Investors in Corporate Carve-Outs & Special Situations
About us
The Transatlantic Partner in Corporate Carve-outs & Special Situations
Midas Atlantic Partners is a  private equity group investing in global corporate carve-outs and special situations with clear value creation potential.

The firm was founded on the belief that a good home is only as good as its understanding of culture and people. And a good home can only be maintained with decision making that is prudent, focused and unbiased. With international roots and a transatlantic presence, we strive to be a flexible and nimble partner to corporates, private equity funds and other types of non-natural owners looking to divest non-core operations/assets. Our set up and structure allow for indefinite hold periods, enabling us to stay invested through market cycles, capitalize on adversity and build value over time.

The opportunities we invest in typically share a common set of challenges and possibilities:

  • Separation complexities (ie ERP migration, shared services, commercial intra-group relationships etc)
  • Under resourced management teams with restricted autonomy
  • Group-induced processes with limited margin consciousness
  • Underinvested commercial functions
  • Meaningful deferred capex
  • Antiquated tech stacks

Our investments naturally are subject to information asymmetry and unknowns, the risks of which require careful judgement.

As such, our investment philosophy rests on four distinct mottos:
Pragmatism
in action
Speed with intention
Stewardship earns ownership
Solutions through flexibility
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Every transaction comes with its own nuances, priorities and risks. We adapt to each situation with open-mindedness and flexibility. In non-standard situations, being constructive is what distinguishes us as a true partner.
We focus on what truly matters in environments shaped by ambiguity and separation complexity. Our diligence is targeted, situation-specific and deliberately rooted in the Pareto principle. We do not chase perfect information — we pursue an approach that is highly iterative and grounded in context.
Our commitment to nimble, results-oriented action is anchored by a focused, principal-led process. This unbureaucratic approach, free from bottlenecks, enables us to execute with certainty and intent. This is manifested not just in speed but also in outcomes.
We believe ownership is not claimed — it is earned through stewardship. True stewardship means delivering value-added input, mobilizing the right resources and empowering management. We show up and support our portfolio companies to set them up for standalone success and sustainable growth.
To support sound decision-making, we draw on a global network of over 150 operating partners across sectors, regions, and functional areas. Their insights help us shape our near-term operating priorities, enabling a swift transition from stabilization to growth. This approach keeps us intellectually honest, objective, and operationally aligned, allowing us to confidently deploy targeted growth capital post-stabilization.

Naturally, these transactions require us to embrace risks and unknowns which we seek to address with creative structuring and a "can do" attitude. As such, we routinely limit the scope of prospective seller liabilities post-close.

Across everything we do, we operate by three principles: be thoughtful, be pragmatic, be nimble.
Our cross-border experience in corporate carve-outs and special situations has laid the foundation for a transaction approach solving for speed, transaction certainty and calculated risk-taking. We recognize the fluid and peculiar nature of these transactions, as such we bring a flexible and iterative mindset to each one.

We run a highly targeted investment committee process, free of bureaucracy and institutional red-tape. This allows us to execute on significantly compressed transaction timelines (sub-30 days to signing/closing). Accordingly, our diligence is inherently focused on the target’s "birthright", the near-term operating priorities and key separation challenges. We do not chase perfect information but instead focus on what truly matters.
Thoughtful. Pragmatic. Nimble.
Transaction approach
Clear value creation potential
Moderately profitable and loss making
Up to $3bn
of revenue
Industry agnostic: opportunity driven
Focused. Flexible. Constructive.
Our focus is first and foremost on control investments in corporate carve-outs that are moderately profitable or loss making with clear value creation potential. These transactions can range from operating business with some form of management and back-office functions to single/multi-site carve-outs with very limited-to-no management support and no back-office functions.

Given our niche focus on corporate carve-outs, we are largely sector agnostic by design but tend to steer clear of sectors with a very well-defined investor universe. Our investing experience spans manufacturing, business/industrial services and software, amongst others.

We primarily invest in businesses with headquarters in North America or Europe which often have a multi-jurisdictional footprint. We do also evaluate opportunities in other regions as well.

In terms of scale, we typically focus on "old economy" businesses with revenues between $100m and $1bn and "digital economy" businesses with revenues in excess of $20m, depending on the revenue type and sub-sector. In specific situations we may consider businesses with revenues of up to $3bn. 
Control investments
Geography agnostic:
focus on US and Europe
Investment criteria
Sponsor Solutions
Portco clean-ups, lone wolf portcos, fund liquidations, esoteric risk transfers, covenant derisking
Orphaned businesses, succession solutions, shareholder disputes, opaque jurisdictions
Special Situations
Complex. Creative. Opportunistic.
Underperforming standalone businesses in transition, undergoing temporary stress/distress
Turnarounds
Highly integrated or standalone units considered
non-core by its owner
Corporate Carve-Outs
Whilst our primary focus is on corporate carve-outs, we also routinely evaluate solution-oriented investments in special situations, operational turnarounds and sponsor solutions.

We work with a broad range of ownership groups — including publicly listed corporates, conglomerates, governments, private equity portfolio companies, family-owned businesses, cooperatives and financial institutions managing non-core assets.

We actively engage with this broad set of market participants and their advisors to identify opportunities where we can provide a solution and drive sustainable value creation.
Transaction types
Employees, customers and suppliers/vendors all experience change during these transitions. We aim to bring calm and clarity to employees; deliver a sharper, more focused business to customers and better cater to their needs; and preserve continuity with trusted suppliers/vendors. Proactive engagement, ownership and responsiveness is what we strive to bring to the table.

By investing where it matters, simplifying complexity and staying close to what drives performance, we endeavor to create a foundation for sustainable, long-term success for all stakeholders involved.
We take a long-term approach to ownership afforded to us by virtue of our corporate structure. Our approach is rooted in alignment, clarity and respect for the people and partnerships integral to each business that we invest in.
The separation from a parent company marks a major shift for all stakeholders involved — less to some, more to others. We recognize this not as bystanders but as owners and aim to provide stability and continuity throughout the transition with clear direction and proactive communication.

We support our management teams by lending a steady hand and providing direction during this critical transition. Often target management teams can be incomplete at closing and we seek to fill these acute talent gaps imminently. A common thread across our portfolio is the deployment of carefully selected operating partners. Their involvement is not about replacing management — but supplementing them and enabling them to lead more effectively. Our nimble and unbureaucratic approach speeds up decision making which allows for rapid iteration and execution in periods of change.

We place a strong emphasis on alignment between value creation and incentives. Where appropriate, we support the design of mechanisms that reinforce this alignment, with an orientation toward long-term outcomes. Our approach is guided by the principle that meaningful contributions — at every level — should be recognized in ways that reflect organizational priorities and stakeholder interests.
Discrete. Considered. Empowering.
Ownership philosophy
Founding Partner
Louis Hashtroudi
International. Hands-on. Collaborative.
Founding Partner
Philip Frossling
Founding Partner
Elin Eugeniev
Our founding team is based across the US and Europe and brings deep experience from a range of complex carve-out investments. We pride ourselves of being culturally aware, multi-lingual and internationally minded — enabling us to navigate cross-border dynamics with fluency and perspective.

We work with a carefully curated global network of over 150 operating partners across sectors, regions, and functional areas to drive sustainable value creation across our investments. Separation complexities are a central theme in our carve-out investments. We manage these through a dedicated team of separation project managers, leveraging a broad global network of specialist vendors and implementation partners.
Team
Careers
Please reach out to us here to learn more.
Our business is built on partnership. A critical component to our success in creating value in moments of inflection is the partnership with proven operating partners and domain experts. Our constantly growing bench of 150+ operating partners allows us to drive measurable results from day one and support our current and prospective portfolio companies.
We value fast but thoughtful decision making rooted in data where leadership comes with a sense of urgency. If you have a track record of execution, lead with data and thrive in fast-moving, high-accountability environments, we want to hear from you.
Careers
We have a presence across both North America and Europe and invest globally.
We are truly transatlantic
Locations
London
Washington, D.C.
Austin
Los Angeles
Elin has spent his career in private equity investing, where he has executed on both growth and value/special situations strategies.

Prior to founding Midas Atlantic, Elin led investments at a private investment company, where he was responsible for both sourcing and managing corporate carve-out transactions across the US and Europe.

Previously, Elin was an Investment Banker at Cascadia Capital, a middle-market independent advisory firm. Elin started his career at LLR Partners, a lower middle-market private equity fund.

Elin graduated from the University of Michigan with a Bachelor of Science in Biochemistry, with a minor in Applied Statistics. He possesses fluency in English and Bulgarian.
Elin Eugeniev
Founding Partner
Philip has over 10 years of experience investing in private markets with a focus on carve-outs/divestitures and special situations as well as investment banking.

Prior to founding Midas Atlantic, Philip built out the investment team at a private investment company focused on investing in carve-out opportunities and led investments in the US and Europe.

Previously, Philip worked in investment banking at J.P. Morgan in London covering Northern and Emerging Europe. Previously he worked at Deutsche Bank in London and Carnegie Investment Bank in Oslo and Stockholm.

Philip graduated from the University of Southampton with a Bachelor of Science (BSc) in Management. He possesses fluency in English, German, Swedish and Norwegian.
Philip Frossling
Founding Partner
Louis has over 10 years investing experience across both private and public markets with a focus on value investing and special situations.

Prior to founding Midas Atlantic, Louis built out the investment team at a private investment company focused on investing in carve-out opportunities and led investments in the US and Europe.

Previously, Louis was a Partner at Edengen, an investment manager focused on value and special situation opportunities across both public and private markets. Louis started his career as a Trader at Citigroup in London covering global institutional clients and special situations.

Louis graduated from the University of Southampton with a Bachelor of Science (BSc) in Economics and Management Sciences.
Louis Hashtroudi
Founding Partner