One of North America's largest automotive injection molders has a new private equity owner.
Atlas Holdings LLC announced April 25 that it has agreed to buy Auburn Hills, Mich.-based automotive supplier U.S. Farathane LLC from the Gores Group investment firm.
Atlas plans to partner with USF CEO Andy Greenlee, who will remain CEO and assume the title of chairman of the board.
"Atlas Holdings is the ideal partner for this next chapter in U.S. Farathane's evolution," Greenlee said in an April 25 news release. "We look forward to growing our business through strategic acquisitions, expanding our global footprint and adding technology."
Greenlee said Atlas' automotive sector expertise will help USF grow. Atlas owns 26 companies including three in the auto sector: automotive glass supplier Carlex, battery maker Edison Group Cos., and headliner and interior trim maker Motus.
"We could not be more excited about this partnership and what it means to our customers and employees," Greenlee said.
The deal is expected to close in the second quarter of 2023 following the completion of customary regulatory approvals.
Atlas Holdings Managing Partner Jacob Hudson said USF has a strong reputation as a leading automotive supplier. USF was the 2005 Plastics News Processor of the Year.
Atlas Holdings and USF did not respond to separate inquiries for comment by Plastics News.
U.S. Farathane, with 18 manufacturing facilities in the United States, Mexico and China, is No. 5 in Plastics News' injection molders ranking. It has an estimated molding sales of $900 million and 420 employees.
Gores Group bought the company in December 2014 for more than $100 million.
USF does injection molding, compression molding and extrusion, and offers design, tooling and engineering services. USF customers include General Motors, Ford, Stellantis, Tesla, Toyota, Honda, Rivian and other leading global automotive OEMs and Tier 1 suppliers.