American Securities has agreed to sell Acuren, a provider of nondestructive testing services, to Admiral Acquisition Limited at an enterprise valuation of $1.85 billion.
Acuren is a provider of conventional, advanced, and tech-enabled nondestructive testing (NDT) services – including examination, inspection, engineering, rope access, and monitoring services – to companies operating in the refinery, chemical, pipeline, power generation, aerospace, automotive, and pharmaceutical sectors.
Acuren was founded in 1974 and is headquartered northwest of Houston in Tomball, Texas. The company has 135 locations and more than 5,500 employees throughout the United States, Canada, and the United Kingdom.
American Securities acquired Acuren in December 2019 and during its ownership term closed 12 add-on acquisitions which expanded the company’s services and geographic footprint. Most recently, in April 2024, Acuren acquired Advance Coating Solutions, an Edmonton, Alberta-based provider of industrial sand blasting, Laser ablation, and coatings services to companies operating in the mining, refining, and processing, storage, and pipeline sectors.
“We have had a phenomenal partnership with American Securities and their support has enabled Acuren to further its leading brand within inspection services,” said Talman Pizzey, the CEO of Acuren. “We are at an important and exciting inflection point of the company, and we are excited at the opportunity to continue growing our market leading position with our new partners.”
“As first-time institutional owners of Acuren, it has been important to us to build on the success of founder Peter Scannell and support Acuren’s continued long-term growth,” said Michael Fisch, the founder and CEO of American Securities. “We are incredibly proud to have achieved that goal.”
“Acuren’s growth is a testament to the resilience and tireless efforts of Acuren’s employees, from CEO Tal Pizzey to the company’s more than 5,000 technicians,” said Michael Sand, a managing director at American Securities. “We are proud to have been able to support Acuren’s profitable growth through the pandemic and recent inflationary period, all while maintaining the company’s world-class culture of safety, quality and professionalism.”
American Securities invests in businesses with $200 million to $2 billion of revenue and $50 million to $250 million of EBITDA. Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $26 billion of capital under management and has offices in New York City and Shanghai.
Admiral Acquisition Limited (LSE: ADMR) is a special purpose acquisition vehicle formed in May 2023 to undertake an acquisition of a target company or business.
Baird and Harris Williams were the financial advisors to Acuren and American Securities.
This transaction is expected to close early in the third quarter of 2024.
© 2024 Private Equity Professional | May 23, 2024
