RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising Atlas Technical Consultants (Atlas), a portfolio company of Bernhard Capital Partners (Bernhard Capital), on its pending sale to Boxwood Merger Corp. (Boxwood), a publicly-traded special purpose acquisition company. Headquartered in Austin, Texas, Atlas provides mission-critical technical services that help its public and private sector clients test, inspect, certify, plan, design and manage a wide variety of projects across the transportation, commercial, industrial, government, education and other nonresidential markets. The transaction is being led by Drew Spitzer, Matt White, Ian Thomas, Greg Waller and Trevor Casey of the Harris Williams Energy, Power & Infrastructure (EPI) Group.
The transaction reflects an implied enterprise value at closing of $709.5 million, based on current assumptions, excluding the net present value of an anticipated tax benefit of $55 million.
“It was a pleasure to work with the Atlas team on this transaction,” said Matt White, a managing director at Harris Williams. “Atlas’ sale to Boxwood opens many doors for the company as it continues its mission of providing highly-technical services that support and maintain critical infrastructure in the U.S.”
“Atlas has established itself as a true market leader and is poised to benefit from significant domestic infrastructure investment and the growing need for outsourced quality assurance services,” added Ian Thomas, a director at Harris Williams. “This transaction is the latest addition to Harris Williams’ successful track record of advising premier companies in the testing, inspection and certification industry.”
Since its inception, Atlas has strategically expanded its footprint and capabilities through acquisitions of premier national and large regional technical service companies to create a leading platform. This includes, among others, the acquisitions of: PaveTex Engineering, Moreland Altobelli Associates, Engineering Testing Services and ATC Group Services. Atlas’ highly-technical infrastructure services are delivered through a nationwide footprint, as its approximately 2,100 highly-skilled, technical staff of scientists, engineers, inspectors and other field experts operate from over 140 offices located across 40 states.
Bernhard Capital is a services-focused private equity management firm established in 2013 by Jim Bernhard, Jeff Jenkins and a team of experienced private equity professionals. Bernhard Capital seeks to create sustainable value by leveraging its founding partners’ experience in acquiring, operating and growing industrial, energy and infrastructure services businesses. From strategic industry insight to operational efficiencies and best-practice management, Bernhard Capital provides resources far beyond its investments.
Boxwood is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Boxwood’s business strategy is to target, identify and complete an initial business combination with a company that provides technical and industrial services across a broad range of industries to leverage the experience of Boxwood’s management team. Boxwood raised $200 million in its initial public offering and began trading on Nasdaq in November 2018. Its shares of Class A common stock, units and warrants trade under the ticker symbols “BWMC,” “BMWCU” and “BWMCW,” respectively.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams EPI Group has experience across a broad range of sectors, including industrial and infrastructure services; oil and gas equipment and services; energy efficiency and clean tech; power products and technology; engineering and construction; and environmental services. For more information on the firm’s energy, power, and infrastructure experience, please visit the EPI Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
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Katie Langemeier, associate brand manager
+1 (804) 648-0072