Atlas Holdings LLC has signed a definitive agreement with MeadWestvaco
Corporation (NYSE: MWV) to purchase MWVs network of global media and
entertainment packaging businesses, subject to certain closing
conditions. Completion of the transaction is expected on September 30,
2010.
“We are very excited about this transaction and the future for the media
and entertainment business”
The businesses, which operate under the names AGI Media, AGI Amaray and
AGI Polymatrix, specialize in innovative packaging for Blu-ray discs,
DVDs, music and video games, and have approximately 1,450 employees.
Principal operations are in the United States, United Kingdom, Austria,
France, Ireland, Germany, Poland, The Netherlands and Australia.
When complete, this transaction will represent the fifth major
acquisition by Atlas and its companies in the past two years. Earlier
this year, Atlas acquired the assets, systems and intellectual property
of three niche trading and distribution divisions of North Pacific
Group, Inc., with interests in a variety of sectors, including telephone
and utility poles, crane mats, hardwood lumber and panel products, and
specialty foods and agricultural products. Also this year, Northern Pulp
Nova Scotia Corp., an Atlas company, acquired 475,000 acres of Nova
Scotia forestland from Neenah Paper, Inc. In 2009, Atlas added both the
Othello Group wheel blast and surface preparation equipment company, and
the RedBuilt engineered wood products and building systems company to
its portfolio.
The AGI acquisition reflects Atlas investment strategy of purchasing
and successfully transitioning divisions of a larger corporate parent
into strong, independent businesses, said Timothy Fazio, managing
partner of Atlas Holdings LLC. Our more than a decade of experience in
the packaging industry strengthens our confidence in this acquisition
and enhances our ability to realize synergies among our companies. We
are excited about acquiring these businesses and welcoming their
employees into the Atlas family.
The AGI businesses share the entrepreneurial spirit that underlies
Atlas and all of our companies, said Atlas Holdings Chairman Andrew
Bursky. We look forward to strengthening and expanding Atlas presence
in the packaging industry, and building new partnerships within the
exciting media and entertainment industries.
The Media and Entertainment Business team has achieved great success in
this market and continues to be at the forefront of innovative packaging
for music, movies and video games, said John A. Luke, Jr., MWV chairman
and chief executive officer. We are confident that under Atlas
ownership, the media and entertainment business will continue to have a
market-leading position in this sector.
We are very excited about this transaction and the future for the media
and entertainment business, said Tony Garnish, president, AGI Global
Media Business. We have a long history of providing the industry with
innovative solutions that meet the ever-changing needs of the market. We
believe this business is an excellent fit with Atlas Holdings and
positions us well for success.
Atlas Holdings is a holding company founded in 2002, although many of
its companies have been in business for more than 100 years.Atlas
currently owns eight platform companies that operate from more than 40
facilities throughout North America and Europe, generating in excess of
$1.5 billion of revenue annually.Atlas family of companies employ
3,500 people and are engaged in a variety of industries including
consumer packaging, steel, pulp and paper, building materials, business
services, capital equipment, distribution, industrial packaging, timber
and wood products.
For more information please visit www.atlasholdingsllc.com.
Source: Business Wire
