Odyssey Investment Partners, LLC ("Odyssey") announced today that it has entered into a definitive agreement to sell its portfolio company Applied Technical Services, Inc. ("ATS" or the “Company"), a leading provider of specialized Testing, Inspection, Calibration and Forensic Consulting solutions in North America, to SGS, the world’s leading Testing, Inspection and Certification company, in a transaction valued at $1.325 billion.

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’s footprint.

Jonathan Place, a Managing Principal at Odyssey, said, "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.”

ATS CEO Mike McIlwain added, “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.”

Completion of the transaction, which is expected by the end of 2025, is subject to customary closing conditions.

Houlihan Lokey is serving as lead financial advisor with Rothschild & Co. as co-financial advisor, and Latham & Watkins LLP is serving as legal counsel to Odyssey.

About Odyssey Investment Partners

Odyssey Investment Partners is a leading private equity investment firm with more than a 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. For further information about Odyssey, please visit www.odysseyinvestment.com.

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