CT private equity firm to buy wire maker for over $900 million

"The company has been built up over time and needs more capital to grow as it gets to the next stage," Olympus Partners Chief Executive Officer and Chairman Rob Morris said of his firm's agreement to acquire International Wire Group Holdings. "That's the role we’re here to play."

STAMFORD — Stamford-based private equity firm Olympus Partners has agreed to acquire a wire products manufacturer for a high nine-figure amount from Greenwich-based Atlas Holdings.

Olympus will buy the Camden, N.Y.-headquartered International Wire Group Holdings for "slightly in excess of" $900 million, according to a source familiar with the matter.

IWG comprises "the largest non-vertically integrated copper and copper-alloy wire products manufacturer in the United States," with 19 manufacturing facilities and a distribution facility across the U.S., France, Italy and Poland, according to a news release. Olympus officials said that they saw strong growth potential for IWG whose products are used in apparatus and settings such as electric vehicles, electric charging stations, airplanes and data centers.

"The company has been built up over time and needs more capital to grow as it gets to the next stage," Olympus Chief Executive Officer and Chairman Rob Morris said in an interview. "That's the role we’re here to play."

Atlas, which acquired IWG in April 2019, will continue as an investor in the company, following the expected closing of the deal in the second quarter of this year. Atlas and its affiliates own and operate 26 companies, which employ approximately 50,000 associates across more than 300 facilities worldwide, according to company data.

"When we acquired IWG, we partnered with (IWG CEO and President) Greg Smith to transform and grow the business. In the four years since, we have seen IWG cement its industry-leading position and create a unique platform for continued growth," Atlas Partner Neil Mahajan said in a written statement. "We are looking forward to continuing to support the company in this new chapter with Olympus Partners."

After the deal closes, Smith will continue in his current roles.

"I remain deeply proud of our team and all we have accomplished together in making IWG the best wire fabricator in the industry. With the support of our partners at Atlas, we have made significant investments to grow our core business and provide the industry's most robust product portfolio," Smith said in a statement. "I'm looking forward to continuing to serve our longstanding customers and continuing our growth with our new partners at Olympus."

Among other deals in the past couple of years, Olympus announced last November that it would sell liquid-packaging manufacturer Liquibox for about $1.1 billion to Sealed Air.

Last September, Olympus announced that it would acquire EyeSouth Partners, an eye care management services organization, for more than $900 million.

About a year ago, Olympus acquired a Planet Fitness franchisee for more than $675 million.

In March 2022, Olympus announced the acquisition for approximately $450 million of Omega Environmental Technologies, a distributor of automotive air conditioning products.

In September 2021, Olympus sold pet products provider Petmate for nearly $700 million.

Including IWG, Olympus will have a portfolio of 14 companies. It manages funds totaling more than $8.5 billion, mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.

Olympus’ offices are in the Metro Center complex, at 1 Station Place, across the street from the downtown Stamford Metro-North Railroad station. It has about two-dozen employees.

"We see economic activity as softening in many places, partly driven by interest rates, so we’re trying to run our companies somewhat defensively," Morris said. "That's everything from trying to keep inventories skinnier, trying to keep costs down and doing our best with efficiencies in purchasing."