Select Testing, Inspection and Certification (TIC) M&A Transactions
Jensen Hughes’ Acquisition of Technical Response Planning
- Technical Resource Planning is a U.S. based, leading safety engineering and consulting firm.
- Jensen Hughes is a portfolio company of Gryphon Investors.
Sentry Energy Solutions’ acquisition of Himarc Environmental Solutions
- Himarc Environmental Solutions is a leading provider of natural gas engine emissions testing and onsite gas leak detection services.
- Sentry Energy Solutions is a portfolio company of Intervale Capital.
Bureau Veritas’ acquisition of Capital Energy SAS
- Capital Energy SAS is a France based, leading provider of consulting and support services for white certificate projects.
- Bureau Veritas believes the acquisition of Capital Energy SAS enables Bureau Veritas to expand its range of energy efficiency services for the building and industrial asset sector.
Applus+’s acquisition of Talon Test Laboratories
- Talon Test Laboratories is a leading, independent provider of aerospace non-destructive inspection services.
- Applus+ believes the acquisition of Talon Test Laboratories strengthens its presence in the United States while also broadening its network and range of services in the energy and industry field.
Southern Petroleum Laboratories Merges with Atchafalaya Measurement
- Southern Petroleum Laboratories, a portfolio company of Industrial Growth Partners, is a leading provider of hydrocarbon production measurement services.
- Atchafalaya Measurement is a leading provider of liquid, gas, and electronic measurement products and services.
HydroChemPSC’s Acquisition of CARBER
- CARBER is a Canada based, leading provider of pipeline inspection and data analytical services firm.
- HydrochemPSC is a portfolio company of Littlejohn & Co.
Sentinel Capital Partners’ Acquisition of Apex Companies
- Apex Companies is a leading water resources, environmental services, and industrial hygiene firm.
- Apex Companies was previously a portfolio company of Tailwind Capital.
TIC Acquisition Activity – By Size & Acquirer Type1
Percentage of Deals by Type of Buyer
- As shown in the figure, from 2015 through 2018, financial buyers were involved in 16% of smaller deals and 58% of larger ones – up from 9% and 38% respectively between 2011 and 2014.
- Overall, this represents increasing involvement by private equity in deals of all sizes, including a near-doubling in participation in sub-$100 million transactions.
Increased Financial Buyer Participation
- Financial buyers continue to command a larger portion of the TIC market.
- Financial buyers prevail in an increasing number of processes, acquiring 10% more of TIC assets in the market since 2016.
- As the size of TIC assets in the market has grown on average, financial buyers have displayed an increased ability to transact on assets of scale.
Note: Includes NAM transactions only.
TIC Public Valuations2
TIC Public Company Benchmarking2
Select HW EPI Transactions
1. Harris Williams proprietary data
2. Factset
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