Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the
“Company”), a leading Infrastructure and Environmental solutions
provider, announced today that it has completed the acquisition of
O’Neill Service Group (“OSG”), a premier construction quality
assurance and environmental services firm. With more than 90
employees, OSG delivers technical solutions to transportation,
infrastructure, and commercial projects.
OSG was formed in 2008 as an environmental and
geological services provider in the Pacific Northwest and has since
expanded its product offerings to adapt to the increasing demand
for support on large scale infrastructure and transit projects. The
acquisition of OSG deepens Atlas’ presence in the Pacific Northwest
and provides an opportunity to cross sell broader services to
clients and increase market share. OSG’s addition to Atlas will
also help in deleveraging Atlas’ balance sheet.
L. Joe Boyer, Atlas’ Chief Executive Officer
said, “OSG’s outstanding reputation is backed by their longstanding
client relationships and a proven track record of providing
exceptional environmental and construction quality assurance
services in support of major infrastructure projects in the Pacific
Northwest. This transaction positions us to capitalize on the
projected growth in infrastructure spend by cross-selling and
expanding our service offerings. Dennis O’Neill is a tremendous
leader of people, who has built a cultural match with Atlas’
values, and we could not be more pleased to welcome him and the
dedicated OSG team members to the Atlas family. In addition, this
transaction is deleveraging to our balance sheet due to the mix of
cash and stock used as consideration and advances our objective of
reducing our net leverage ratio by a full turn or more per year in
2021 and in coming years.”
OSG’s founder, Dennis O’Neill, will continue to
lead the OSG team in coordination with Atlas’ senior
leadership.
“This transaction represents the next chapter of
OSG’s successful growth journey, and I am excited to bring our
team’s capabilities to Atlas,” added Mr. O’Neill. “We take pride in
our collaborative approach, technical expertise, responsiveness and
commitment to client service, and are thrilled to be joining a
company that shares those same values. We believe Atlas will give
us a platform to drive additional value to our clients and
employees for years to come.”
The terms of the acquisition were not disclosed.
Inclusive of this transaction, the Company will have 36,973,313
common shares outstanding, consisting of 32,738,990 class A shares
and 4,234,323 class B shares.
About Atlas Technical
Consultants
Headquartered in Austin, Texas, Atlas is a
leading provider of Environmental (ENV), Testing, Inspection &
Certification (TIC), Engineering & Design (E&D), and
Program, Construction, and Quality Management (PCQM) services.
Under the name Atlas Technical Consultants, we offer solutions to
public and private sector clients in the transportation,
commercial, water, government, education, and industrial markets.
With approximately 3,500 employees and a nationwide footprint,
Atlas provides a broad range of mission-critical technical
services, helping clients test, inspect, certify, plan, design, and
manage a wide variety of projects across diverse end markets. For
more information, go to https://www.oneatlas.com.
Forward-Looking Statements
The statements contained in this press release
that are not purely historical are forward-looking statements. Our
forward-looking statements include, but are not limited to,
statements regarding our or our management team’s expectations,
hopes, beliefs, intentions or strategies regarding the future. The
information included in this press release in relation to Atlas has
been provided by Atlas and its management team, and forward-looking
statements include statements relating to Atlas’ management team’s
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on our current
expectations and beliefs concerning future developments and their
potential effects on us and are based on management’s experience
and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. There can be no assurance that future developments
affecting us will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to: (1) the effect, impact, potential duration or other
implications of the COVID-19 pandemic and any expectations we may
have with respect thereto; (2) the risk that our actual results may
differ from the guidance we have provided; (3) the ability to
recognize the anticipated benefits of our past acquisitions, which
may be affected by, among other things, competition, the ability of
the Company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain management
and key employees; (4) changes adversely affecting the business in
which we are engaged; (5) changes in applicable laws or
regulations; (6) the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
and (7) other risks and uncertainties indicated from time to time
in the Company’s filings with the U.S. Securities and Exchange
Commission, including those under “Risk Factors” therein.
Contacts:
MediaKarlene
Barron770-314-5270karlene.barron@oneatlas.com
Investor Relations
512-851-1507ir@oneatlas.com
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