Gates Corporation, a portfolio company of Blackstone, has acquired Atlas Hydraulics, a fully-integrated product engineering, manufacturing, and commercial business. Financial terms were not disclosed.
Established in 1979, Brantford, Ontario based Atlas Hydraulics is a desired partner to several major agricultural, turf, construction, forestry, and other industrial equipment manufacturers.
Based in Denver, Colorado, Gates Corporation is a world leader in engineering and manufacturing application-specific power transmission and fluid power solutions that are utilized by customers in a variety of industries, including agriculture, construction, transportation, automotive, energy, general manufacturing, power sports, consumer durables and many others.
Founded by Charles Gates in 1911, Gates was acquired by private equity firm Blackstone in July 2014 for US $5.4 billion.
“This acquisition greatly enhances our portfolio with a broad range of fluid power solutions and services,” said Ivo Jurek, Chief Executive Officer. “It also enhances our manufacturing footprint, and complements our existing hydraulic product lines.”
“Atlas Hydraulics adds proven expertise, manufacturing capability, and technology which help strengthen our ability to serve our customers,” added Ralitza Arafin, General Manager – NA Hose and Tube Assemblies.
Atlas Hydraulics will be integrated into the newly established Hose and Tube Assemblies business unit, which will be the focal point to serve customers with highly-engineered solutions for their hydraulic applications.
The acquisition of Atlas Hydraulics, along with the recent acquisition of the assets of Techflow Flexibles, accelerate Gates strategy to expand its industrial product portfolio and geographic reach in key global markets that it believes are poised for significant future growth.