NEW YORK, June 10, 2019 /PRNewswire/ -- Aterian Investment Partners ("Aterian"), a private investment firm, is pleased to announce that one of its affiliates has completed the sale of Johnstown Wire Technologies ("JWT" or the "Company") to Liberty JWT Holdings Inc., an affiliate of GFG Alliance ("GFG").
Following the Aterian acquisition of JWT in 2014, Aterian worked alongside the Company to invest significantly in strategic commercial initiatives, new production equipment and IT platform, and operations processes to further grow the business.
Johnstown Wire Technologies is a leading 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. Since 1911, and formed from Bethlehem Steel, JWT has been a pioneer in the industry, consistently maintaining leading market positions with a broad customer base.
"We want to thank the Aterian team for their steadfast partnership and their investment behind our growth, operating and organizational plans to further Johnstown Wire as a leading North American steel wire producer," said Jack Miller, CEO of Johnstown Wire Technologies. "We look forward to continuing this success with GFG and their family of businesses."
Christopher H. Thomas, Co-Founder and Partner at Aterian, stated "We are proud of our significant investments into the Johnstown, Pennsylvania facility and providing the Company with the capital needed to execute on its strategic plan. Further, it has been a pleasure to partner with the management team, employees and community in supporting Johnstown's continued leadership position within the United States steel industry. We wish JWT the best of success and look forward to watching GFG and the Company in its continued progress."
Daniel Phan, Principal at Aterian, added "The capital investments into Johnstown exemplify Aterian's approach of partnering with industry leaders and providing the capital needed to execute on a Company's long-term strategic plan. We are proud to have continued to advance Johnstown's nearly 110-year-old leading franchise."
KeyBanc Capital Markets, Kirkland & Ellis LLP and PricewaterhouseCoopers LLP advised Aterian.
About Aterian Investment Partners
Aterian Investment Partners is an operationally-focused middle market private investment firm with over $700 million in committed capital under management, providing resources to further enhance operations, growth and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. 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 229 people.
For more information, please visit http://www.johnstownwire.com.
SOURCE Aterian Investment Partners