GI Partners to take Atlas Technical Consultants private in $1bn deal

GI Partners, a US-based private investment firm, will acquire Atlas Technical Consultants, an infrastructure and environmental solutions provider, in an all-cash transaction valued at around $1.05 billion, plus outstanding debt.

Post-closing, Atlas Technical Consultants will become a private company and its shares will cease to trade on Nasdaq.

Shareholders of the project delivery management firm will be paid $12.25 per share, which is a premium of around 124% over its unaffected closing share price of $5.47 on 30 January 2023.

The Austin, Texas -headquartered Atlas Technical Consultants collaborates with public- and private-sector clients to improve performance and extend the lifecycle of built and natural infrastructure assets stressed by climate, health, and economic impacts as well as employs more than 3,500 people across the US.

L Joe Boyer — Atlas Technical Consultants CEO said: “Since founding Atlas in 2017, we have built one of the largest pure-play professional and technical services businesses, serving infrastructure and environmental markets in the United States.

“We are aligned in delivering exceptional service and helping our clients design and complete infrastructure projects that improve their communities.”

Affiliates of Bernhard Capital Partners, with around 43% of the outstanding Atlas Technical Consultants’ common stock, have entered into a voting agreement in support of the transaction.

Kirkland & Ellis LLP and Potter Anderson & Corroon LLP are acting as legal counsel to the infrastructure and environmental solutions provider while Ropes & Gray LLP is serving as legal counsel to GI Partners.

BofA Securities is acting as the exclusive financial advisor to Atlas Technical Consultants in connection with the acquisition.

Pending Atlas Technical Consultants’ shareholders’ approval, regulatory approvals, and other customary closing conditions, the acquisition is anticipated to complete in Q2 2023.