Albright Capital Management Will Vote No On $14.45/Share Unsolicited Take Private Offer for Atlas Corporation
Summary
As a founding institutional private equity investor in APR Energy in 2009, we have deep insight into its strong capabilities and significant future growth opportunities. We played an active role in helping APR build its business and emerge as a market leader in large scale specialized power solutions. ATCO is at an important and very positive inflection point – a crossroads that the analysts seem to ignore, but which we believe the Consortium fully understands and wishes to capitalize upon with their unsolicited offer. We also believe that this forecast makes it likely that ATCO will succeed in achieving an investment grade credit rating in the medium term, which should reduce its cost of capital and increase its equity value. One reasonably good proxy supporting this valuation would be Brookfield Infrastructure Partners (NYSE: BIP), which operates in four segments: utilities, transport, midstream and data.