Odyssey Investment Partners announced that it has entered into a definitive agreement to sell its portfolio company Applied Technical Services (a provider of specialized Testing, Inspection, Calibration, and Forensic Consulting solutions in North America) to SGS (a leading Testing, Inspection, and Certification company) in a transaction valued at $1.325 billion.
ATS has nearly 60 years of experience providing essential solutions in various stable markets, including manufacturing, power generation, food and beverage, aerospace, and defense. Its service offerings include materials testing, environmental simulation, chemical analysis, calibration, and forensic consulting. Based in Marietta, Georgia, ATS employs around 2,100 people across over 85 locations in the US.
Since its acquisition by an Odyssey fund in 2020, ATS has undergone significant transformation, completing nearly 40 acquisitions that have expanded its scale and diversified its offerings. Odyssey has built a strong executive team and centralized structure to improve operational efficiency.
The deal is expected to complete by the end of 2025, pending customary closing conditions.
Support: Houlihan Lokey serves as the lead financial advisor, with Rothschild as the co-financial advisor, and Latham & Watkins serves as legal counsel to Odyssey.
KEY QUOTES:
“We are very proud of our highly successful investment in ATS. In partnership with the management team, we have built an unparalleled North American business in terms of scale and diversity, and one that is regarded by its customers as a best-in-class service provider. As a result of our many accomplishments, ATS is well positioned for continued long-term growth and strong performance, and has attracted the interest of the global leader, which envisions it as a critical piece in achieving its considerable ambitions in North America. In addition, the strength and size of the SGS network will provide greater opportunities for ATS to expand its services to new geographies. We are grateful to the management team for their hard work and dedication and wish all of ATS’s employees continued success as part of SGS.”
Jonathan Place, a Managing Principal at Odyssey
“Odyssey has been an exceptional partner to ATS over the past four years. Under its ownership, our business achieved unprecedented growth as a result of the team’s vision, industry experience, and the considerable financial and strategic resources they made available to us. I want to thank the entire ATS team for their tireless efforts and commitment to realizing this vision. Together with Odyssey, we’ve built upon our strong brand and service culture, which has further strengthened our loyal customer relationships. As we move on to a new chapter, we thank Odyssey for our collaboration, the benefits of which will be felt for years to come.”
ATS CEO Mike McIlwain
