Testing, Inspection, Certification, and Compliance
The testing, inspection, certification, and compliance sector operates within Houlihan Lokey’s Business Services Group, which has earned a reputation for providing superior service and achieving outstanding results in M&A advisory, capital-raising, restructuring, and financial and valuation advisory services.
Our clients run the gamut from early-stage businesses and midsized companies to large, publicly traded corporations. We understand that an industry driven by innovation and change requires the sophistication of an advisor who can think ahead of the market and utilize solid industry relationships to help advance your vision. We optimize client outcomes by running executed, competitive processes, by focusing on deep domain knowledge to position for synergy and scarcity value, and by leveraging our world-class strategic and private equity access to bring the right senior decision-makers to the negotiation table.
2024 M&A Advisory Rankings—All Global Business Services Transactions
Advisor | Deals |
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Houlihan Lokey | 86 |
Rothschild | 62 |
Goldman Sachs | 54 |
Benchmark International | 49 |
JP Morgan | 46 |
Subsectors

How We Can Help
Our firm is extremely well equipped to help our clients navigate uncertainty and capitalize on opportunity. We respond quickly to challenging situations and are constantly helping clients analyze, structure, negotiate, and execute the best possible solutions from both strategic and financial perspectives.
Corporate Finance
- Mergers and Acquisitions
- Capital Solutions
- Board Advisory Services
Financial Restructuring
- Company Advisory
- Creditor Advisory
Financial and Valuation Advisory
- Portfolio Valuation and Fund Advisory
- Transaction Opinions
- Corporate Valuation Advisory Services
- Transaction Advisory Services
- Real Estate Valuation and Advisory
- Dispute Resolution Consulting
Contact Us
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Ranon Kent Managing Director Global Head of Business Services Group
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Kevin Rogstad Director
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Alex Heikali Senior Vice President
Selected Transactions

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.