M&A Deal Summary

Apave Acquires IRISNDT Inspection & Engineering Services

On October 23, 2024, Apave acquired engineering company IRISNDT Inspection & Engineering Services from First Reserve

Acquisition Highlights
  • This is Apave’s 1st transaction in the Engineering sector.
  • This is Apave’s 1st transaction in Canada.
  • This is Apave’s 1st transaction in Alberta.

M&A Deal Summary

Date 2024-10-23
Target IRISNDT Inspection & Engineering Services
Sector Engineering
Buyer(s) Apave
Sellers(s) First Reserve
Deal Type Add-on Acquisition
Advisor(s) Stifel, Nicolaus & Co., Inc. (Financial)
Gray Reed (Legal)

Target

IRISNDT Inspection & Engineering Services

Edmonton, Alberta, Canada
IRISNDT Inspection & Engineering Services provides advanced and general non-destructive testing (NDT), inspection, engineering, heat treatment, rope access, and specialized software solutions to the refining, petrochemical, chemical, power generation, pipeline, and industrial markets. IRISNDT Inspection & Engineering Services was founded in 1953 and is based in Edmonton, Alberta.

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Buyer(S) 1

Buyer

Apave

Courbevoie, France

Category Company
Founded 1867
Sector Business Services
Revenue 881M EUR (2019)
DESCRIPTION

Apave is an independent risk management company with 130 agencies in France, 170 training sites in France and abroad and 18 testing centres. The company services include inspection and technical support, civil engineering building, tests and measurement, and QSSE management. Apave has an international presence in over 45 countries. Nearly 500,000 customers already place their trust in Apave in France and abroad. Apave was founded in 1867 and is based in Courbevoie, France.


DEAL STATS #
Overall 2 of 2
Sector (Engineering) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-04 Trainor

Tønsberg, Norway

Trainor is an international professional service company providing consultancy technical training and qualified personnel worldwide. Its areas of expertise are electrical safety, automation, and processes within oil and gas. Trainor was formed in 1996 and is headquartered in Tønsberg, Norway, with offices in China, Singapore, Vietnam, South Korea, and Myanmar.

Buy -

Seller(S) 1

SELLER

First Reserve

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 57 of 57
Sector (Engineering) 2 of 2
Type (Add-on Acquisition) 19 of 19
State (Alberta) 4 of 4
Country (Canada) 5 of 5
Year (2024) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-25 Intero

Tricht, Netherlands

Intero is a global inspection and industrial services provider to the oil, gas, refining, and petrochemical industries. Intero provides technology-driven services to enhance the integrity and performance of critical midstream and downstream assets during their life cycle, particularly for the inspection of challenging high-angle and small-diameter pipeline infrastructure. Intero Integrity Services is based in Tricht, Netherlands.

Sell -