LOS ANGELES--(EON: Enhanced Online News)--Atar Capital, a Los Angeles-based, global private equity firm, announced today that it has completed its acquisition of Furmanite’s Midstream Quality Assurance Business from a wholly owned subsidiary of Team, Inc. (NYSE: TISI). Based in Tulsa, Oklahoma, the business serves as an independent, outsourced provider of inspection and integrity services for all disciplines of midstream pipeline, pipeline stations, terminals, power plants, tank storage farms and other energy related fields. Terms of the acquisition were not disclosed.
“FIS has a tremendous management team already in place that will benefit greatly from the operational resources and entrepreneurial spirit that Atar Capital provides. We have a clear path to grow this business organically, and our team is excited to help take this company to the next level.”
Effective immediately, the business will be rebranded as Frontier Integrity Solutions (“FIS”). FIS is one of the leading independent inspection and integrity service companies in North America.
Cyrus Nikou, Founder and Managing Partner of Atar Capital, said: “FIS has a tremendous management team already in place that will benefit greatly from the operational resources and entrepreneurial spirit that Atar Capital provides. We have a clear path to grow this business organically, and our team is excited to help take this company to the next level.”
While Mr. Nikou has completed numerous transactions in his private equity career, the FIS acquisition marks the first transaction for Atar Capital in 2016. “This is a tremendous accomplishment for Atar Capital. To complete a carve-out acquisition of this size in our first six months since launch, and within 40 days of signing an LOI, demonstrates our firm’s capabilities and commitment to getting deals done. From the start, I set high expectations for our team, and we will continue to raise the bar as we head into what will be a very big year.”
About Atar Capital
Atar Capital is a Los Angeles-based, global private equity firm focused on acquiring companies across the lower-middle market. Founded in 2016 by Cyrus Nikou, Atar Capital’s mission is to transform good companies into great companies.
For more information about Atar Capital, please visit: www.atarcapital.com.
PricewaterhouseCoopers Corporate Finance LLC acted as sell-side advisor to Team, Inc. Locke Lord acted as outside legal counsel for Team, Inc., and Dykema Gossett acted as outside legal counsel for Atar Capital.