Atlas Holdings has closed its debut fund with $365 million in capital commitments. It had originally targeted $250 million, and used Capstone Partners as placement agent.
The Greenwich, Conn.-based firm previously had used a fundless sponsor model, and focuses on mid-market special situations with an emphasis on the industrial sector.
Atlas Holdings LLC (“Atlas”) today announced the final closing of Atlas Capital Resources LP (the “Fund”) with total capital commitments of $365 million, well in excess of the Fund’s original target of $250 million. Atlas focuses on control investments in North American companies experiencing financial or operational stress, benefiting from Atlas’ ability to resolve operational challenges while executing complex financial transactions.
Atlas has been an active acquirer of businesses through bankruptcy purchases, out-of-court restructurings and reorganizations as well as underperforming or discontinued operations from corporate sellers. Atlas will continue to pursue these strategies, with a particular focus on industrial sectors in which Atlas has substantial operating experience.
Historically, the Atlas principals, together with participation from co-investors and operating partners, have acquired businesses through Atlas Holdings LLC, a diversified holding company with approximately $1 billion in revenue. Atlas elected to raise its first institutional fund to address the expanded and compelling market opportunity in distressed industrial companies. The firm’s proven investment strategy, team and historical track record attracted a diverse group of domestic and international LPs.
Commenting on the final close of the Fund, Andrew Bursky, Atlas’ co-Founder and Managing Partner, stated, “For the last eight years, we have enjoyed many successes with our family of partners. The opportunities today in our target space are tremendous and we are excited to be joined by a new group of partners with whom we look forward to similar success.”
Capstone Partners (“Capstone”) acted as exclusive placement agent for the Fund, marketing in North America, Europe and Asia. Despite the challenges presented by depressed capital markets, Capstone completed the fundraise in 10 months with investor interest well in excess of the Fund’s hard cap.