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October 11th, 2023

AmSpec Passes the Test: Olympus Sells AmSpec to TPG Rise Climate

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, NJ, 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. and 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.

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