Platte River Equity has sold its portfolio company, Global X-Ray & Testing Corporation, to Intertek Group.
Global X-Ray is a provider of non-destructive testing and mechanical integrity services to the offshore oil and gas and midstream industries. The company is based in Morgan City, LA (www.globalxray.com).
“We have had a great relationship with Global X-Ray,” said Platte River Managing Director Peter Calamari. “Under the leadership of Chris Moreau and his team, the company successfully entered new end markets, expanded its service offering and opened new locations. In this environment of strong demand for energy infrastructure and increasing regulatory requirements, Global X-Ray is poised for continued success. We are pleased that the company will be owned by Intertek, a strong and supportive new partner for Global X-Ray and its employees.”
Intertek Group (London Stock Exchange: ITRK) is a multinational inspection, product testing and certification company headquartered in London, UK. The company operates a network of more than 1,000 laboratories and offices and employs more than 36,000 people in 100 countries (www.intertek.com).
Platte River Equity makes equity investments of $10 million to $50 million in lower middle market companies with enterprise values generally between $20 million and $250 million. The firm focuses on investing in the aerospace and transportation; energy and industrial services; and chemicals, metals and industrial minerals sectors. Platte River Equity manages funds with committed capital of approximately $700 million and is based in Denver (www.platteriverequity.com).
“We have benefitted tremendously from the strategic and financial support Platte River has provided. We were able to focus our innovation and technical expertise on an expanded geographic region and customer base, and Platte River was a critical partner in our success. We look forward to a new chapter of continued growth with Intertek,” said Chris Moreau, CEO of Global X-Ray.
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-3-13
