Industrial Growth Partners has sold Atlas Material Testing Technology to AMETEK (NYSE: AME) for $159 million in cash. Atlas, which is expected to generate 2011 sales of about $85 million, provides weathering test instruments and related testing and consulting services. IGP acquired the company through an LBO in October 2007.
PE investors have exited 64 companies in the Commercial Products industry since the start of 2009, according to the PitchBook Platform. 31 exits have already been completed this year, putting 2010 just slightly ahead of 2009's exit pace. So far, 2010 has witnessed a bigger variation in exit methods compared to 2009. Last year, there were no successful IPOs, and the overwhelming method of choice was a sale to a corporation, which accounted for 84.8% of the activity. This year, however, PE investors have been relatively evenly split between corporate acquisitions and sales to other PE investors with the former accounting for 45.2% of the total exit activity and the latter 48.4%. The largest exit so far this year was the $1.3 billion sale of Associated Materials by a PE consortium, which included Investcorp and Harvest Partners, to Hellman & Friedman in October.