Cardno divestment follows strategic review in October

Infrastructure and environmental services firm Cardno Limited (Lone Tree, Colo.) has completed the sale of Cardno ATC to a group led by Bernhard Capital Partners for AU$89.1 million. ATC Associates was acquired by Cardno in March 2012 for AU$98 (US$106) million. It is has more than 70 offices across the United States and provides environmental and testing services, building sciences, geotechnical engineering and construction materials testing. Net proceeds will be used to reduce Cardno’s debt and provide the company with more financial flexibility. In line with Cardno’s recent strategic review, “This sale allows us to expedite the completion of our integration activities in the Americas and to turn our focus to new growth opportunities and expanding our service offerings across our global markets,” said Managing Director Richard Wankmuller. “ATC is a lower margin business than the rest of Cardno’s U.S. operations and does not operate in a service area that we are targeting for growth.”