Atlas Material Testing partners with investment firm

-- Test & Measurement World, 11/8/2007 12:20:00 PM

Atlas Material Testing Technology has finalized an agreement to sell a majority stake in the company to Industrial Growth Partners (IGP), a private equity company that provides equity capital to middle-market industrial manufacturing and manufacturing services businesses. The investment in Atlas will provide additional capital to support the continued rapid growth that the company has experienced in recent years.

IGP, which is based in San Francisco, invests in leading niche manufacturers of highly engineered products and has significant experience in both test and measurement markets and in facilitating ownership transitions within family-owned businesses.

“We conducted an extensive search to find the right partner for us,” said Russell Lane, CEO of Atlas. “Our goal was [to find] an investor that will help us continue to invest in new technologies and develop new products and services for the weather testing market. We are pleased to be associated with IGP.”

Over the past eight decades, Atlas has been a provider of accelerated weathering instruments, as well as laboratory and natural weathering test services. During that time, the company has grown from a small Chicago-based firm to a global leader through internal growth in its core markets and through partnerships and acquisitions.

Atlas will continue to operate from its many global offices.

Atlas Material Testing Technology, www.atlas-mts.com