Fathom Digital Manufacturing Corporation has announced it will list on the New York Stock Exchange subsequent to a business combination with special purpose acquisition company Altimar Acquisition Corp.
The advanced manufacturing firm expects to list on the New York Exchange in the fourth quarter of 2021 under the ticker symbol ‘FDMG’. CORE Industrial Partners is to remain the company’s largest shareholder, with CEO Ryan Martin, CFO Mark Frost, CCO Rich Stump and Chairman TJ Chung all continuing in their roles.
Headquartered in Hartland, Wisconsin, Fathom has established itself as a leading rapid prototyping and on-demand manufacturing services provider, with nearly 450,000 square-feet of manufacturing capacity across 12 facilities. The company uses proprietary software to blend its in-house additive and subtractive manufacturing capabilities. With more than 90 large-platform additive manufacturing systems, Fathom offers polymer and metal 3D printing services, while also having CNC machining, sheet metal fabrication and injection moulding capabilities.
Fathom intends to use the proceeds from the Altimar transaction and subsequent public listing to invest in organic and inorganic growth opportunities. With the backing of former GE, 3M and Chrysler executives on its board, Fathom believes it is ‘well-positioned as an acquirer of choice’ for other businesses, and has a ‘robust pipeline of potential acquisitions’ in place.
The Boards of Directors of both Fathom and Altimar have unanimously approved the proposed transaction, which will close subject to customary closing conditions before the end of the year. The transaction is valued at a pro forma enterprise value of $1.5 billion and will be funded through a combination of Altimar’s cash in trust and an $80m fully committed common stock PIPE at $10.00 per share.
“With Industry 4.0 taking off, we believe Fathom is on the cusp of a significant growth opportunity, and we’re thrilled to be combining with Altimar as we make our public market debut and move into our next chapter,” commented Fathom CEO Ryan Martin. “With our strong business profile and solid balance sheet, we see an opportunity to continue scaling up our capabilities in both on-demand additive and advanced traditional manufacturing. Product lifecycles are so much shorter than they were even five years ago, and companies need an on-demand advanced manufacturing partner who can move quickly and serve all their requirements without sacrificing quality. We believe we are well-positioned to become that manufacturing partner of choice for more clients.”
Tom Wasserman, Chairman and CEO of Altimar Acquisition Corp. II, added: “We evaluated a wide range of potential targets, but it became clear to us in our search that Fathom’s ideal blend of speed, scalability, breadth and financial strength positions it to become a leading player in the modern manufacturing market. As more companies realise the benefits of on-demand manufacturing, we believe Fathom’s multi-year head start has resulted in a high barrier to entry that few peers can penetrate. Ryan and his experienced team have built a business that has a promising growth trajectory.”
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