Transformation of Non-Core "Corporate Orphan" into Strong, Standalone Business Creates Excellent Outcome for Iconex Associates and Atlas Investors
GREENWICH, Conn.--(BUSINESS WIRE)--Atlas Holdings ("Atlas") today announced the sale of the Iconex North American paper receipt solutions business ("Iconex Paper") to Domtar Corporation, marking a full exit from Atlas' investment in Iconex ("Iconex" or the "Company"). This transaction follows the recently concluded sale of Iconex's label solutions business and European operations ("Iconex Labels") to M2S Group, which was announced in August 2024.
Atlas formed Iconex in 2016 to acquire the Interactive Printer Solutions Division of NCR Corporation. After establishing Iconex as an independent business, Atlas solidified Iconex Paper's leading position in the North American receipt market and grew the Company's nascent label operations into one of North America's largest and most respected label manufacturers. In partnership with the Iconex Leadership Team, Atlas strategically scaled both Iconex Paper and Iconex Labels while simultaneously driving enterprise-wide operational efficiencies.
"Atlas' exit from Iconex marks the end of a nearly decade-long journey in which we transformed an underperforming division of a public company into a high-performing organization with leading positions in two distinct markets," said Atlas Partner Michael Sher. "Iconex is a great example of the Atlas playbook at work: we identified opportunity where others perceived secular decline and in partnership with an extraordinary Leadership Team, we strengthened core operations and expanded the business to serve new growth markets. Iconex's story is emblematic of Atlas' unique ability to build Performance Organizations with winning cultures that are leaders in their markets and are built to outperform competitors over the long term. Collaborating in close partnership with a uniquely skilled Leadership Team and hundreds of committed associates, our investment in Iconex was a great success," added Sher.
"It has been an honor to lead Iconex alongside the Atlas team, and I'm immensely proud of the exceptional business we built together. Always using each business unit's unique strategy as a guiding light, we implemented data-driven decision making at all levels of the organization and increased the scale and capabilities of Iconex through strategic acquisitions and organic growth," said Craig Gunckel, Chief Executive Officer of Iconex. "This has been an extraordinary journey, and I'm privileged to have been on it with my coworkers, my partners on our Leadership Team and my friends and colleagues at Atlas."
About Atlas Holdings
Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 26 companies, which employ more than 50,000 associates across 350 facilities worldwide. Atlas operates in sectors such as automotive, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas' companies together generate approximately $16 billion in revenues annually.
Contacts
Longacre Square Partners
Charlotte Kiaie / Kate Sylvester
atlas@longacresquare.com