STAMFORD, Conn., July 1, 2016 /PRNewswire/ -- Stamford, Connecticut-based Olympus Partners has acquired AmSpec Holding Corp. ("AmSpec"), a leading provider of testing, inspection, and certification ("TIC") services for petroleum traders and refiners. The Company operates a network of more than 50 laboratories and inspection facilities in North America, South America, Europe, and Asia.
"AmSpec has a unique business model that has led to significant organic growth, with customer service, turnaround time and lab capabilities serving as key differentiators. The company has an established presence in attractive markets with a broad, blue chip customer base," said Manu Bettegowda, Partner at Olympus. "We look forward to working with CEO Matt Corr and the rest of the AmSpec management team to help support the growth of the company through acquisitions and continued investment in the Company's facility network to expand to new customers and untapped geographies," added Jason Miller, Partner at Olympus.
"We are enthusiastic about the opportunity to partner with Olympus as we embark on the next phase of our global expansion," said Matt Corr, CEO of AmSpec. "Together, we will continue to support our customers around the world and build on the growth we have achieved."
Founded in 1988, 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 is an active, long-term investor across a broad range of industries, including restaurants, consumer products, healthcare services, financial services and business services.
Olympus manages in excess of $5.5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. The acquisition of AmSpec marks Olympus' seventh investment out of its $2.3 billion sixth fund.
The Olympus team included Manu Bettegowda, Jason Miller, Robby Polakoff and Mike Cueter. Olympus was represented by Jim Faley from Kirkland & Ellis. Debt financing was led by Antares Capital, Bank of Ireland, ING Capital, and NewStar Financial. Incline Equity Partners was the selling majority shareholder.
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SOURCE Kirkland & Ellis LLP