Atlas Technical Consultants Announces Agreement to Acquire Alta Vista

Rhea-AI Summary

AUSTIN, Texas, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Atlas Technical Consultants (Nasdaq: ATCX) announced its agreement to acquire Alta Vista Solutions, a provider of transportation-related testing and inspection services. This strategic move will enhance Atlas's capabilities in California and New York, where demand for transportation investment is growing. Alta Vista operates with approximately 100 employees from multiple offices. The acquisition aims to expand Atlas's service offerings and increase self-performing capabilities. The deal is expected to close in Q3 2020.

Positive

• Acquisition of Alta Vista will enhance Atlas's market presence in California and New York.
• Strategic fit aligns with Atlas's growth strategy and expanding service offerings.
• Ability to self-perform more work may improve operational efficiency.

Negative

• None.

AUSTIN, Texas, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the “Company”), a leading provider of professional testing, inspection, engineering, program management and consulting services, announced today that it has entered into a definitive agreement to acquire Alta Vista Solutions, Inc. (“Alta Vista”), a key provider of transportation-related testing and inspection services, headquartered in Oakland, California. Alta Vista has approximately 100 employees, operating out of four offices in California and one office in New York City, bringing a broad array of construction engineering, materials testing, inspection, quality management, asset management and infrastructure services.

L. Joe Boyer, Atlas’ Chief Executive Officer, said, “Alta Vista’s transportation focus, wide range of services and established presence in California and New York will provide an exceptional fit for Atlas. The ability to self-perform more work is a key part of our growth strategy. With our combined expertise and infrastructure focus, we will be able to more thoroughly service customers in two key regions where investment in transportation is an increasing priority for state and local governments. We look forward to welcome Alta Vista’s talented team to our rapidly growing company.”

Patrick Lowry, P.E., President of Alta Vista, stated, “Similar to Atlas, we have built our business through a reputation for high-quality work and delivering comprehensive services to customers. Atlas’ scale, resources and shared passion for excellence represent an exciting new chapter for our business. We look forward to continue providing our combined client base with innovative technical solutions.”

Mazen Wahbeh, PH.D., P.E., Executive Chairman of Alta Vista, added, “I am extremely proud of the company we have built together with our dedicated employees. Atlas fits squarely with our desire to quickly scale our business in both existing and new markets. We are very excited to become part of Atlas and to further build on our successful history.”

The transaction is expected to close in the third quarter of 2020. The terms of the acquisition were not disclosed.

About Atlas Technical Consultants

Headquartered in Austin, Texas, Atlas is a leading provider of professional testing, inspection engineering and consulting services under the name Atlas Technical Consultants, offering solutions to public and private sector clients in the transportation, commercial, water, government, education and industrial markets. With more than 100 offices in 40 states and 3,200+ 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,” “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:

Media
Karlene Barron
770-314-5270
karlene.barron@oneatlas.com

Investor Relations
512-851-1507
ir@oneatlas.com

FAQ

What is the significance of ATCX acquiring Alta Vista Solutions?

The acquisition enhances ATCX's service capabilities in growing transportation markets and strengthens its presence in key regions.

When is the ATCX acquisition of Alta Vista expected to close?

The acquisition is anticipated to close in the third quarter of 2020.

How many employees does Alta Vista have?

Alta Vista has approximately 100 employees.

What services does Alta Vista provide?

Alta Vista specializes in transportation-related testing and inspection services.

What are the expected benefits of the ATCX and Alta Vista merger?

The merger is expected to enhance market presence, operational capabilities, and service offerings in key regions.