Clearview Capital has sold its portfolio company QualSpec Group to Team, Inc. for $255 million in cash plus an additional payment of up to $10 million based on the achievement of certain financial targets for the 2015 calendar year.
QualSpec, acquired by Clearview Capital in 2008, is a provider of inspection and non-destructive testing services for industrial facilities including refineries and petrochemical plants. QualSpec has annual revenues of approximately about $180 million and is expected to generate about $24 million of EBITDA in 2015. QualSpec, with approximately 1000 employees, is based in Torrance, CA (www.qualspecgroup.com).
During Clearview Capital’s seven year ownership term QualSpec’s revenue and EBITDA more than tripled. “Over the course of the past seven years QualSpec has grown organically and via acquisition from a regional provider of inspection services serving the Gulf Coast to a national player with broad capabilities including visual inspection, non-destructive testing, and other specialty services including rope access,” said Calvin Neider, co-Managing Partner of Clearview Capital. “We have worked intensively with the company to build the systems, capabilities and management structure that have allowed QualSpec to become one of the largest independent providers of these services to the petrochemical industry.”
“QualSpec is the sixth exit for our second fund and a transaction of which we are extremely proud,” said James Andersen, co-Managing Partner of Clearview Capital. “The investments made to professionalize the company, upgrade management and drive growth resulted in a compound annual EBITDA growth rate of more than 19% during the span of our ownership.”
Clearview Capital was founded in 1999 by James Andersen and Calvin Neider and is headquartered in Old Greenwich, CT with additional offices in Chicago and Los Angeles (www.ClearviewCap.com).
Team Inc. (NYSE: TISI) provides specialty industrial services including non-destructive evaluation and testing, radiographic testing, and ultrasonic testing. The company serves various heavy industries, which include petrochemical, refining, power, pipeline, steel, and pulp and paper industries, as well as municipalities, shipbuilding, original equipment manufacturers, distributors, and engineering and construction firms. The company was founded in 1973 and is headquartered southwest of Houston in Sugar Land, TX (www.teamindustrialservices.com).
Lazard Middle Market served as financial advisor to QualSpec.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-9-15
