Houlihan Lokey Advises Atlas Holdings
Acquisition Financing/ Recapitalization
ABL Revolver, Term Loan, and DDTL
~$530 million
Exclusive Placement Agent
Houlihan Lokey is pleased to announce the successful placement of ~$530 million of debt facilities to support Atlas Holdings’ (Atlas) acquisition of EVRAZ North America and the formation of Orion Steel Companies (Orion Steel). Atlas acquired EVRAZ North America from Evraz PLC on July 31, 2025. Proceeds from the transactions were used to refinance assumed indebtedness, support ongoing capital expenditures and working capital needs, and pay transaction-related fees and expenses.
Orion Steel includes Rocky Mountain Steel Mills in Pueblo, Colorado; Oregon Steel Mills in Portland, Oregon; and Interpro Pipe and Steel in Regina, Saskatchewan, and locations across Alberta, Canada. Each of the companies’ names was inspired by the legacies of their steel operations, honoring their roots while marking the beginning of a new era. Collectively, the companies employ 3,400 skilled associates across two electric arc furnace steel facilities, 12 steel product mills, and 17 scrap recycling facilities, and have a steelmaking capacity of 2.3 million tons and finished steel capacity, including tubular products, of 3.5 million tons. Orion Steel products regularly contain 98%+ recycled scrap material, and Rocky Mountain Steel is the world’s largest solar-powered steel mill and the largest rail supplier in North America.
Headquartered in Greenwich, Connecticut, and founded in 2002, Atlas and its affiliates own and operate 29 companies, employing more than 60,000 associates across over 375 facilities worldwide. Atlas operates in sectors such as automotive supply, 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 recently closed its fifth flagship fund, Atlas Capital Resources V LP, at $6.45 billion in committed capital, inclusive of the GP commitment and its associated Principals’ Fund. As of the closing, Atlas manages more than $16 billion of capital. Atlas’ companies together generate approximately $20 billion in revenues annually.
Houlihan Lokey served as an exclusive placement agent to Atlas, assisting in arranging, structuring, and negotiating the financings for Orion Steel. Despite the challenging company/credit history and current status, exposure to cyclical end markets and commodity risk, and macroeconomic and tariff uncertainty, Houlihan Lokey successfully positioned the credits and leveraged its relationships with key decision-makers to secure attractive and bespoke financings for each business.