December 27, 2021
HARTLAND, Wis.—Fathom Digital Manufacturing Corp., a provider of on-demand digital manufacturing services, reported that it completed its business combination with Altimar Acquisition Corp. II, a special purpose acquisition company. The business combination was approved by a vote of Altimar’s shareholders and closed on December 23, 2021, Fathom said in a release.
Fathom is scheduled to begin trading on the New York Stock Exchange under the ticker “FATH” on Monday, December 27, 2021.
Prior to the business combination, Fathom was a privately held portfolio company of CORE Industrial Partners, a Chicago-based private equity firm that focuses on investing in and growing middle-market manufacturing, industrial technology, and industrial services businesses. CORE will remain the largest shareholder in the combined business, Fathom said in the release.
Fathom will continue to be led by Chief Executive Officer Ryan Martin, Chief Financial Officer Mark Frost, Chief Commercial Officer Rich Stump, and Chairman of the Board T.J. Chung, all of whom have substantial experience in on-demand digital manufacturing services, the company said.
Fathom said it delivers a wide breadth of advanced manufacturing services through a differentiated, technology-agnostic strategy that focuses on speed, problem solving, adaptive technical responsiveness, and manufacturing expertise. Its strategy is said to allow companies to iterate faster and shorten their product development and production cycles.
Driven by the shift to Industry 4.0 and the digitization of manufacturing, Fathom enables customers to consolidate and localize their supply chains—a trend that provides significant growth opportunities in the fragmented, $25 billion low-to-mid volume manufacturing market. Fathom said it has secured new business wins with large innovative companies, achieving continued market penetration for its additive and traditional manufacturing technologies and growing its backlog of business.
“We are taking this step because we are a strong, profitable company, and believe our NYSE listing will accelerate Fathom’s growth, both organically and inorganically, by using our stock as a currency to advance our M&A strategy and investing in promising new technologies across the industry,” said Martin, in a statement. “These new technologies will enable us to serve our target markets with greater efficiency and responsiveness than ever before. Our broad capabilities, from rapid prototyping to low- to mid-volume production, proprietary software suite, engineering expertise, and comprehensive support system are competitive advantages we expect will enable us to continue executing our strategic plan and delivering strong profitable growth.”
Fathom serves the product development and low- to mid-volume manufacturing needs of “the largest and most innovative companies in the world,” including clients in the technology, defense, aerospace, medical, automotive, and IOT sectors, the company said. The company has more than 25 unique manufacturing processes and a national footprint with nearly 450,000 square feet of manufacturing capacity across 12 facilities. Its in-house capabilities encompass plastic and metal additive technologies, CNC machining, injection molding and tooling, sheet metal fabrication, and design and engineering.
“Fathom offers an exciting new paradigm—fast, technologically sophisticated, flexible, and geared for rapid growth,” said Chung, senior partner at CORE, in a statement. “This is an opportunity for us to increase our product offerings to better serve our clients and power their accelerating pace of new product development and manufacturing innovation while expanding both our geographic and strategic reach.”