Select Testing, Inspection and Certification (TIC) M&A Transactions

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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.
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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.
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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.
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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.
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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.
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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.
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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

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  • 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

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  • 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

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TIC Public Company Benchmarking2

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Select HW EPI Transactions

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1. Harris Williams proprietary data

2. Factset

 

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