Houlihan Lokey Advises Atlantic GeoConstruction Holdings

Houlihan Lokey is pleased to announce that Atlantic GeoConstruction Holdings (AGH), a leading U.S.-based provider of geotechnical engineering and services, has been acquired by I.CO.P. S.p.A. (ICOP), an Italy-based global geotechnical engineering company. The transaction closed on 31 March 2025.

AGH is a leading provider of geotechnical engineering and ground improvement services across the Atlantic coast of the U.S. The company operates through two well-known regional brands—GeoStructures and ASAP—and has decades of expertise in soil improvement, deep foundations, and containment works. AGH is recognised within the industry for its technical excellence and design-build construction solutions. The company services large, diverse markets and is particularly active in prime niches such as data centres, waterways and coastal protection, and transportation infrastructures. The company has delivered a 19% CAGR revenue growth from 2017 to 2024 as well as more than 15% EBITDA margins in 2024, driven by geographic expansion and cutting-edge technology adoption.

ICOP was founded in 1920 by the Petrucco family and is now a geotechnical engineering company active both nationally and internationally in the fields of special foundations, microtunneling, and maritime works. The group is based in Basiliano and employs more than 480 people in Europe. Since 2017, it has recorded an average annual growth of 19%.

The acquisition of AGH will give ICOP a strong foothold in the U.S. market and open up new business opportunities in a market valued at more than $11 billion in 2024. The existing management team will remain in place at AGH to ensure continuity.

Houlihan Lokey served as the exclusive financial advisor to AGH and initiated, structured, and negotiated the transaction. The transaction highlights Houlihan Lokey’s ability to coordinate M&A transactions between different geographies using our local presence, dedicated sector financial professionals, and global buyer access.

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