Harris Williams & Co. Advises IOS Holdings on its Sale to L.B. Foster Company

March 16, 2015

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of IOS Holdings (IOS), a portfolio company of Calvert Street Capital Partners, LLC (Calvert Street), to L.B. Foster Company (L.B. Foster). IOS is the leading provider of inspection and tubular integrity management services for the upstream oil and gas industry. The transaction was led by Brian Lucas, Luke Semple, Ian Thomas and Graham Gillam of Harris Williams & Co.’s Energy & Power Group.

“Through its partnership with Calvert Street, IOS has developed into an industry-leading provider of critical integrity management services to upstream operators in every major U.S. shale play,” said Brian Lucas, a managing director in Harris Williams & Co.’s Energy & Power Group. “We look forward to seeing what the future holds for IOS as part of L.B. Foster.”

“IOS is poised for continued success as its services represent critical preventative measures that enhance well-site safety and efficiency,” said Luke Semple, a director in the firm’s Energy & Power group.

Founded in 1991, IOS is a provider of non-destructive testing, inspection and other asset integrity services, such as repair and threading for tubular goods and drill tools. Headquartered in Houston, Texas, IOS operates on a nationwide platform from more than 30 locations, and is the only independent inspection, testing and related value-added services provider with a presence in all major unconventional plays.

Calvert Street is a lower-middle market private equity firm based in Baltimore, Maryland. Founded in 1995, Calvert Street has a consistent, demonstrated track record of developing smaller, entrepreneurially-managed companies into significantly larger and more profitable, professionally-managed enterprises. Since its inception, Calvert Street has acquired more than 40 companies in several targeted industries, including industrial services and testing and inspection.

L.B. Foster, founded in 1902 and headquartered in Pittsburgh, Pennsylvania, is a leading manufacturer, fabricator and distributor of products and services for the rail, construction, energy and utility markets with locations in North America and Europe.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co.’s Energy & Power Group has experience across a broad range of sectors, including oil and gas equipment and services, energy efficiency and clean tech, industrial and infrastructure services, power products and technology, engineering and construction and environmental services.  For more information on our energy and power experience, please visit the Energy & Power Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.