Turnspire Capital Partners has sold its ownership stake in Banker Steel to Atlas Holdings LLC. No financial terms were disclosed. Steel is a provider of fabricated structural steel and erection services for the East Coast commercial construction market.
New York, NY (February 13, 2017) —- Turnspire Capital Partners LLC (“Turnspire”) announced that an affiliate has sold its ownership stake in Banker Steel Co. L.L.C. (“Banker Steel”) to an affiliate of Atlas Holdings, LLC (“Atlas”), Turnspire’s partner for the 2014 acquisition of Banker Steel. Terms of the transaction were not disclosed.
Ilya Koffman, Managing Partner of Turnspire, said, “Banker Steel was an extremely successful investment for Turnspire. We are delighted with the Company’s growth and operating performance since the 2014 acquisition, and we are confident that Banker Steel has a very bright future under Atlas’s and Don Banker’s continued ownership.”
“We thank our partners at Atlas as well as Don Banker and the rest of the management team for their tireless work driving excellence in the business. We also thank Michael Khutorsky for his integral role in our Banker Steel investment,” Mr. Koffman added.
Founded nearly two decades ago, Banker Steel is led by Don Banker and based in Lynchburg, Virginia. With fabrication facilities in Lynchburg, Orlando, Florida and South Plainfield, NJ, Banker Steel provides fabricated structural steel and erection services for the East Coast commercial construction market. The company also provides design-assist services and has had the privilege of fabricating steel for design-build projects such as the award winning Washington Nationals Park in Washington, D.C. and the Barclays Center in Brooklyn, New York.
About Turnspire Capital Partners
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.