Chicago-based private equity firm Core Industrial Partners LLC has offered to re-acquire Fathom Digital Manufacturing Corp.
Core's nonbinding offer is $4.50 per share for the portion of Fathom that it does not already own.
Hartland, Wis.-based Fathom specializes in additive manufacturing and 3D printing, including prototyping and low-volume production.
The company went public through Altimar Acquisition Corp. II, a special-purpose acquisition company (SPAC), in December 2021. But Core retained a majority stake in Fathom, and today owns 63 percent of its voting power, according to a Nov. 27 news release.
Fathom's board of directors has formed a special committee of independent directors to evaluate Core's offer and any alternative proposals, according to the release.
"Regardless of its ownership structure, Fathom Digital Manufacturing is committed to providing superior on-demand digital manufacturing process and service to its customers," Fathom's investor relations team told Plastics News in an email.
Fathom will still have "some minority shareholders" including "legacy founders of the predecessor companies, management, etc.," the email said.
In a news release, Fathom officials went on to say it "has not made any decisions with respect to its response to the proposal and has not set a definitive timetable for the completion of its evaluation of the proposal. There can be no assurance that any definitive agreement will result from the proposal submitted by the Core funds or that any transaction will be consummated."
Fathom reported lower sales in the first nine months of 2023 compared with the same period a year ago. Sales were $100.9 million for nine months that ended Sept. 30, down from $122.7 million a year ago.