Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the
“Company”), a leading provider of professional testing, inspection,
engineering, environmental, and consulting services, announced
today that it has entered into a definitive agreement to acquire
Atlantic Engineering Laboratories, Inc. (“AEL”), a full-service
materials testing and inspection firm providing on-site quality
control and quality assurance services in New York and New Jersey
since 2004. With over 275 employees, AEL offers a broad range of
testing, inspection and engineering services to educational
institutions, developers, and commercial clients.
The Company expects to leverage AEL’s
best-in-class reputation and technical expertise to accelerate
growth through geographic expansion and cross-selling of Atlas’
mission-critical environmental, transportation, engineering, and
materials testing services in the Northeast.
L. Joe Boyer, Atlas' Chief Executive Officer,
said, “We are excited to welcome AEL’s highly respected team to
Atlas. Their recurring revenues and low-risk service profile, along
with their reputation for superb customer service and proven
technical expertise, will provide our industry-leading platform
with attractive cross-selling opportunities. As a trusted partner
to their clients, AEL has led the execution of high-profile
projects across New York and New Jersey, where investment in aging
infrastructure supports positive long-term fundamentals for the
demand of our combined environmental, materials testing and
transportation-related consulting services.”
AEL’s founder, Chris O’Malley, will continue to
lead the AEL team and will focus on driving business development
efforts in coordination with Atlas’ Northeast leadership.
Mr. O’Malley added, “We couldn’t be more pleased
to become a part of the Atlas family. We have a shared passion for
providing quality work, and we are invested in the communities we
serve. Becoming part of Atlas is an excellent win for our employees
and our valuable clients. We look forward to combining our local
reputation and inspection expertise with Atlas’ broad array of
offerings to scale our business and create additional value.”
The transaction is expected to close in the
second quarter of 2021 and the terms were not disclosed.
About Atlas Technical
Consultants
Headquartered in Austin, Texas, Atlas is a
leading provider of professional testing, inspection, engineering,
environmental, program management, and consulting 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 a
nationwide footprint and over 3,300 employees, 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," "intend," "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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