Eddyfi/NDT Acquires Halfwave & its ART Technology

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Eddyfi/NDT announced today the acquisition of Halfwave, headquartered in Bergen, Norway. Halfwave is the owner of the proprietary Acoustic Resonance Technology (ART), an ultrasound-based technique which allows high-precision measurements in imperfect conditions and without the need for liquid couplant. The company is currently active worldwide in the field of Subsea inspection and Pipeline inline inspection (ILI). The company has over 70 employees and additional offices in Oslo, Norway, and Houston, USA. false false false Halfwave Subsea will merge with TSC Subsea, and the two units will mutually benefit from larger scale and market access. Halfwave AS, the ILI entity, will kick off its integration with NDT Global at the PPIM Conference in Houston. The initial focus will be on creating rapid sales synergies. NDT Global’s operational know-how, experience and footprint will improve the robustness of ART inspection service. The integration process is expected to be finalized during the course of 2020. This will allow the Halfwave team to remain focused on continuing to develop the science for onshore metal thickness applications, as well as crack inspection. Novacap alongside its co-investors and CDPQ, along with National Bank of Canada and Investissement Quebec, have provided their support for the transaction. false false false This transaction is the team’s 8th acquisition in less than 4 years. false false false Halfwave was acquired from its main shareholders – EV Private Equity, Shell Ventures, Chevron Technology Ventures and DNVGL – in addition to key employee shareholders. false false false Baird acted as an exclusive financial advisor to Eddyfi/NDT in the transaction. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT. Simmons Energy, a division of Piper Sandler, acted as an exclusive financial advisor to Halfwave and its shareholders in the transaction, and law firm Schjødt acted as the legal advisor to Halfwave. false false false About Eddyfi/NDT Eddyfi/NDT is a fast-growing, innovative private Test & Measurement (T&M) technology group focused on Non-Destructive Testing (NDT). Through its 2 divisions, Advanced NDT Equipment and Advanced Integrated Inspections, it caters to asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Energy, Mining, Power Generation, and Transportation. Eddyfi/NDT believes that advancing NDT science and technology via sensors, hardware, robotics and software makes the world safer, more productive and more environmentally secure. The company employs over 1,100 people throughout 22 offices worldwide and serves clients in more than 110 countries. www.eddyfi-ndt.com About Halfwave Halfwave provides accurate and reliable inspection data that allows its customers to make informed choices in order to maintain the integrity of critical assets. Halfwave has developed innovative cost-effective inspection tools and services for the energy market. Key to Halfwave’s offering is its patented ultra-wideband acoustic inspection technology (ART), which offers penetration and measurement capabilities significantly exceeding those of existing inspection technologies. The company has established ART as a superior technology for pipeline & subsea inspection. Halfwave’s workshop and office headquarters are located in Bergen, Norway. The company also has an office in Oslo and a workshop in Houston, USA. www.halfwave.com About Novacap Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. The company has offices in Toronto, Ontario, and Brossard, Quebec. For more information, please visit www.novacap.ca ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages. About EV Private Equity EV Private Equity is an independent growth equity firm investing in technology enabled industrial businesses offering impact in the form of lower costs, increased productivity, reduced risk and lower carbon footprint. Its team of investment experts deploy proven practices across a global network to grow world-class companies and deliver competitive returns for its investors. With five funds and assets under management of more than $1 billion, EV Private Equity has a strong active portfolio of more than 20 highly differentiated companies. It is proud of the close relationships it cultivates with its portfolio companies – working in partnership with them to achieve shared goals is the key to its success in growing companies to their full potential. www.evpe.com