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Follows Successful Execution of Bernhard Capital's Blueprint Investment Approach
BATON ROUGE, La., Jan. 31, 2023 /PRNewswire/ -- Bernhard Capital Partners ("Bernhard Capital" or "BCP"), an infrastructure and services-focused private equity management firm, announced today that BCP Fund I portfolio company Atlas Technical Consultants, Inc. (NASDAQ:ATCX) ("Atlas" or the "Company"), a leading provider of infrastructure and environmental solutions, has entered into a definitive agreement to be acquired by private investment firm GI Partners in an all-cash transaction valued at approximately $1.05 billion, including outstanding debt.
Under the terms of the transaction, Atlas shareholders will receive $12.25 per share in cash, which represents a premium of approximately 124% over the Company's unaffected closing share price of $5.47 on January 30, 2023.
Headquartered in Austin, Texas, Atlas is a leading provider of infrastructure and environmental solutions focused on improving performance and extending the lifecycle of built and natural infrastructure assets to assure smart, safe, and sustainable performance.
Bernhard Capital originally formed Atlas Technical Consultants in 2017 through the acquisition of three leading infrastructure management companies: Moreland Altobelli Associates, PAVETEX Engineering, and Engineering Testing Services. Alongside Atlas' management team, Bernhard Capital helped grow and transform the business through 19 acquisitions that ultimately positioned Atlas as a market leader with more than 3,500 employees across the country. In February 2020, Atlas became a NASDAQ-listed public company. BCP affiliates remained the Company's largest shareholder.
"Using our top-down, thematic Blueprint approach, we identified the growing need for inspection and materials testing services across commercial, state, and local levels. BCP partnered with an exceptional management team to build a market-leading business to meet that specialized demand and achieve an enhanced exit valuation. Since 2017, we worked with the management team to thoughtfully expand the business organically and through strategic acquisitions, and we are confident Atlas will only continue to grow and succeed with this new partnership," said Jeff Jenkins, Founder and Partner at Bernhard Capital.
"Today marks the culmination of our joint efforts to build one of the largest pure-play professional and technical services businesses. We are grateful to our partners at Bernhard Capital for their shared vision and their investment thesis that propelled our rapid growth and positioned our business for long-term continued success," said L. Joe Boyer, Chief Executive Officer at Atlas.
About Bernhard Capital Partners
Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. Bernhard Capital Partners has deployed capital in four funds across several strategies and has approximately $3.0 billion of gross assets under management. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating, and growing services and infrastructure businesses. For more information, visit www.BernhardCapital.com.
Posted In: ATCX
