A Gray Reed transaction was named both "Industrials Deal of the Year ($250MM - $500MM)" and "M&A Deal of the Year ($250MM - $500MM)" at the 24th Annual M&A Advisor Awards, held November 18–19 at The New York Athletic Club in New York City during the 2025 Future of Dealmaking Summit.

The winning transaction was the sale of IRISNDT from First Reserve, a global private equity firm, and various minority owners to Apave Group, an international technical risk management firm. Gray Reed served as counsel to the shareholders of IRISNDT in the transaction. The sale positions IRISNDT for continued growth as part of Apave Group. Financial terms were not disclosed.

“This transaction advances our long-term investment strategy in industrial services while positioning IRISNDT to accelerate growth with a strong international partner,” said Jonathan Lee, director at First Reserve. “Gray Reed’s expertise was instrumental in addressing transactional complexities and driving the deal to a successful close.”

Gray Reed attorneys involved in the transaction were David Peterman and Brock Niezgoda, substantially assisted by Constanza Recchini, Savannah Warner, Kyle Benson and Gunner West. David Earhart provided guidance regarding regulatory matters and Dan Kroll and Max Van Benschoten advised on tax matters.

“This recognition reflects the strength of our collaborative, cross-disciplinary deal team and our commitment to helping clients achieve strategic growth objectives,” said Brock Niezgoda, Gray Reed’s Corporate / Mergers & Acquisitions Practice Group Leader. “We’re honored to partner with clients like First Reserve on transformative transactions and proud to see our work recognized among the industry’s best.”

In addition to the IRSNDT transactions, Gray Reed was also recognized as a finalist for the following:

• Counsel to sellers in the acquisition of LD Systems by Clair Global
• Counsel to NextEra Energy Services New York, LLC and Frontier Utilities Northeast LLC in the acquisition of Approved Energy II LLC

The winning transactions were chosen from more than 400 nominees representing over 500 companies. Evaluation of the nominees and selection of the winners was completed by an independent judging panel of leaders in the M&A, finance and turnaround community.

About The M&A Advisor
The M&A Advisor was founded in 1998 to offer insights and intelligence on M&A activities and has since been established as the premier global network of M&A, Turnaround, and Finance professionals. Today, the M&A Advisor presents and recognizes the achievements of, and facilitating connections between the industry’s top performers throughout the world with a comprehensive range of services.  To learn more visit www.maadvisor.com.

About Gray Reed
As a full-service Texas law firm, with a comprehensive range of litigation and transactional practice groups, Gray Reed’s 150 attorneys focus on understanding our clients’ businesses and industries. We are equipped to support companies and high-net-worth individuals with sophisticated legal needs. Through our subsidiary, Gray Reed Advisory Services, we extend our support with expert consultants who provide strategic business solutions tailored to each client’s objectives. Discover what sets us apart at www.grayreed.com and www.grayreedadvisory.com.