Houlihan Lokey Advises Applied Technical Services
Houlihan Lokey is pleased to announce that Applied Technical Services, Inc. (ATS), a leading provider of specialized testing, inspection, calibration, and forensic consulting solutions in North America and a portfolio company of Odyssey Investment Partners, LLC (Odyssey), has entered into a definitive agreement to be acquired by SGS (SIX:SGSN) in a transaction valued at $1.325 billion. The transaction is expected to close by late 2025 following customary regulatory approvals.
ATS has a nearly 60-year history of providing critical solutions to clients across a diverse set of large and stable end markets, including manufacturing, power generation, food and beverage, chemicals, aerospace, life sciences, and defense. Its market-leading service offerings include materials testing, environmental simulation, chemical analysis, calibration, non-destructive inspection, and forensic consulting. ATS is headquartered in Marietta, Georgia and employs approximately 2,100 team members in over 85 locations across the United States.
ATS has undergone a dramatic transformation since it was acquired by an Odyssey fund in 2020. During this time, the company completed nearly 40 acquisitions, through which it added considerable scale and diversified its service offerings and end markets. Further, Odyssey constructed a world-class executive team that has driven the company forward and built out a centralized corporate structure that has enhanced efficiency across ATS’ footprint.
Odyssey Investment Partners is a leading private equity investment firm with a more than 25-year history of partnering with skilled managers and using its buy, build, and integrate approach to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes primarily majority-controlled investments in industrial and business services sectors with a long-term positive outlook and favorable secular trends.
SGS is the world’s leading testing, inspection, and certification company. It operates a network of more than 2,500 laboratories and business facilities across 115 countries, supported by a team of 99,500 dedicated professionals. With over 145 years of service excellence, the company combines the precision and accuracy that define Swiss companies to help organizations achieve the highest standards of quality, compliance, and sustainability.
Houlihan Lokey served as the lead financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of ATS and Odyssey. This transaction exemplifies the continued success of Houlihan Lokey’s dedicated coverage of the testing, inspection, certification, and compliance sector.
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