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EDDYFI/NDT
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Quebec, Canada – May 5th, 2021 – Eddyfi/NDT was recognized for overall business performance and sustained growth with the prestigious Canada’s Best Managed Companies designation. The 2021 Best Managed program award winners are amongst the best-in-class of Canadian owned and managed companies with revenues over $25 million demonstrating leadership in the areas of strategy, capabilities and innovation, culture and commitment, and financials to achieve sustainable growth.

Now in its 28thyear, Canada’s Best Managed Companies remains one of the country’s leading business awards programs recognizing Canadian-owned and managed companies for innovative, world-class business practices. Every year, hundreds of entrepreneurial companies compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices.

"This is a recognition that caps off a crazy year. On the one hand, the pandemic has hit and significantly affected many industries. On the other hand, I witnessed the strength and determination of our teams around the world who worked ingeniously to be there yearlong for our clients and who allowed us to pull through in an admirable manner at year-end. I didn't need confirmation that we were surrounded by the best at Eddyfi/NDT, but 2020 proved it. This award recognizes the work of the management team, yes, but for me it is 100% reflected in the day-to-day work of our teams. That's what makes me proud " said Martin Theriault, CEO of Eddyfi/NDT.

“This year’s Best Managed winners demonstrate the organizational grit required to thrive in these increasingly uncertain times,” said Peter Brown, Partner, Deloitte Private and Co-Leader, Canada’s Best Managed Companies program. “By putting their people first, and showing the courage to experiment and take risks, they were able to overcome some of today’s most pressing challenges. This year’s winners were able to succeed because they weren’t afraid to fail.”

Applicants are evaluated by an independent judging panel comprised of representatives from program sponsors in addition to special guest judges. 2021 Best Managed companies share commonalities that include (but are not limited to) enabling a remote workforce, making employee health a top priority, acting with an increased sense of purpose and social responsibility, and a significantly heightened focus on cash flow.

2021 winners of the Canada’s Best Managed Companies award will be honoured at a virtual gala. The Best Managed virtual symposium will address leading-edge business issues that are key to the success of today’s business leaders.

About Eddyfi/NDT

Eddyfi/NDT is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Eddyfi/NDT believes that advancing science and technology via sensors, hardware, robotics, and software makes the world more productive and safer for people, business, and nature. The company employs over 1,300 people throughout 28 offices worldwide and serves clients in more than 110 countries. www.eddyfi-ndt.com

About Canada’s Best Managed Companies

Canada’s Best Managed Companies continues to be the mark of excellence for Canadian-owned and managed companies with revenues over $25 million. Every year since the launch of the program in 1993, hundreds of entrepreneurial companies have competed for this designation in a rigorous and independent process that evaluates their management skills and practices. The awards are granted on four levels: 1) Canada’s Best Managed Companies new winner (one of the new winners selected each year); 2) Canada’s Best Managed Companies winner (award recipients that have re-applied and successfully retained their Best Managed designation for two additional years, subject to annual operational and financial review); 3) Gold Standard winner (after three consecutive years of maintaining their Best Managed status, these winners have demonstrated their commitment to the program and successfully retained their award for 4-6 consecutive years); 4) Platinum Club member (winners that have maintained their Best Managed status for seven years or more). Program sponsors are Deloitte Private, CIBC, Canadian Business, Smith School of Business, and TMX Group. For more information, visit www.bestmanagedcompanies.ca


Quebec, Canada – May 5th, 2021 – Eddyfi/NDT was recognized for overall business performance and sust...

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The acquisition of the UK-based company adds the valuable IoT and wireless condition monitoring sectors to the Group’s portfolio

Québec, Canada, May 4, 2021 — Eddyfi/NDT announced today the acquisition of London-based Senceive Ltd (“Senceive”), a world leader in the design, manufacture and continuous improvement of wireless condition monitoring technology that meets the challenges of complex infrastructure needs in a wide range of industry sectors. Senceive will join Eddyfi/NDT as a separate entity and becomes the group’s fifth platform and business unit, continuing to operate under the Senceive name. In addition, with this acquisition, Eddyfi/NDT reaches an important milestone of 10 acquisitions within the past 5 years.

For over 15 years, Senceive has focused on bringing the very best intelligent wireless enabled condition monitoring to industrial applications within the IoT (Internet of Things) space. Senceive’s experts were among the first to recognize the immense potential of easy-to-use, precise, reliable, and long-life wireless remote monitoring, explicitly for the challenging and risk conscious civil engineering, rail, and mining environments. Doing so, they empowered those responsible for infrastructure management, construction, and maintenance to proceed with confidence.

“Eddyfi/NDT has always valued the importance of confidence in asset owners’ decision-making and understands the pivotal role that remote monitoring plays in keeping both people and infrastructure safe. We are no strangers to the concept of repeatable, high-quality data, for integrity management. Today, with the acquisition of Senceive, we are taking our first steps in infrastructure monitoring; a critical, dynamic, and huge market segment powered by innovation and technological advances. The timing is perfect to increase focus on this sector, with the global pandemic clearly demonstrating the need to minimize site visits by using wireless remote monitoring solutions” said Martin Theriault, CEO of Eddyfi/NDT. “With the strength within our Group and experience across other challenging industry sectors, we believe we can be the “go-to company” for infrastructure monitoring around the world. Within Senceive, we have seen a lot of what has made us successful so far: they are a company that is well managed and established, they are growing rapidly and are respected and genuine leaders. Furthermore, and most importantly, they are driven by their global customer base, sparking product innovation and daring to challenge conventions for the greater benefit of the global community” adds Mr. Theriault.

Senceive’s CEO, Graham Smith, stated “Joining Eddyfi/NDT is an extremely exciting opportunity for everyone at Senceive and will provide significant strategic, financial and commercial benefits to reinforce and enhance our market leadership in the wireless enabled remote condition monitoring sector. The business has been growing at a rate of 50-100% over recent years and the opportunities for continued high levels of growth, both organically and through selective acquisitions, are huge, with the existing platforms of people and technology that we have built over 15 years. We think this partnership brings together two outstanding and complementary brands ready to take on new challenges together. Already, I can see that Senceive and Eddyfi/NDT’s teams are true kindred spirits, sharing the same will to succeed and to be recognised globally as the de-facto standard for all clients and partners across our applications. I believe we will now have the resources, investment, backing and imagination to make that a reality.”

The transaction was financed by a bank syndicate led by National Bank of Canada. EC M&A is acting as exclusive financial advisor to Senceive. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT and TLT as the legal advisor for Senceive.

About Eddyfi/NDT

Eddyfi/NDT is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Eddyfi/NDT believes that advancing science and technology via sensors, hardware, robotics, and software makes the world more productive and safer for people, business, and nature. The company employs over 1,300 people throughout 28 offices worldwide and serves clients in more than 110 countries. www.eddyfi-ndt.com

About Senceive

Since formation in the research labs of University College London in 2005, Senceive has pioneered the development of intelligent wireless enabled condition monitoring for industrial applications within the IoT (Internet of Things) space. Senceive’s experts were among the first to recognize the immense potential of easy to use, precise, reliable, and long-life wireless remote monitoring, explicitly for challenging and risk-conscious Civil Engineering, Rail and Mining applications. Senceive employs 60 people and operates in 40 countries. The company has satellite offices in Australia and New York. www.senceive.com

For Further Information, please contact:

Veronique Chayer
Eddyfi/NDT
418-780-1565 ×430
Cell: 581-999-9202
[email protected]

Simon Brightwell
Senceive
+44 7860 508040
[email protected]

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Data Management Value-Chain Extension Will Strategically Enhance Eddyfi/NDT Technological Leadership.

Québec, Canada, March 31st, 2021 — Eddyfi/NDT announced today the acquisition of Calgary-based Dynamic Risk Assessment Systems Inc. (“Dynamic Risk”), a market leader in providing technology-enabled integrity risk management and compliance services and software to the energy sector. The company has 115 employees and additional offices in Houston, USA. Dynamic Risk will remain a separate entity and become Eddyfi/NDT’s fourth platform and business unit.

As a pre-eminent market expert, Eddyfi/NDT believes in the value of focusing on client needs throughout the entire length of the industry value chain, from fault detection and data analysis, all the way to advanced diagnosis and actionable insights, to ensure the greatest possible visibility and confidence when it comes to fully informed decision-making in the shared interests of business, people and the environment.

Martin Theriault, CEO of Eddyfi/NDT, said: “Our NDT technologies are at the cutting-edge of the industry and provide some of the most advanced data in the world. The addition of Dynamic Risk will enable us to expand in the value chain and, when it comes to Pipeline In-Line Inspection, to bridge the gap between data generation and integrity management insights. As the business of NDT becomes a business of data, this acquisition will allow us to support our clients further in the management of their critical assets, providing them with complete visibility on their assets’ conditions, empowering them with all the data needed to make confident decisions and take actions aimed at keeping both people and the environment safe. Furthermore, the addition of Dynamic Risk supports our drive to enhance our inspection NDT modalities and services and grow in energy transition sectors such as natural gas and hydrogen. This will ultimately lead to increased client technical intimacy, which will put us in a better position to understand the industry’s emerging needs and guide our innovation roadmap accordingly.”

At the same time, Dynamic Risk is pleased to have the backing of a large parent group with the strength, scale, and stability to drive significant growth, while enabling a continued focus on the company’s core capabilities, together with rapid execution of its strategy.

Dynamic Risk’s CEO Trevor Macfarlane added: “The past quarter-century has been a tremendous journey for our Company. We have worked with client leaders across North America and around the globe to drive risk-informed decision-making throughout the entire asset lifecycle via the provisioning of accurate and timely data, consulting, and integrity management applications. The combination of a world-class team, solid customer partnerships and the shared commitment of all our stakeholders to a risk optimized approach has provided an exceptional platform for success. Through joining the Eddyfi/NDT team, Dynamic Risk will benefit from a significantly broader and deeper range of complementary technologies, as well as a powerful technology focus and an impressive global footprint. We could not be more excited as we look ahead to leveraging new market opportunities for accelerated growth and continuing our commitment to deliver extraordinary value to our clients.”

Eddyfi/NDT’s acquisition of Dynamic Risk follows a globally competitive process launched by the company in 2020. Glenn Yuen, founder and chair of Dynamic Risk commented: “The process undertaken by our strategic review committee of the board and financial advisors was widely marketed and attracted interest from across the world. In doing so, we found there was no better entity than Eddyfi/NDT to deliver the best future platform for Dynamic Risk. I want to thank our board of directors who have been such great stewards of our business over the past number of years. And, I want to thank the staff of Dynamic Risk, who have developed and commercialized a unique set of expertise, services, and software that are making a true impact in keeping pipelines, workers and our environment safe.”

The transaction was partly financed by a bank syndicate led by National Bank of Canada. Investissement Québec also provided financing for the transaction. RBC Capital Markets is acting as exclusive financial advisor to Dynamic Risk. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT and Dentons as the legal advisor for Dynamic Risk.

About Eddyfi/NDT

Eddyfi/NDT is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Eddyfi/NDT believes that advancing science and technology via sensors, hardware, robotics, and software makes the world more productive and safer for people, business and nature. The company employs over 1,200 people throughout 25 offices worldwide and serves clients in more than 110 countries. www.eddyfi-ndt.com

About Dynamic Risk

Dynamic Risk is a global leader of innovative solutions for the safe and efficient delivery of energy resources, and the only provider to effectively utilize both qualitative and quantitative risk analysis across the complete energy supply chain. The company partners with operators across the Transmission, Midstream, Upstream and Gas Utility industries to avoid pipeline failures through complete lifecycle risk management, and enables clients to achieve optimal business, safety, and environmental performance while meeting compliance objectives and achieve a goal of zero incidents. The company provides best-in-class pipeline systems modeling software which proactively identifies threats and consequences, assesses time-to-failure, and analyzes mitigative options, as well as domain expertise for asset risk advisory services to ensure safe, reliable, and efficient operations. Since 1996, Dynamic Risk has evolved its industry-leading expertise to revolutionize the business of pipeline risk and integrity management. https://dynamicrisk.net/

For Further Information, please contact:
Veronique Chayer
Eddyfi/NDT
418-780-1565 ×430
Cell: 581-999-9202
[email protected]
Data Management Value-Chain Extension Will Strategically Enhance Eddyfi/NDT Technological Leadership...

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The Quebec-based company clinches the Deloitte rankings for the 6th consecutive year

Quebec, Canada – November 18th, 2020 — Eddyfi Technologies today announced it ranked on Deloitte’s Technology Fast 50 Canada in the Enterprise Fast 15 category and the Fast 500 North America. The Fast 50 and Fast 500 recognize the fastest-growing enterprise-level technology, media, and telecommunications companies by revenue-growth percentage over their last four years of operation. Specifically, the Enterprise 15 is open to companies that recorded a minimum revenue of $10 million in 2016 and a minimum revenue of $25 million in 2019.

Eddyfi Technologies’ president, Pierre-Hugues Allard, would like to congratulate his team who innovates everyday to make sure that customers have the most advanced inspection instruments to assess the overall health and safety of their assets. He said: “It is already amazing to appear to the Fast 500 ranking for the sixth year in a row. Now making the Enterprise 15 for the 1st time is a definite bonus. It is an incredible honor that I share with our hard-working team around the world.”

Eddyfi Technologies had an exceptional 2020 year despite the pandemic. In addition to celebrating its 10th anniversary, the company evolved to be part of a larger entity, Eddyfi/NDT, a natural extension from Eddyfi Technologies. Eddyfi/NDT acquired, in 2020, two companies which propelled its turnover from $100M to $300M CAD. Eddyfi Technologies also won a total of 3 trophies at the Gala des Mercuriades of the Federation of Quebec Chambers of Commerce and at the Gala des Fidéides of the Chamber of Commerce and Industry from Quebec.


Information

Veronique Chayer
Director of Marketing
Tél. : 418-780-1565 ×430
[email protected]

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Back-to-back acquisitions confirms the Group’s commitment to building a world-class NDT company.

Québec, Canada, February 18th, 2020 — 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.

Martin Theriault, CEO of Eddyfi/NDT, says: “We are first and foremost an NDT technology company. The uniqueness and proprietary nature of the ART technique was an opportunity we could not miss. This acquisition is very synergetic for our group, impacting all 3 of our business units. Eddyfi Technologies will benefit from leveraging a new modality to create a multitude of new applications. TSC Subsea will add a second, highly differentiated modality to its offering. NDT Global will officially enter the in-service gas pipeline segment and present a competitive alternative to EMAT insofar as SCC crack detection. All in all, the transaction reinforces Eddyfi/NDT’s positioning as a high-end, high-performance solutions provider agnostic to any particular modality.”

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. “The team at Eddyfi/NDT is highly determined to succeed. What better way to accelerate their entry into the Advanced Integrated Inspection strategy than with a play in both ILI and Subsea,” said David Lewin, Senior Partner at Novacap (TMT). This transaction is the team’s 8th acquisition in less than 4 years. “In addition to successfully executing its ambitious growth plan, Eddyfi/NDT has demonstrated a strong ability to integrate companies into its portfolio, becoming today a world leader in its industry,” said Charles Emond, President and Chief Executive Officer of CDPQ.

Halfwave was acquired from its main shareholders – EV Private Equity, Shell Ventures, Chevron Technology Ventures and DNVGL – in addition to key employee shareholders. Halfwave´s Chairman and Senior Partner at EV Private Equity, Einar Gamman, observed: “It was very important for the shareholders to find a buyer that could continue perfecting the ART technique and accelerate its global adoption. Following a competitive process, we found there was no better entity than Eddyfi/NDT to deliver the most prosperous future for the ART offering. I want to thank the staff of Halfwave, who have, since our initial investment in 2012, developed and commercialized a set of disruptive asset integrity inspection techniques and as such I am proud that we are positively contributing to the important global targets of safer operations of, and reduced emissions from, the up & midstream hydrocarbon industry.”

CEO of Halfwave, Paul S Cooper, adds: “It has been a great journey growing and developing the ART NDT platform into unique market-leading pipeline and subsea inspection applications. The combination of a talented Halfwave team, forward-looking clients and unwavering support from our owners has provided an unstoppable recipe for success. Eddyfi/NDT’s impressive complementary technology portfolio, technology focus and global footprint provides the perfect vehicle for ART to realize its full potential in the market. We are very excited at becoming part of the Eddyfi/NDT team.”

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.

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 (CDPQ)

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 CAD326.7 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. www.cdpq.com

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

Information

Veronique Chayer
Eddyfi/NDT
418-780-1565 ×430
Cell: 581-999-9202
[email protected]

Alexandra Troubetzkoy
NOVACAP
+1 450-651-5000 ext.291
[email protected]

Yann Langlais Plante
CDPQ
+1 514-847-5493
[email protected]

Einar Gamman
EV Private Equity
+47 91637105
[email protected]

Back-to-back acquisitions confirms the Group’s commitment to building a world-class NDT company.Québ...

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This acquisition was possible thanks to a strategic partnership with Novacap and CDPQ.


Québec, Canada, February 5th, 2020 — Eddyfi/NDT, through a strategic partnership with Novacap and Caisse de dépôt et placement du Québec (“CDPQ”), announced today the acquisition of NDT Global. Headquartered in Dublin, Ireland, and with main operations in Stutensee, Germany, NDT Global is a premium ultrasonic pipeline inline inspection (“ILI”) and data analysis supplier for onshore and offshore pipelines worldwide. It delivers a full range of services including geometry and deformation inspection, metal loss and crack inspection, defect assessment and fitness for purpose investigations around the world.

The combination of Eddyfi Technologies and NDT Global is an innovative and private Test & Measurement (“T&M”) technology group focused on Non-Destructive Testing (“NDT”). Eddyfi/NDT will now have 1,000+ employees working in 20 global offices and serving customers in 110 countries. It is composed of high-end technology business units operating in two different segments: NDT Equipment and Application-Specific Integrated Inspections. The global headquarters are located in the advanced NDT hub of Québec city.

Martin Theriault, CEO of Eddyfi/NDT, says: “We have spent the past 10 years developing, acquiring and perfecting the most advanced NDT modalities in the world. At every level of technology, pushing the limits of NDT to new heights has allowed us to solve critical problems and deliver superior, information-rich data for the benefits of our clients. However, selling inspection instrumentation & technology alone in certain very niche and specialized sub-verticals, such as ILI inspection, simply does not work. We are therefore excited to join forces with NDT Global and work with them and their clients to take ILI NDT to the next level.”

This merger successfully joins two leaders in their respective markets: Eddyfi Technologies as a provider of the highest performance NDT inspection technologies and NDT Global as an advanced ultrasonic ILI and integrity services provider. Global pipeline operators have come to rely on NDT Global for the most accurate assessment of the condition of their pipeline assets. Coupled with the additional expertise in non-destructive testing techniques and technology of Eddyfi Technologies, NDT Global will deliver increased accuracy and enhanced information to assure the safe operation of pipelines.

Richard Matthews, President and CEO of NDT Global, comments, "Joining with Eddyfi/NDT offers a tremendous opportunity to leverage our respective technologies to develop even better solutions. At NDT Global we want to continue our trend of being a technology disruptor whilst delivering new and never seen before solutions to our customers through out of the box thinking, creativity and collaboration – we believe Eddyfi/NDT will help us materialize this vision."

Furthermore, to complete this acquisition, Eddyfi/NDT confirmed a new round of equity financing with Montreal-based Novacap, making its first investment in the company with CA$ 163 million, and CDPQ, making an additional investment of CA$ 107 million. The new equity investment is combined with new debt financing provided by a banking syndicate led by National Bank of Canada and additional debt from Investissement Quebec (“IQ”). Over CA$ 600 million was raised to complete the NDT Global acquisition as well as pursue other strategic opportunities.

CDPQ made its initial investment in Eddyfi in March 2017. Since then, it has helped the company complete four additional acquisitions in Europe and North America, as well as diversify across technologies and geographies. In addition, CDPQ has supported the development of a new strategic plan to deliver substantial growth while also building an industrial technology business at the forefront of its sector. “Québec SME expansion and globalization is a key aspect of our strategy, and our support for Eddyfi over the years reflects that. Since our first investment, the company has experienced tremendous and sustained growth, becoming one of the largest private companies in the Greater Québec City area today,” said Charles Émond, President and Chief Executive Officer of CDPQ.

Novacap played a critical role in this transformative and complex acquisition. “The merger is highly strategic and represents a unique, complementary combination of a service provider and equipment manufacturer at the technological forefront of the non-destructive testing market. Asset aging, coupled with heightened public concern about environmental protection, has given rise to increasingly stringent pipeline integrity management programs. Operators understand the complexities of asset aging as well as the importance of public opinion, and they rely on NDT Global to continuously set new standards in pipeline inspection to address these issues. We are highly confident that NDT Global, under the Eddyfi/NDT group, will deliver superior inspection technology and value-added services to operators globally,” said David Lewin, Senior Partner at Novacap (TMT).

Finally, Pascal Tremblay, Novacap’s President & CEO, added: “I would like to thank our new business partners, Martin Theriault, Louis-Georges Gauvin (CFO), and their teams for being the driving force behind this acquisition. I would also like to thank CDPQ who played a critical role in the execution of this complex transaction, as well as our highly supportive limited partners who co-invested with us to make this deal possible. I am very happy to say that Eddyfi/NDT is the largest platform investment in Novacap’s history. We are proud to be a partner of the Eddyfi/NDT team, a Quebec-based leader in a global industry of this scale.”

Baird acted as an exclusive financial advisor to Eddyfi/NDT in the transaction. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT.

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 Non-Destructive Testing (NDT) Equipment and Advanced Application-Specific Integrated Inspection, it caters to asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Energy, Mining, Power Generation, or 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 1,000 people throughout 20 offices worldwide, and serves clients in more than 110 countries. www.eddyfi-ndt.com

About NDT Global

NDT Global is a leading supplier of ultrasonic pipeline inspection and data analysis. Its state-of-the-art inspection fleet provides the entire inline inspection service (ILI) spectrum for onshore and offshore pipelines worldwide. NDT Global’s full range of services includes geometry and deformation inspection, metal loss and crack inspection, defect assessment and fitness for purpose investigations. First run success, best data quality and rapid report delivery are its key benchmarks. A skilled engineering and project management team, complemented by one of the best data analysis teams in the industry, has inspected and analyzed pipelines worldwide. The company has offices in Australia, Canada, Germany, Ireland, Mexico, Spain, UAE, UK and USA. www.ndt-global.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 (CDPQ)

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 CAD326.7 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. www.cdpq.com

Information

Veronique Chayer
Eddyfi/NDT
+1 418-780-1565 ext.430
Cell: +1 581-999-9202
[email protected]

Patricia Wade
NDT Global
+353 1 524 25 97
[email protected]

Yann Langlais Plante
CDPQ
+1 514-847-5493
[email protected]

Alexandra Troubetzkoy
NOVACAP
+1 450-651-5000 ext.291
[email protected]

This acquisition was possible thanks to a strategic partnership with Novacap and CDPQ.Québec, Canada...

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