Olympus Partners has sold Professional Service Industries Inc. to Intertek Group plc. Financial terms weren’t announced. Intertek, in October, said it agreed to pay $330 million for PSI. Oak Brook Terrace, Illinois-based PSI is a consulting engineering and testing firm. Lazard Middle Market advised PSI while Greenhill & Co. provided financial advice to Intertek.
STAMFORD, Conn., Nov. 24, 2015 /PRNewswire/ — Stamford, Connecticut-based Olympus Partners is pleased to announce the sale of Professional Service Industries, Inc. (“PSI”) to Intertek Group plc. PSI is a nationally recognized consulting engineering and testing firm providing integrated services in several disciplines, including geotechnical engineering, construction materials testing and engineering, facilities engineering and consulting, environmental consulting, asbestos management and industrial hygiene.
“Olympus has been a real partner to PSI and our management team, supporting our growth strategy, providing capital to expand our service offering, and being true thought partners in the board room,” commented Murray Savage, CEO of PSI. David Cardenas, a Partner at Olympus, also commented that “It has been a pleasure working with Murray and his talented, tenured team at PSI. We are confident that their leadership will continue to execute their well-defined growth plan and that they are well-positioned for continued success in the future.”
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 business services, restaurants, consumer products, healthcare services, financial services, and industrial/packaging. Olympus manages in excess of $5.5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
The Olympus team included David Cardenas, Manu Bettegowda, Chase Ormond, and Jackie Bereiter. PSI was represented in the sale by Lazard Middle Market with legal representation from Kirkland & Ellis LLP.