QUEBEC — Quebec City-based non-destructive testing firm Eddyfi/NDT, through a strategic partnership with private equity firm Novacap and Caisse de dépôt et placement du Québec (CDPQ), announced the acquisition of NDT Global on Feb. 5.
Headquartered in Dublin, Ireland, and with main operations in Stutensee, Germany, NDT Global is an ultrasonic pipeline inline inspection (ILI) and data analysis supplier for onshore and offshore pipelines worldwide. It delivers a full range of services including geometry and deformation inspection, metal loss and crack inspection, defect assessment, and fitness for purpose investigations.
The combination of Eddyfi and NDT Global is a test & measurement (T&M) technology group focused on non-destructive testing (NDT). Eddyfi will now have 1,000+ employees working in 20 global offices and serving customers in 110 countries. It is composed of technology business units operating in two different segments: NDT equipment and application-specific integrated inspections.
Martin Theriault, CEO of Eddyfi/NDT, said in a statement, “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. However, selling inspection instrumentation and technology alone in certain very niche and specialized sub-verticals, such as ILI inspection, simply does not work. We are therefore excited to join forces with NDT Global and work with them and their clients to take ILI NDT to the next level.”
Richard Matthews, president and CEO of NDT Global, added, “Joining with Eddyfi/NDT offers a tremendous opportunity to leverage our respective technologies to develop even better solutions. At NDT Global we want to continue our trend of being a technology disruptor whilst delivering new and never seen before solutions to our customers through out of the box thinking, creativity and collaboration – we believe Eddyfi/NDT will help us materialize this vision.”
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 $163 million, and CDPQ, making an additional investment of $107 million (its first in the company came in March 2017). 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. Over $600 million was raised to complete the NDT Global acquisition as well as pursue other strategic opportunities.