Cleveland, Ohio – July 1, 2024 – Austin Powder (the “Company” or “Austin”), a leading provider of industrial explosives and engineered blasting solutions, announced today that it has received a strategic investment from American Industrial Partners (“AIP”) to support and enhance the Company’s growth strategy in partnership with Austin’s existing long term ownership group and management team.

Operating in a safety critical and technical industry, Austin Powder has nearly 200 years of industry expertise that has enabled it to build a suite of integrated products and services for the blasting process. The Company has only had four owners in its history, and the current ownership and management team has successfully expanded Austin over the past 40 years into a leading global operator. AIP’s financial and operational support and resources will help position Austin Powder for continued growth and success over the next decade.

“We had been deliberately seeking an investor that would expand our ability to provide world-class explosive products and services, accelerate innovations, facilitate expansion into new territories, and preserve our heritage and unique culture. Equally important was finding a partner that shared our values of safety, customer service, family and respect,” said Austin Powder President and CEO John D. Rathbun. “We believe American Industrial Partners is an ideal partner for Austin as we move forward. We look forward to working with the AIP team as we continue to grow and differentiate our business globally. The partnership with AIP will support our efforts to continue to earn the privilege to serve our customers.”

“Austin Powder’s unique heritage and inspiring culture has stewarded the business to great heights while maintaining a strong core of safety, customer focus and family. We look forward to building upon Austin Powder’s tremendous legacy, investing in the growth opportunity ahead of us, and enabling the company to continue delivering on its worthy and important mission,” said AIP Partner Justin Fish. “We look forward to partnering closely with the Austin Powder management team and the family of shareholders to chart the company’s third century of growth and success.”

Financial terms of the transaction were not disclosed. J.P. Morgan Securities LLC and KeyBanc Capital Markets, Inc. acted as financial advisors to the Company. Ropes & Gray LLP and Baker Botts LLC acted as legal advisors to AIP. Jones Day acted as legal advisor to Austin Powder.

About Austin Powder

Founded in 1833, Austin Powder is a leader in the manufacture, distribution, and application of industrial explosives for quarrying, surface mining, underground mining, oil and gas, seismic, and construction markets. The company’s mission is to improve the world we live in through the safe and responsible use of explosives. Austin Powder provides a broad range of highly engineered solutions all of which are developed to advance the safety, reliability, and efficiency of breaking rock. It has more than 4,800 employees and operations in 27 countries around the world. www.austinpowder.com

About American Industrial Partners

American Industrial Partners (“AIP”) is a global industrials investor, with approximately $16 billion in assets under management. AIP is distinctively focused on industrial businesses across a broad range of end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP looks to generate differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement comprehensive operating agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $25 billion and employ approximately 65,000 employees as of March 31, 2024. In October 2023, AIP closed its eighth fund at $5.1 billion.  www.americanindustrial.com