PRN: Aterian Investment Partners Acquires the Global Operations of Burner Systems International
Aterian Investment Partners Acquires the Global Operations of Burner Systems International
NEW YORK, May 31, 2012 /PRNewswire/ -- Aterian Investment Partners ("Aterian"), a leading private equity firm, announces that one of its affiliates has acquired the global operations of Burner Systems International, Inc. ("Burner Systems") from Dyson Investments LLC and other equity partners.
Burner Systems is among the largest global suppliers of components, assemblies and system solutions for the gas appliance industry. Headquartered in Chattanooga, Tennessee, and with additional manufacturing facilities in Mexico, France, England, and Turkey; Burner Systems serves a broad spectrum of OEM's dedicated to gas-fueled cooking and heating appliances. Since 1960, Burner Systems has maintained a leading market position and broad customer base serving over 170 customers in 25 countries. The Company employs approximately 1,200 people.
Eric Griesemer, President and Chief Executive Officer of Burner Systems, said, "We are thrilled Aterian has provided Burner Systems with the appropriate investment to strengthen our balance sheet, execute on our business plan and provide Burner Systems with further growth capital to support our customers' needs. This transaction is a very positive event for our customers, vendors and employees."
Christopher H. Thomas, Partner of Aterian said, "With this acquisition, Aterian is pleased to complete its third investment out of its current fund. For more than 50 years, Burner Systems has been the recognized global leader providing the broadest product offering in the industry. With this investment, Burner Systems has been provided the necessary capital to accelerate its growth in high-quality, innovative products as well as manufacturing technology."Â
About Aterian Investment Partners
Aterian Investment Partners is a private equity firm focused on small-to-middle market businesses across a broad range of industries that are underperforming, turnarounds or otherwise unique situations. Aterian forms partnerships with businesses generating $25 million to $500 million in annual revenues with strong, proven franchises in need of up to $50 million of capital. Aterian's principals have extensive experience investing in complicated situations including corporate carve-outs, restructurings both in and out of bankruptcy, and strategic investments necessary to build and enhance value for allÂ stakeholders. Aterian will use its fund to invest in both control and non-control situations across the capital structure in addition to bridging the entire purchase price, providing sellers the upmost speed and certainty of closing. Fo! r more information, please visit http://www.aterianpartners.com.
About Burner Systems International ("BSI")
BSI designs and manufactures components for the gas appliance industry. Its products focus on residential and commercial applications in the heating, cooking and recreational vehicle segments.Â Headquartered in Chattanooga, Tennessee, BSI has four additional manufacturing facilities and employees approximately 1,200 associates globally.Â To learn more about BSI, please visit www.burnersystems.com.