AmSpec Passes the Test: Olympus Sells AmSpec to TPG Rise Climate
STAMFORD, Conn., Oct. 11, 2023 /PRNewswire/ -- Stamford, Conn.-based Olympus Partners has signed a definitive agreement to sell a majority interest in AmSpec Parent, LLC ("AmSpec" or the "Company") to TPG Rise Climate. AmSpec is a leading testing, inspection and certification ("TIC") provider of services that enable specialized global trade across the energy, chemicals, agriculture and food sectors. AmSpec operates 166 labs across 328 global locations with over 5,000 team members.
Based in Cranbury, New Jersey, AmSpec has continued its long-term growth trajectory leveraging a differentiated customer service model. Since Olympus' initial investment, AmSpec expanded its global footprint by adding over 200 locations and entering into new and growing markets, including food, agriculture and biofuels.
Manu Bettegowda, a Managing Partner at Olympus, commented: "We have enjoyed working with Matt and the management team to build an industry leading global TIC player. The team has done a remarkable job establishing AmSpec as a world-class brand focused on customer service, quality, accuracy, and safety. We are excited to continue to work with the team and TPG Rise Climate in the next phase of growth."
Under the terms of the agreement, Olympus will maintain a minority position.
"The Olympus team have been great partners over the past several years. They have been supportive of our international greenfield growth strategy that has been crucial in achieving our scale and success. Today, we are in a terrific position to continue to extend our leadership in a market that continues to grow and evolve," said AmSpec CEO Matt Corr.
The Olympus team included Manu Bettegowda, Connor Wood, George Swenson and Marty Durkin. Olympus was advised by David Kamo, Jeff Douthit, Jonathan Slaughter and Jhanvi Lakhani from Goldman Sachs, and David Steinkeler from Baird & Co. Olympus was represented by Jim Faley, Taylor Melching and Greg Klein from Kirkland & Ellis. Management was advised by Steve Cohen from Morgan Lewis.
The transaction is subject to regulatory review and customary closing conditions and is expected to close in the fourth quarter of 2023.
ABOUT OLYMPUS PARTNERS
Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus manages funds in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. Founded in 1988, Olympus is an active, long-term investor across a broad range of industries including business services, consumer products, healthcare services, financial services, industrial services and manufacturing.
ABOUT TPG RISE CLIMATE
TPG Rise Climate is the dedicated climate investing strategy of TPG's $18 billion global impact investing platform TPG Rise. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG's investing professionals, the strategic relationships developed across TPG's existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to value-added infrastructure, and focuses on climate solutions in the following thematic areas: clean electrons, clean molecules and materials, and negative emissions. Jim Coulter, TPG Founding Partner and Executive Chairman, serves as Managing Partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate's Executive Chairman.
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SOURCE Olympus Partners
