Boxwood Merger Corp. and Atlas Technical Consultants Complete Business Combination
Boxwood Merger Corp. (Nasdaq: BWMC, BWMCU and BWMCW) (“Boxwood”), a publicly-traded special purpose acquisition company, and Atlas Intermediate Holdings LLC (“Atlas”), a leading provider of professional testing, inspection, engineering, program management and consulting services under the name Atlas Technical Consultants, announced today the completion of their previously announced business combination, pursuant to which Boxwood acquired Atlas, a Bernhard Capital Partners portfolio company, for approximately $617 million in total consideration. The business combination was approved by Boxwood’s stockholders on February 10, 2020. The combined company (the “Company”) is well-positioned to benefit from favorable tailwinds, including the growing need to inspect, service, repair and invest in U.S. infrastructure.
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Upon the completion of the business combination, the Company changed its name to “Atlas Technical Consultants, Inc.” Beginning February 18, 2020, the Company’s shares of Class A common stock will commence trading on Nasdaq under the new ticker symbol “ATCX.”
“Becoming a publicly-traded company represents a significant milestone in our mission to becoming the preferred provider of professional and technical services in our industry,” said Joe Boyer, the Company’s Chief Executive Officer. “With greater financial flexibility and a clear plan to create long-term stockholder value, we are well positioned to capitalize on the opportunities ahead of us to extend the reach of our platform and foster long-term growth for the Company.”
“We cannot be more pleased to enter the next phase of growth for the Company,” added Steve Kadenacy, a member of the board of directors of the Company and the former Chief Executive Officer of Boxwood. “We are in a unique position to capitalize on the strong demand in the market and ample pipeline of bolt-on acquisitions to grow the Company quickly while maintaining our core principle of operating a low risk professional services organization.”
“I’m very excited to work with Joe Boyer and the Atlas team as we transition from the Boxwood SPAC to a publicly-traded Atlas,” said Brian Ferraioli, Executive Chairman and Chairman of the board of directors of the Company.
Greenhill & Co. and Macquarie Capital acted as financial advisors to Boxwood and BofA Merrill Lynch, Stifel, Morgan Stanley, Macquarie Capital and Helena Capital Advisors acted as capital markets advisors to Boxwood. Boxwood secured debt financing for the transaction from Macquarie Capital and Natixis. Winston & Strawn LLP acted as legal advisor to Boxwood and Kirkland & Ellis LLP acted as legal advisor to Atlas. Harris Williams and Houlihan Lokey acted as financial advisor to Atlas.