Greenwich, Conn.-based private equity firm Atlas Holdings announced the launch of stand-alone companies Stryten Manufacturing and Element Resources, following Atlas’s acquisition of “substantially all” the operating assets of the Americas business of Exide Technologies LLC. The transaction completes a court-supervised sale process, pursuant to Section 363 of the U.S. Bankruptcy code.
The newly formed Stryten Manufacturing, headquartered in Milton, Ga., makes energy storage solutions, including battery products for the RV, automotive and marine markets. According to its new owners, the company combines more than 130 years of experience and operates seven manufacturing plants around the U.S.
Stryten Manufacturing will be led by CEO Tim Vargo and President/Chief Operating Officer Mike Judd.
Also launched out of this court-ordered change of assets is Element Resources, which owns and operates recycling plants in Missouri and Indiana. These facilities provide recycling services to Stryten Manufacturing and other battery manufacturers.
“We are thrilled to officially launch Stryten Manufacturing with our new colleagues at Atlas Holdings,” said Vargo. “Atlas is the ideal partner for us, as they believe in growing and strengthening manufacturing companies for the long-term. They provide us with stability, unique operational expertise and a shared commitment to superior customer service. Together with Atlas, we’ll start today in writing the next great chapter for our company.”
One of Stryten’s subsidiaries is GNB Industrial Power, which has provided the U.S. Navy submarine fleet with state-of-the-art battery systems for more than a century.