Houlihan Lokey Advises Atlas Intermediate Holdings

Houlihan Lokey is pleased to announce the business combination of Atlas Intermediate Holdings, LLC (Atlas), a portfolio company of Bernhard Capital Partners (Bernhard Capital), and Boxwood Merger Corp. (Boxwood), a publicly traded special purpose acquisition company. The combination was approved by Boxwood’s shareholders on February 10, 2020.

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 more than 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.

Upon the completion of the business combination with Boxwood, Atlas commenced trading on the Nasdaq under the ticker “ATCX.”

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. The company seeks to create sustainable value by leveraging its founding partners' experience in acquiring, operating, and growing services businesses. From strategic industry insight to operational efficiencies and best-practice management, Bernhard Capital looks to provide resources far beyond its investments.

Houlihan Lokey served as a financial advisor to Bernhard Capital and Atlas. 

This transaction exemplifies the continued success of Houlihan Lokey’s dedicated coverage of the industrial services market—with complementary expertise across engineering and consulting; environmental services; and testing, inspection, certification, and compliance—to deliver an outstanding result.