Atlas Holdings announced the sale of Erickson Construction ("Erickson") to the U.S. subsidiary of Asahi Kasei Homes ("AKH") for $106 million. Erickson, based in Chandler, Arizona, specializes in residential framing products and services for homebuilders in Arizona, California, and Nevada. The sale marks AKH's first venture into the U.S. new home construction industry.
Atlas Holdings formed Erickson in 2012 after acquiring the Erickson Framing division of Masco Corporation. Despite initial losses during the Great Recession, Atlas provided capital and support to stabilize the company. Through strategic initiatives and collaboration with the Erickson Leadership Team, Erickson returned to profitability in 2015 and improved revenues and EBITDA.
The sale to AKH aligns with Atlas Holdings' strategy of transitioning divisions of large corporate parents into independent companies. It reflects the company's focus on the building materials and construction sector.
Sam Astor, Partner at Atlas Holdings, stated, "This sale marks Erickson’s transformation into a profitable enterprise. Atlas invested in Erickson as long-term owners, believing in the company's potential and partnership with the Erickson Leadership Team."
Rich Gallagher, CEO of Erickson, added, "Erickson has grown its business, strengthened its workforce, and solidified its leadership position in American homebuilding. With AKH, we look forward to addressing construction challenges in the U.S."