Eddyfi/NDT, through a strategic partnership with Novacap and CDPQ, announced the acquisition of NDT Global. Headquartered in Dublin, Ireland, and with main operations in Stutensee, Germany, NDT Global is a premium ultrasonic pipeline inline inspection (“ILI”) and data analysis supplier for onshore and offshore pipelines worldwide.
Eddyfi/NDT will now have 1,000+ employees working in 20 global offices and serving customers in 110 countries. It is composed of high-end technology business units operating in two different segments: NDT Equipment and Application-Specific Integrated Inspections. The global headquarters are located in the advanced NDT hub of Québec city.
Martin Theriault, CEO of Eddyfi/NDT, says, “We have spent the past 10 years developing, acquiring and perfecting the most advanced NDT modalities in the world. At every level of technology, pushing the limits of NDT to new heights has allowed us to solve critical problems and deliver superior, information-rich data for the benefits of our clients.”
This merger successfully joins two leaders in their respective markets: Eddyfi Technologies as a provider of the highest performance NDT inspection technologies and NDT Global as an advanced ultrasonic ILI and integrity services provider.
Richard Matthews, President and CEO of NDT Global, comments, “Joining with Eddyfi/NDT offers a tremendous opportunity to leverage our respective technologies to develop even better solutions.”
Furthermore, to complete this acquisition, Eddyfi/NDT confirmed a new round of equity financing with Montreal-based Novacap, making its first investment in the company with CA$ 163 million, and CDPQ, making an additional investment of CA$ 107 million. The new equity investment is combined with new debt financing provided by a banking syndicate led by National Bank of Canada and additional debt from Investissement Quebec (“IQ”). Over CA$ 600 million was raised to complete the NDT Global acquisition as well as pursue other strategic opportunities.
CDPQ made its initial investment in Eddyfi in March 2017. Since then, it has helped the company complete four additional acquisitions in Europe and North America, as well as diversify across technologies and geographies. In addition, CDPQ has supported the development of a new strategic plan to deliver substantial growth while also building an industrial technology business at the forefront of its sector.
“Québec SME expansion and globalization is a key aspect of our strategy, and our support for Eddyfi over the years reflects that. Since our first investment, the company has experienced tremendous and sustained growth, becoming one of the largest private companies in the Greater Québec City area today,” said Charles Émond, President and Chief Executive Officer of CDPQ.
Novacap played a critical role in this transformative and complex acquisition. “The merger is highly strategic and represents a unique, complementary combination of a service provider and equipment manufacturer at the technological forefront of the non-destructive testing market. We are highly confident that NDT Global, under the Eddyfi/NDT group, will deliver superior inspection technology and value-added services to operators globally,” said David Lewin, Senior Partner at Novacap (TMT).
Finally, Pascal Tremblay, Novacap’s President and CEO, added, “I would like to thank our new business partners, Martin Theriault, Louis-Georges Gauvin (CFO), and their teams for being the driving force behind this acquisition. I would also like to thank CDPQ who played a critical role in the execution of this complex transaction, as well as our highly supportive limited partners who co-invested with us to make this deal possible.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.