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.
1. Harris Williams proprietary data
2. Factset
The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.