Austin Powder, a provider of industrial explosives and engineered blasting solutions, struck a deal with a global industrials investor as a means to accelerate its growth strategy.
American Industrial Partners (AIP), which has about $16 billion in assets under management, aims to position Austin Powder for continued growth over the next decade.
The financial terms of the Austin Powder-AIP transaction were not disclosed.
“We had been deliberately seeking an investor that would expand our ability to provide world-class explosive products and services, accelerate innovations, facilitate expansion into new territories, and preserve our heritage and unique culture,” says John Rathbun, president and CEO of Austin Powder. “Equally important was finding a partner that shared our values of safety, customer service, family and respect.
“We believe American Industrial Partners is an ideal partner for Austin as we move forward,” Rathbun adds. “We look forward to working with the AIP team as we continue to grow and differentiate our business globally.”
Austin Powder, which was founded in 1833, has had four owners in the history of the company. It now has more than 4,800 employees and operations in 27 countries around the world.
“Austin Powder’s unique heritage and inspiring culture has stewarded the business to great heights while maintaining a strong core of safety, customer focus and family,” says Justin Fish, AIP partner. “We look forward to building upon Austin Powder’s tremendous legacy, investing in the growth opportunity ahead of us and enabling the company to continue delivering on its worthy and important mission. We look forward to partnering closely with the Austin Powder management team and the family of shareholders to chart the company’s third century of growth and success.”
