents an example of Italian excellence, which is able to express a high development potential and is ready to further penetrate opportunities on the international market.”
Atex represents quality and the development of highly innovative nonwovens. Through our work, which focuses on research and technology, we are able to satisfy our customers’ needs through high-quality certified production processes and innovative solutions. Our commitment is complemented by a global marketing strategy.
Atex offers converters and manufacturing industries a wide variety of solutions based on polypropylene nonwovens. Our mission is a firm commitment to innovation and the development of entirely new nonwoven products. Atex: a World of Customized Applications.
Since its founding in 1994, Eos Partners has sought to make private equity investments in lower middle market companies, at an inflection point in their development, in partnership with management.
An inflection point is often described as a turning point, the point that marks the beginning of a significant move upwards. Inflection points may be caused by customer, regulatory or secular industry changes; new product introductions; capital investment; a meaningful acquisition or series of smaller acquisitions; a transition from a founder/entrepreneur run business to a professionally managed and owned organization; management succession; a recapitalization or restructuring of the balance sheet; or merely a renewed focus on growth.
Our goal is to partner with superior management teams and commit our professionals’ collective business experience, network of relationships, strategic judgment, and financial markets expertise in order to build and grow industry leading companies.
We are not just investors, we are partners.
Business partners: We do not run companies but rather rely on our management teams to do so. We operate at a board and strategic level, with an active understanding of the risks, drivers and opportunities of a business. Our decades of experience investing in lower middle market companies enables us to actively participate in the value creation process.
Direct and candid communication: We believe in direct and open communications with our management teams and business partners. We understand the challenges companies at times face and timely, transparent communications leads to efficient and effective decision making.
Small team of senior level professionals: Our team is primarily comprised of senior level investment professionals with decades of investing experience. We do not have third party investment committees and the ultimate decision makers are intimately involved throughout the entire investment process.
Philosophy of ownership: We are the largest investors in each of our private equity investments, and so we think and act like owners. We are patient, experienced investors and believe companies need to continually invest — even at the expense of short-term earnings — in order to grow, thrive and create long term shareholder value.