An Elkhart-based manufacturer is now under new ownership. Michigan-based private equity firm Auxo Investment Partners has acquired Atlas Die LLC and its subsidiary, Bernal LLC, also based in Michigan. Financial terms of the deal were not disclosed.
Atlas Die is the largest manufacturer of cutting dies in the United States. The company employs 160 in six facilities throughout the country. Atlas acquired Bernal, which employs 64 in Michigan, in 2013.
The acquisitions are the first for Auxo. A spokesperson for the firm says no jobs will be affected by the deal as it will be "business as usual" for the companies.
“We see a tremendous opportunity to further grow and scale Atlas Die and Bernal and to drive new sales and revenue growth," said Auxo Managing Partner Jack Kolodny. "We’re also actively pursuing other deals, and we’re confident that our unique hands-on, long-term investment approach will pay off for our investors and our new portfolio companies."
Atlas Chief Executive Officer Ken Smott will continue as CEO of both companies following the acquisition. Atlas Die was founded in Elkhart in 1952.