The transaction reflects Atar Capital’s portfolio growth and commitment to sustainable investment
LOS ANGELES— Atar Capital, a Los Angeles-based global private investment firm, today announced its affiliate Solero Technologies’ successful acquisition of Kendrion’s (KENDR.AS) automotive business in the United States and Europe.
The sale netted at an enterprise value of $67.1 million. The revenues of the divested activities amounted to $231 million with an EBITDA contribution of $23.1 million USD.
Solero Technologies is a global supplier of controls offering a comprehensive range of actuator and solenoid valve solutions that support many automotive systems including Transmission & E-Drives, Active Suspension, Thermal Management, Engine, and Comfort. Solero has served the automotive industry for more than 50 years with a reputation for our safety, quality, and precision. Atar Capital acquired Solero Technologies in 2021, adding to its portfolio of purpose-driven companies through impactful investing.
“This is an exciting opportunity to expand Atar’s purpose-driven automotive affiliate,” said Cyrus Nikou, founder of Atar Capital. “By uniting these complementary businesses, Solero is poised to accelerate the development and deployment of innovative automotive technologies that reduce environmental impact. We’re honored to partner with the Kendrion team and leverage their deep industry expertise to drive forward-thinking solutions that will shape the next generation of mobility.”
About Atar Capital
Atar Capital is a global private investment firm that acquires a wide range of lower middle market businesses exhibiting opportunities for growth, revitalization and significant value creation. Atar Capital’s principals have collectively completed 90 private equity transactions across 18 countries worldwide.
Atar Capital’s combination of operational expertise, industry knowledge and investment experience provide a unique edge in creating value and working as a true partner with its portfolio companies. The firm assists in activities ranging from growing the business to improving operations and financial performance, leveraging all available resources and talent within Atar’s leadership team, as well as its bench of seasoned senior advisors with deep sector and functional expertise. For more information, please visit www.atarcapital.com.
About Solero Technologies
Solero Technologies is a leading global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules with recent development and launches of active suspension and electrification components. The company’s capabilities include advanced design, prototyping, development, and manufacturing excellence combined with a strong intellectual property portfolio across all product categories. Solero Technologies has built an acclaimed reputation for developing and delivering high quality solenoid products to automotive OEMs, the aftermarket and other industrial sectors. The company’s industry-leading solenoid products are critical to the optimal performance of vehicles today and tomorrow. Today, the company operates from its manufacturing facility in Water Valley, Mississippi, along with related sales and engineering operations in Detroit. Visit www.solerotechnologies.com for more information.
About Kendrion N.V.
Kendrion designs, manufactures, and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy. Today, these compact and connected actuators are used in wind power, robots, factory automation, electric vehicles, energy distribution and industrial heating processes, supporting the company’s OEM customers around the world in transitioning to safer and cleaner forms of energy.
As a technology pioneer and innovator, building on a foundation of over one hundred years of experience, Kendrion is driven by a desire to explore creative solutions for the engineering challenges of tomorrow. The company takes broad responsibility for how they source, manufacture, and conduct business. Sustainable business practices are integrated in the company’s processes and embedded in their culture. Rooted in Germany, headquartered in the Netherlands, and listed on the Amsterdam stock exchange, the company’s footprint extends across Europe to the Americas and Asia.
LA-based private investment firm adds Associate Eren Tahincioglu to strengthen deal origination and business development efforts
LOS ANGELES, CA – Atar Capital is pleased to welcome Eren Tahincioglu to the team as an Associate in Business Development. In this role, Eren will focus on deal origination, evaluation, and qualification, identifying and analyzing new opportunities that align with Atar Capital’s strategic objectives. Eren will support operational business development for the firm’s affiliated companies, helping to drive both organic and inorganic growth initiatives.
Eren holds a B.A. in Economics from the University of California, Los Angeles. Before joining Atar Capital, Eren interned at Deloitte, where he gained valuable experience in audit and IPO processes across diverse sectors including energy, textile, and real estate. His hands-on experience across industries has equipped him with a strong foundation in financial analysis and transactional processes.
“Eren’s strategic mindset and strong understanding of financial operations will be a valuable asset to Atar Capital’s team,” said Cyrus Nikou, Founder and Managing Partner at Atar Capital. “We are excited to see how his contributions help us continue to identify and execute on high-quality investment opportunities while also driving growth within our affiliated companies.”
Eren’s addition to the team marks another step forward in Atar’s commitment to driving innovation and excellence in impactful investing. His expertise in both financial analysis and business development will help drive Atar Capital’s operational efficiencies and investment mission to deliver exceptional value to its portfolio companies and seek new opportunities with purpose-driven organizations.
About Atar Capital
Atar Capital is a global private investment firm that benefits from 80 years of combined buy-out, investing and portfolio company management experience. The firm’s principals have collectively completed over 90 private equity transactions across eighteen countries worldwide. Atar Capital specializes in complex carve-outs, corporate divestitures and turnarounds of high-potential businesses and is a collaborative partner to sustainable and purpose-driven companies that can make a valuable and positive impact on the world. Headquartered in Los Angeles, Atar Capital’s best-in-class business development, M&A and operations capabilities enable its portfolio companies to unlock their full potential. For more information, visit www.atarcapital.com.
Veteran industry executive brings proven track record of business transformation and value creation to Atar Capital’s investment strategy
LOS ANGELES–Atar Capital is pleased to announce that Nick Polanski has joined the team as a Director in Operations. He will focus on commercial and operational due diligence for new transactions in addition to providing operational support to Atar’s affiliated companies.
Nick brings extensive experience into his role at Atar Capital, having led and transformed businesses to help drive profitability and growth across global organizations. His skill set and recent achievements at Culligan International exemplifies the type of operational acumen Atar Capital seeks to enhance company performance.
“Nick’s exceptional ability to drive operational excellence and his proven track record in transforming businesses align perfectly with our impactful investment strategy,” said Cyrus Nikou, Founder and Managing Partner at Atar Capital. “His appointment underscores our commitment to bringing world-class talent to Atar, and we’re confident that his leadership will advance us to new heights of operational excellence and market leadership.”
Prior to joining Atar, Nick’s career spanned diverse industries and leadership roles. Most recently he served as President of Filtration at Culligan International. His professional journey began with a decade at Danaher, followed by strategic roles at Stanley Black & Decker, Assa Abloy, Innocor, and General Electric. Nick’s experience extends to management consulting, where he specialized in large-scale private equity transformations at Next Level Partners. Nick holds a B.S. in Chemistry from the University of Akron and is an alum of the IMD Business School in Lausanne, Switzerland.
About Atar Capital
Atar Capital is a global private investment firm that acquires a wide range of lower middle market businesses exhibiting opportunities for growth, revitalization and significant value creation. Atar Capital’s principals have collectively completed 90 private equity transactions across 18 countries worldwide. Atar Capital’s combination of operational expertise, industry knowledge and investment experience provide a unique edge in creating value and working as a true partner with its portfolio companies. The firm assists in activities ranging from growing the business to improving operations and financial performance, leveraging all available resources and talent within Atar’s leadership team, as well as its bench of seasoned senior advisors with deep sector and functional expertise. For more information, please visit www.atarcapital.com.
The exit positions the firm for future operational growth
LOS ANGELES– Atar Capital, a Los Angeles-based global private investment firm, announced today the sale of its affiliate, Microcel, a leader in the distribution of global technology and innovation brands across Canada, to TDL Gentek. The deal closed on July 17th.
Originally founded in 1989 in Newmarket, Ontario, the Company offers distribution and value-add services to an established portfolio of global brands, as well as a proven multi-channel customer base that includes Canada’s most prominent big-box retailers, consumer electronics stores, specialty retailers, and e-commerce marketplaces. Microcel works with leading brands such as Google, fitbit, Starlink, Anker, Beurer, Blendjet, and Polaroid. Atar Capital acquired Microcel in November 2018.
“We’re excited to announce the successful exit of Microcel,” said Cyrus Nikou, founder of Atar Capital. “We’re proud of the infrastructure investments we supported over the last six years that laid the foundation for the company to expand their brand management and distribution capabilities. This sale marks an exciting opportunity for the continued growth of our mission to build a portfolio of sustainable and purpose-driven businesses.”
“The partnership and support that Atar Capital has given to our talented team has been essential to our success up to this point,” said Adam Ingrao, Chief Executive Officer of Microcel. “Their commitment to our vision has helped enable our expansion in Canada, and we’re excited to see the platform grow further with TDL Gentek.”
“We are excited to welcome Microcel to the TDL Gentek family,” said Laurie Tugman, CEO of TDL Gentek. “This acquisition is a significant step forward in our vision to expand and enhance our consumer goods division in Canada. We look forward to continuing to grow the Microcel business with our brand partners and customers.”
The transaction was facilitated with the legal counsel of Miller Thomson. Kroll Corporate Finance Canada served as the financial advisor.
About Atar Capital
Atar Capital is a global private investment firm that acquires a wide range of lower middle market businesses exhibiting opportunities for growth, revitalization and significant value creation. Atar Capital’s principals have collectively completed 90 private equity transactions across 18 countries worldwide.
Atar Capital’s combination of operational expertise, industry knowledge and investment experience provide a unique edge in creating value and working as a true partner with its portfolio companies. The firm assists in activities ranging from growing the business to improving operations and financial performance, leveraging all available resources and talent within Atar’s leadership team, as well as its bench of seasoned senior advisors with deep sector and functional expertise. For more information, please visit www.atarcapital.com.
About Microcel
Since its inception in 1989, Microcel has become one of Canada’s leading distributors of innovative lifestyle products, providing access to the Canadian retail market to prominent global brands such as Google, fitbit, Anker, Starlink, Polaroid, and Beurer, that offer a wide variety of product types, from wearables, portable audio, and medi-tech, to smart home, kitchen, and outdoor solutions. Based in Newmarket, Ontario, Microcel leverages its superior product marketing and value-added services as an omni-channel distributor to Canada’s largest big box national retailers, e-commerce, and DIY, outdoor, and tech specialty stores such as Walmart, Costco, Best Buy, Amazon, Loblaws, London Drugs, Home Depot, Sport Chek, Canadian Tire, MEC, and the North West Company, among many others.
About TDL
TDL Gentek is a leading Canadian distributor with 45 years of experience in value-added distribution. Specializing in technology, telecommunications, and consumer goods, TDL Gentek offers over 250 brands across various categories, including Broadband, Security, Unified Communications, Networking, ProAV, and Consumer Goods. Known for its expertise and value-added services, TDL Gentek is committed to helping its partners build the right solutions for their customers.
The acquisition will enable Solero Technologies to expand its portfolio of sustainable automotive products and global presence
LOS ANGELES – April 15, 2024 – Atar Capital, a Los Angeles-based global private investment firm, announced today that Solero Technologies has signed an agreement with Kendrion (KENDR.AS) to acquire Kendrion’s automotive business in Europe and the United States. Solero Technologies will effectuate the transaction with support from Atar Capital.
The transaction is expected to close in Q3 2024, subject to customary conditions. The transaction has an enterprise value of roughly USD 70 million (EUR 65 million). The revenue associated with the divestment is around USD 225.5 million (EUR 210 million), with TTM EBITDA of approximately USD 24.1 million (EUR 22.5 million) and represents approximately 80% of Kendrion’s automotive business.
Solero Technologies is a leading global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules with recent development and launches of active suspension and electrification components. It has served the automotive industry for more than 50 years with a reputation for its quality, precision, and safety. Kendrion’s automotive business designs, manufactures, and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy.
“With a commitment to shaping the future of mobility that prioritizes both people and the environment, the acquisition of Kendrion’s automotive business will further expand Atar’s purpose-driven portfolio into the automotive industry,” said Cyrus Nikou, founder of Atar Capital. “We’re confident this solidifies Solero’s leadership position in the space and we look forward to collaborating with the Kendrion team on the transition.”
“Kendrion’s automotive product portfolio is complementary and well aligned with Solero Technologies’ inorganic growth strategy,” said Dr. Donald James, CEO of Solero Technologies. “The combined company will be well-positioned for capitalizing on global opportunities that support the industry transformation to electrification and sustainability.”
To learn more about Solero Technologies, please visit the company’s website here.
About Atar Capital
Atar Capital is a global private investment firm that acquires a wide range of lower middle market businesses exhibiting opportunities for growth, revitalization and significant value creation. Atar Capital’s principals have collectively completed 90 private equity transactions across 18 countries worldwide.
Atar Capital’s combination of operational expertise, industry knowledge and investment experience provide a unique edge in creating value and working as a true partner with its portfolio companies. The firm assists in activities ranging from growing the business to improving operations and financial performance, leveraging all available resources and talent within Atar’s leadership team, as well as its bench of seasoned senior advisors with deep sector and functional expertise. For more information, please visit www.atarcapital.com.
About Solero Technologies
Solero Technologies is a leading global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules with recent development and launches of active suspension and electrification components. The company’s capabilities include advanced design, prototyping, development, and manufacturing excellence combined with a strong intellectual property portfolio across all product categories. Solero Technologies has built an acclaimed reputation for developing and delivering high quality solenoid products to automotive OEMs, the aftermarket and other industrial sectors. The company’s industry-leading solenoid products are critical to the optimal performance of vehicles today and tomorrow. Today, the company operates from its manufacturing facility in Water Valley, Mississippi, along with related sales and engineering operations in Detroit. Visit www.solerotechnologies.com for more information.
About Kendrion N.V.
Kendrion designs, manufactures, and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy. Today, these compact and connected actuators are used in wind power, robots, factory automation, electric vehicles, energy distribution and industrial heating processes, supporting the company’s OEM customers around the world in transitioning to safer and cleaner forms of energy.
As a technology pioneer and innovator, building on a foundation of over one hundred years of experience, Kendrion is driven by a desire to explore creative solutions for the engineering challenges of tomorrow. The company takes broad responsibility for how they source, manufacture, and conduct business. Sustainable business practices are integrated in the company’s processes and embedded in their culture. Rooted in Germany, headquartered in the Netherlands, and listed on the Amsterdam stock exchange, the company’s footprint extends across Europe to the Americas and Asia.
In today’s rapidly evolving business landscape, harnessing the power of Artificial Intelligence is no longer a luxury but a necessity. At Atar Capital, we are thrilled to announce the latest addition to Keypoint Intelligence’s portfolio: Artificial Intelligence in Document Services. This cutting-edge offering is designed to equip businesses with the insights and strategies needed to thrive in the AI-driven era.
With over six decades of expertise in the print and document management space, Keypoint Intelligence is your trusted partner for navigating the complexities of AI integration. Their newly launched AI advisory service is tailored to provide comprehensive competitive analysis and strategic guidance, enabling organizations to unlock the full potential of AI in their operations.
At the core of their offering is a commitment to empowering businesses with actionable insights and recommendations for leveraging AI. Through in-depth research and analysis, they identify key AI functionalities in demand and advise on their integration into managed print services, document management systems, and other market solutions. Their goal is to help businesses accelerate document processing, improve infrastructure efficiency, enhance customer satisfaction, and drive revenue growth through AI-powered offerings.
Additionally, their partnership with Gowest.ai further strengthens their commitment to enable clients to harness the full potential of AI with confidence. Together, they offer comprehensive AI readiness assessments designed to help businesses understand where AI can streamline their workflows and drive ROI.
At Atar Capital, we understand the pivotal role that AI plays in shaping the future of business operations. With Keypoint Intelligence’s AI in Document Services, you can harness the power of AI to unlock new opportunities, drive innovation, and stay ahead in today’s competitive landscape. Join us in embracing the future of AI-powered solutions.
Global private investment firm will leverage Crowell’s legal, taxation expertise to support its best-in-class transaction due diligence and operations
LOS ANGELES, CA – Atar Capital is pleased to announce that Brett Crowell has joined the team as a Director. Brett will play a pivotal role in enhancing the firm’s financial and commercial due diligence processes and will enable Atar Capital to seamlessly cover all aspects of transacting and managing its portfolio companies.
Brett brings a wealth of experience to Atar Capital, having co-led the M&A tax practice at GHJ, where he advised on both buy-side and sell-side domestic and cross-border transactions. At GHJ, Brett not only demonstrated his prowess in the M&A realm but also led a practice that introduced innovative client services and provided essential internal tax support.
“Having Brett’s expertise as an attorney, taxation expert and transactional counsel will enable Atar Capital to conduct deals with speed and certainty as well as having all the major disciplinaries in house for managing our portfolio companies,” said Cyrus Nikou, Founder and Managing Partner at Atar Capital. “We look forward to the impactful contributions Brett will undoubtedly make to Atar Capital’s continued success and growth.”
Brett began his career at Armanino LLP, where he served as a law firm management consultant before transitioning into a federal estate, gift, and trust tax specialist role. Brett is a licensed attorney in the State of California, with a J.D. and LL.M. in taxation from the University of San Diego School of Law and a B.A. from the University of California, Santa Barbara.
About Atar Capital
Atar Capital is a global private investment firm that benefits from 80 years of combined buy-out, investing and portfolio company management experience. The firm’s principals have collectively completed over 90 private equity transactions across eighteen countries worldwide. Atar Capital specializes in complex carve-outs, corporate divestitures and turnarounds of high-potential businesses and is a collaborative partner to sustainable and purpose-driven companies that can make a valuable and positive impact on the world. Headquartered in Los Angeles, Atar Capital’s best-in-class business development, M&A and operations capabilities enable its portfolio companies to unlock their full potential. For more information, visit www.atarcapital.com.
LOS ANGELES, CA – Atar Capital today announced the promotion of Ammar Misto to Vice President. In his new role, Misto will take on an expanded role with the firm, which serves as a testament to his exceptional skills and contributions to the firm.
As Vice President, Misto will lead internal operations for the business development team and continue to play a key role in supporting the daily activities of the firm. He will also provide strategic counsel to the senior leadership team regarding deal origination, evaluation, and qualification for new acquisition opportunities.
“As we continue to navigate the evolving investment landscape, Ammar will play a pivotal role in shaping the future of Atar Capital. We are confident in his ability to foster growth initiatives to ensure that we remain at the forefront of strategic business development,” said Cyrus Nikou, Founder and Managing Partner at Atar Capital. “Ammar’s dedication to excellence will undoubtedly help in accelerating Atar’s overall business goals.”
Previously, Misto served as Associate and Senior Associate at Atar Capital. Prior to joining the firm, Misto held positions at Avitas Wealth Management, spearheading the raise of the firm’s inaugural fund of funds and Harvey & Company, where he focused on buy-side mandates across the Industrial sector. Ammar holds a B.A. in Economics and Organizational Studies from Pitzer College, a member of the Claremont Colleges.
About Atar Capital
Atar Capital is a global private investment firm that benefits from 80 years of combined buy-out, investing and portfolio company management experience. The firm’s principals have collectively completed over 90 private equity transactions across eighteen countries worldwide.
Atar Capital invests in both performing and underperforming lower middle market businesses that exhibit potential for revitalization, operational performance improvement, and growth. The firm specializes in corporate divestitures, complex carve-outs, and turn-around situations across a wide range of industries and geographic markets, with a focus on North America and Western Europe.
Headquartered in Los Angeles, Atar Capital’s best-in-class business development, M&A and operations capabilities enable its portfolio companies to unlock their full potential. For more information, visit www.atarcapital.com.
Cyrus and Maryam Nikou Cut Ribbon During Dec. 21 Field Grand Re-Opening
LOS ANGELES, CA – When Atar Capital Founder and CEO Cyrus Nikou and his wife Maryam see an opportunity to contribute to causes close to their hearts, they jump at the chance. The latest example of the couple’s generosity was witnessed at a Dec. 21, 2023 ribbon cutting at Sierra Canyon School, where the Lower School celebrated the grand re-opening of the newly refurbished Nikou Family Field.
“The word ‘philanthropy’ comes from two Greek words – philein, meaning to love, and anthropos, meaning humankind,” said Jim Skrumbis, Head of School, Sierra Canyon School. “The generosity of the Nikou family will have a lasting impact on our community, providing a space for our students to play, learn and thrive for generations to come.”
The Nikou family’s donation helped to refurbish one of the school’s primary sports fields which will enjoyed by Pre-K-12th Grade students. The ribbon-cutting event also included the grand opening of the Lower School’s new state-of-the-art Multipurpose Gymnasium.
“There was an opportunity to contribute in a very meaningful way at the school and we took the opportunity to impact the school’s community for generations to come,” said Cyrus Nikou, a member of the Board of Trustees since 2021.
Sierra Canyon School is a private, independent, non-sectarian, co-educational, college preparatory school for students in grades Pre-Kindergarten through 12 located in Chatsworth, California.
About Atar Capital
Atar Capital is a global private investment firm that benefits from 80 years of combined buy-out, investing and portfolio company management experience. The firm’s principals have collectively completed over 90 private equity transactions across eighteen countries worldwide.
Atar Capital invests in both performing and underperforming lower middle market businesses that exhibit potential for revitalization, operational performance improvement, and growth. The firm specializes in corporate divestitures, complex carve-outs, and turn-around situations across a wide range of industries and geographic markets, with a focus on North America and Western Europe.
Headquartered in Los Angeles, Atar Capital’s best-in-class business development, M&A and operations capabilities enable its portfolio companies to unlock their full potential. For more information, visit www.atarcapital.com.
Eliminating enough plastic straws from the planet to reach halfway to the moon, phade® manufacturer WinCup, Inc. aims to get all the way there and beyond in its battle against plastic pollution
STONE MOUNTAIN, Ga. (March. 16, 2023) – The planet is free from 1 billion petroleum-based plastic straws thanks to being replaced by phade®, the world’s first marine biodegradable, home and industrial compostable drinking straw. WinCup Inc., phade’s® manufacturer, announced today that the company has sold 1 billion phade® straws, enough to reach halfway to the moon if lined up end to end. With customers’ help, the company now aspires to “reach the moon” and beyond as it works to replace billions of traditional plastic straws.
“JFK famously said that NASA accepted the mission to reach the moon not because it was easy but because it was hard,” said Michael Winters, WinCup President, and Chief Revenue Officer. “The same can be said for our commitment to develop phade® as the most sustainable alternative to traditional plastic straws. The planet is facing a serious crisis with plastic pollution and consumers around the world expect manufacturers to provide meaningful sustainable solutions. phade® is the solution that can help to minimize plastic pollution in the straw category.”
Made with PHA (polyhydroxyalkanoate), a meaningful new biopolymer derived from the fermentation of canola oil, phade® straws maintain the feel and user experience of traditional plastic straws but will safely biodegrade and return to nature quickly. phade® has become popular among consumers as well as major restaurant and hospitality brands, professional sports venues, airports, and other retail outlets nationwide.
The development of phade® involved a rigorous testing and certification process. TÜV AUSTRIA, a globally recognized independent third-party certifying body, certified phade® as both industrial and home compostable in a matter of months. TÜV also certified the material from which the phade® straw is made as marine biodegradable. Additionally, the Biodegradable Products Institute Inc. (BPI) has certified phade® as industrial compostable.
“Unlike with petroleum-based straws – which take hundreds of years to biodegrade – phade® straws generally biodegrade in a matter of months in environments where bacteria are present and can use PHA as a food source,” explained Brad Laporte, WinCup’s Chief Executive Officer. “That means to date a billion phade® straws have been manufactured and have either safely returned to nature or will in a matter of months rather than polluting the environment for centuries. Solutions like phade® have emerged as a vital weapon in the fight against plastic pollution, and we at WinCup have only just begun.”
WinCup, a leader in food service products manufacturing, has won numerous awards for the development of phade®, including the 2020 Innovation in Biopolymer Award from the Plastics Industry Association, and the 2021 Innovation in Foodservice Award for Sustainability Solutions from the National Restaurant Association. phade® was also recognized as a finalist or honorable mention in 4 out of 5 categories in Fast Company’s 2021 World Changing Ideas Awards.
WinCup’s focus on sustainable solutions was bolstered in September 2020 when Los Angeles-based global private investment firm Atar Capital acquired the company. Among Atar’s core principles is a commitment to sustainability and investing in companies that work toward protecting the environment.
About WinCup, Inc. and phade®
WinCup, Inc. is headquartered in Stone Mountain, Georgia, and is a leading manufacturer of traditional and Eco-Friendly disposable cups, bowls, containers, lids, and straws. The company’s eight manufacturing locations are committed to high-quality products and superior customer service. To learn more, please visit www.wincup.com and www.phadeproducts.com.
