Harris Williams Advises Atlas Technical Consultants on its Pending Sale to Boxwood Merger Corp.
August 13 2019 - 11:47AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces that it is advising Atlas
Technical Consultants (Atlas), a portfolio company of Bernhard
Capital Partners (Bernhard Capital), on its pending sale to Boxwood
Merger Corp. (Boxwood), a publicly-traded special purpose
acquisition company. Headquartered in Austin, Texas, Atlas provides
mission-critical technical services that help its public and
private sector clients test, inspect, certify, plan, design and
manage a wide variety of projects across the transportation,
commercial, industrial, government, education and other
nonresidential markets. The transaction is being led by Drew
Spitzer, Matt White, Ian Thomas, Greg
Waller and Trevor Casey of the Harris Williams Energy, Power &
Infrastructure (EPI) Group.
The transaction reflects an implied enterprise value at closing
of $709.5 million, based on current assumptions, excluding the net
present value of an anticipated tax benefit of $55 million.
“It was a pleasure to work with the Atlas team on this
transaction,” said Matt White, a managing director at Harris
Williams. “Atlas’ sale to Boxwood opens many doors for the company
as it continues its mission of providing highly-technical services
that support and maintain critical infrastructure in the U.S.”
“Atlas has established itself as a true market leader and is
poised to benefit from significant domestic infrastructure
investment and the growing need for outsourced quality assurance
services,” added Ian Thomas, a director at Harris Williams. “This
transaction is the latest addition to Harris Williams’ successful
track record of advising premier companies in the testing,
inspection and certification industry.”
Since its inception, Atlas has strategically expanded its
footprint and capabilities through acquisitions of premier national
and large regional technical service companies to create a leading
platform. This includes, among others, the acquisitions of: PaveTex
Engineering, Moreland Altobelli Associates, Engineering Testing
Services and ATC Group Services. Atlas’ highly-technical
infrastructure services are delivered through a nationwide
footprint, as its approximately 2,100 highly-skilled, technical
staff of scientists, engineers, inspectors and other field experts
operate from over 140 offices located across 40 states.
Bernhard Capital is a services-focused private equity management
firm established in 2013 by Jim Bernhard, Jeff Jenkins and a team
of experienced private equity professionals. Bernhard Capital seeks
to create sustainable value by leveraging its founding partners'
experience in acquiring, operating and growing industrial, energy
and infrastructure services businesses. From strategic industry
insight to operational efficiencies and best-practice management,
Bernhard Capital provides resources far beyond its investments.
Boxwood is a blank check company formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. Boxwood’s business strategy is to target,
identify and complete an initial business combination with a
company that provides technical and industrial services across a
broad range of industries to leverage the experience of Boxwood’s
management team. Boxwood raised $200 million in its initial public
offering and began trading on Nasdaq in November 2018. Its shares
of Class A common stock, units and warrants trade under the ticker
symbols “BWMC,” “BMWCU” and “BWMCW,” respectively.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams EPI Group has experience across a broad
range of sectors, including industrial and infrastructure services;
oil and gas equipment and services; energy efficiency and clean
tech; power products and technology; engineering and construction;
and environmental services. For more information on the firm’s
energy, power, and infrastructure experience, please visit the EPI
Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
For media inquiries, please contact Katie Langemeier, associate
brand manager, at +1 (804) 648-0072.
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Katie Langemeier, associate brand manager +1 (804) 648-0072
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