Atlas Technical Consultants Acquires O'Neill Service Group
07/07/2021 | 07:01am EDT
AUSTIN, Texas, July 07, 2021 (GLOBE NEWSWIRE) -- 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.
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.
Media Karlene Barron 770-314-5270 firstname.lastname@example.org