The latter's revenues for its year to end October last year were around C$1.5mln.
Satellite also owns real estate assets with an appraised value of C$590,000, and equipment assets of C$212,000.
"The Satellite purchase is a positioning investment that represents an important step in Atlas' growth in the Eastern Ontario marketplace," Guy Champagne, president of Atlas, told investors.
"Satellite has strong growth potential and provides Atlas with a very good location from which to supply truss and building component products to progressive builders in Ottawa, Kingston, Cornwall and surrounding areas."
Satellite's general manager has agreed to stay on with the firm for three years after closing, which remains subject to conditions, including Atlas' due diligence investigations.
Atlas also announced on Friday, additions to its management team. Bart Boos becomes vice-president (VP) of sales and Kent Flint becomes VP of strategy, people and culture.
Boos will design and execute Atlas' national sales strategy, while Flint will be responsible for corporate strategy and will oversee its aggressive acquisition programme.
WATCH: Atlas Engineered Products enjoys record Q2 and completes milestone Clinton Roof Truss acquisition
Champagne added: "The addition of Bart and Kent is part of the Atlas strategy to build and work with the best leadership team in the industry.
"Both these individuals are extremely accomplished executives and bring deep experience in their respective areas to Atlas' leadership team.
"Atlas is continuing to grow at a very rapid pace. We see this rate of growth continuing for the foreseeable future, know how vital it is to have strong leadership, and are assembling an executive team worthy of the company we are building."
Atlas aims to grow its base of business across Canada.
In March this year, it bought the operating assets including equipment, inventory, and trademarks of Alberta Truebeam Ltd (Truebeam), leased the land and buildings in which Truebeam operates, and hired all the Truebeam employees.
A month earlier, it completed its acquisition of Ontario-based Clinton Roof Truss Ltd, which was announced in December.
The same month it announced the purchase of Highwood Trusses Ltd.
Highwood is in High River Alberta and has annual sales of over C$3.5mln, as well as strong profitability, and very capable operational leadership, the firm had said.
Shares in Toronto added nearly 12% to C$0.47.