Atrium Completes Restructuring Process
Atrium Cos. Inc. has successfully completed its balance sheet restructuring and emerged from Chapter 11 on April 30, just 100 days after its initial filing was made, officials report. Recapitalized by existing owners, Golden Gate Capital and Kenner & Co., the company has reduced its pre-bankruptcy debt by more than 60 percent.
As part of the restructuring process, the two private equity firms invested more than $170 million in in the manufacturer of vinyl and aluminum windows and patio doors. The transaction is said to significantly strengthen Atrium’s balance sheet and position the company for growth.
“Atrium has emerged from this process as a stronger company with far less debt,” says Gregory T. Faherty, Atrium president and CEO. “With a healthy balance sheet and new financing, we are very excited about the opportunities that lie ahead. Golden Gate Capital and Kenner & Company are experienced building products investors and well-capitalized partners, and we look forward to working with them to help the company flourish.”
“We are very excited to partner with the existing management team to recapitalize Atrium," says Rajeev Amara, Golden Gate managing director. "Atrium is a market leader with a national operating footprint and expansive distribution network that position it favorably to benefit from a recovery in the housing market. We are pleased the recapitalization was completed in 100 days without disruption to customers or suppliers, and are committed to supporting the company’s growth over the long term, both financially and strategically.”
Kevin O’Meara, Operating Partner of Golden Gate Capital and Chairman of Atrium, said, “I have known Atrium for many years as a customer and competitor," adds Kevin O'Meara, an operating partner at Golden Gate and now chairman of Atrium. "Atrium has an impressive portfolio of brands and a reputation for high quality products and exceptional service. I look forward to working with the more than 4,000 Atrium employees to build upon this tremendous record and help the company accomplish its goals in the coming years.”