Gray Reed announces that it served as legal counsel to the shareholders of IRISNDT, a global provider of non-destructive testing (NDT), inspection and integrity engineering services, in its sale from First Reserve, a global private equity investment firm, and various minority owners to Apave Group, an international technical risk management firm.
The transaction positions IRISNDT for continued growth as part of the Apave Group. Financial details of the deal were not disclosed.
"We are proud to have supported the IRISNDT team in this strategic transaction," Brock Niezgoda, leader of Gray Reed’s Corporate/M&A Practice Group and lead advisor on the deal, said. "Our experience in mergers and acquisitions, combined with our deep understanding of the energy and infrastructure sectors, allowed us to provide valuable counsel throughout the sale process."
Founded in 1953, IRISNDT provides NDT, inspection, asset integrity engineering, software applications, wind, and specialized mechanical services to a range of end-markets, including to critical processing infrastructure, renewables, LNG and biofuels. The company has operations across the United States, Canada, the United Kingdom and Australia.
In 2019, IRISNDT partnered with First Reserve to implement a shared value creation strategy to capitalize on key growth trends, including accelerating demand for inspection, testing and maintenance services. Under First Reserve's ownership, IRISNDT successfully executed its growth strategy, including more than 50 percent growth in its employee base and revenues, as well as nine acquisitions to accelerate growth into new end-markets and geographies.
Gray Reed’s deal team was led by David Peterman and Brock Niezgoda, substantially assisted by Constanza Recchini, Savannah Warner and Kyle Benson. David Earhart provided guidance regarding regulatory matters, and Dan Kroll and Max Van Benschoten advised on tax matters.
Gray Reed's mergers and acquisitions practice regularly advises public and private companies, private equity firms, and entrepreneurs on a wide range of corporate transactions, including mergers, acquisitions, divestitures and joint ventures.
About Gray Reed
As a full-service Texas law firm with a comprehensive range of litigation and transactional practice groups focused on understanding our clients’ businesses and industries, Gray Reed’s 150 attorneys are equipped to support companies, and high-net-worth individuals and families. Through our subsidiary, Gray Reed Advisory Services, we further support our clients with a team of expert consultants providing strategic business solutions. Discover what sets us apart at www.grayreed.com and www.grayreedadvisory.com.
About IRISNDT
IRISNDT is a privately-owned NDT, Inspection, and Integrity Engineering company with operations in the U.S.A., Canada, the United Kingdom, and Australia. The company serves a wide range of industrial sectors, including energy, chemicals and agriculture around ongoing operational activities and maintenance turnaround projects, as well as construction and expansion projects. For more information, visit www.irisndt.com.
About First Reserve
First Reserve is a leading global private equity firm investing across diversified energy, utility, and industrial end-markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of global relationships. The firm has raised over $34 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions. For more information, visit www.firstreserve.com.
About Apave Group
Apave is an international group with over 150 years of experience in technical, human, environmental and digital risk management. An independent company with a turnover of €1.2 billion in 2023, Apave currently has 14,000 employees, 130 branches in France, 170 training sites in France and abroad and 18 test centres. Apave has an international presence in more than 55 countries. Nearly 500,000 customers already place their trust in Apave in France and abroad. For more information, visit www.apave.com.