Atlas Technical Consultants Completes Acquisition of Atlantic Engineering Laboratories, Inc.
Atlas Technical Consultants (Nasdaq: ATCX) has successfully acquired Atlantic Engineering Laboratories (AEL), enhancing its service offerings in the New York tri-state area. This acquisition strengthens Atlas's position in the infrastructure sector, capitalizing on rising infrastructure spending. AEL, with over 275 employees, specializes in materials testing and engineering services. The terms of the acquisition were not disclosed, but this move is expected to enable Atlas to cross-sell services and expand its market share.
- Acquisition of AEL positions Atlas for increased market share in the growing infrastructure sector.
- AEL's expertise in materials testing and strong reputation enhances Atlas's service portfolio.
- None.
Expands Business Platform and Service Offerings in the New York Tri-State Region
AUSTIN, Texas., April 15, 2021 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the “Company”), a leading Infrastructure and Environmental services provider, announced today that it has closed on its acquisition of Atlantic Engineering Laboratories (“AEL”), a full-service Materials Testing, Inspection, and Engineering firm providing Geotechnical, On-site Quality Control and Quality Assurance services in New York, New Jersey and Connecticut since 2004. With over 275 employees, AEL supports the public sector, educational institutions, private developers, and commercial clients.
L. Joe Boyer, Atlas’ Chief Executive Officer said, “We are excited to complete this transaction. AEL’s testing and inspection expertise backed by an exceptional client reputation positions Atlas to capitalize on the increasing infrastructure spend in greater New York and the tri-state region. Our combined expertise will allow us to cross-sell and grow our market share with existing and new clients.”
The terms of the acquisition were not disclosed. Inclusive of this transaction, the Company will have 36,018,978 common shares consisting of 30,590,953 class A and 5,428,025 class B shares.
About Atlas Technical Consultants
Headquartered in Austin, Texas, Atlas is a leading provider of Testing, Inspection & Certification (TIC), Environmental (ENV), 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 3,300 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.
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
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