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Atlas Technical Consultants Inc. (ATCX), headquartered in Austin, Texas, is a leading provider of professional testing, inspection, engineering, environmental, program management, and consulting services. With a nationwide footprint and more than 3,300 employees, Atlas is dedicated to offering comprehensive solutions to clients across various sectors including transportation, commercial, water, government, education, and industrial markets. The company's core services include testing, inspecting, certifying, planning, designing, and managing diverse projects, ensuring top-notch service quality and client satisfaction.
Recently, Atlas has made significant strides in innovation by deploying Data Recon, an application-based software designed to collate structural data on a small tablet. This innovative tool reduces field time by more than 50 percent and streamlines data collection processes. Additionally, Atlas collaborated with STRUCINSPECT to implement automated, data-collection methodologies along with artificial intelligence-assisted software. This collaboration has enabled the identification, quantification, and sizing of defects, and the generation of 3D models and orthomosaic maps, giving LA Metro critical insights for optimized maintenance decisions.
As a prime consultant, Atlas secured a five-year contract with an annual $1.2-million budget to provide structural inspection services. The work includes inspecting and rating light-rail and roadway bridges, tunnels, pedestrian crossings, and retaining walls. Each structure undergoes a visual inspection, a federal 'State of Good Repair' condition rating, and recommendations for corrective repairs tailored to specific defects. Detailed inspection reports and comprehensive databases for defects, assets, and photos are also part of the service.
Atlas is committed to complying with regulatory standards, performing inspections in accordance with the Federal Transit Administration, California Public Utilities Commission, Federal Highway Administration, National Bridge Inspection Standards, American Public Transportation Association (APTA), and Metro Engineering Standards.
Atlas' achievements extend to its five-year, $12-million master agreement with the Georgia Department of Transportation (GDOT) to conduct engineering design review services. With a longstanding partnership with GDOT, Atlas has been delivering engineering design review services for over 35 years. The company will schedule and conduct field plan reviews, ensuring adherence to AASHTO and GDOT guidance documents, and oversee review responses to findings, thereby playing a crucial role in maximizing the return on investment for public transportation tax dollars.
For more information about Atlas Technical Consultants and their innovative solutions, visit their website.
Atlas Technical Consultants has successfully completed its acquisition by GI Partners in a cash transaction valued at approximately $1.05 billion, including debt. Approved by stockholders on March 29, 2023, the deal gives Atlas stockholders $12.25 per share, a 124% premium over its pre-announcement price of $5.47. Following this acquisition, Atlas' common stock will be delisted from Nasdaq. The CEO expressed optimism about the new ownership and aims to accelerate growth and enhance customer value.
This acquisition positions Atlas to leverage GI Partners' resources for improved infrastructure and environmental solutions, although potential risks associated with private ownership and operational changes exist.
Atlas Technical Consultants (Nasdaq: ATCX) reported a successful fourth quarter and full year 2022, marked by a 4% increase in gross revenue, totaling $151.0 million in Q4 and $604.8 million for the full year. The company achieved a 19% growth in Adjusted EBITDA, reaching $87.2 million. A significant backlog of $877 million was noted, up 8.5% year-over-year. Atlas is set to be acquired by GI Partners for $12.25 per share, offering a 124% premium to its January 30, 2023 closing price of $5.47. Completion of the merger is expected in Q2 2023.
Atlas Technical Consultants (Nasdaq: ATCX) announced a new contract with the East Baton Rouge Parish Recreation and Parks Commission, valued at $6 million over three years, for managing capital improvement projects totaling approximately $100 million. The firm will provide program management services, including budget development and environmental oversight, enhancing community park facilities. CEO L. Joe Boyer emphasized the importance of parks in local communities and expressed gratitude for the opportunity to contribute.
Bernhard Capital Partners announced the acquisition of Atlas Technical Consultants (Nasdaq: ATCX) by GI Partners in an all-cash deal valued at approximately $1.05 billion, including debt. Atlas shareholders will receive $12.25 per share, reflecting a 124% premium over its closing price of $5.47 on January 30, 2023. Founded in 2017, Atlas has grown through 19 acquisitions under Bernhard Capital's management, now employing over 3,500 people nationwide. This transaction marks a significant milestone in their expansion strategy and is expected to leverage Atlas' market position in infrastructure and environmental solutions.
Atlas Technical Consultants (Nasdaq: ATCX) has announced its acquisition by GI Partners in a $1.05 billion all-cash deal, including outstanding debt. Shareholders will receive $12.25 per share, representing a 124% premium over the previous closing price of $5.47. The transaction, approved by Atlas' Board of Directors, is expected to close in the second quarter of 2023, pending shareholder and regulatory approvals. This acquisition is aimed at enhancing shareholder value and acknowledges the company's growth since its founding in 2017. Upon completion, Atlas will become a private entity and will cease trading on Nasdaq.
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