MISTRAS Group, a Princeton Junction-based provider of infrastructure asset protection solutions, has paid $143 million for a pipeline inspection technology company, it announced this week.
MISTRAS has acquired 100 percent of the stock of Onstream Pipeline Inspection Services Inc. from the Canadian private equity firm Novacap and its affiliates, in exchange for the preliminary purchase price in cash and credit, it said in a news release.
“The acquisition of Onstream is an ideal opportunity to diversify our business,” MISTRAS CEO Dennis Bertolotti said in a prepared statement. “It will enable us to leverage our strength in the midstream market and accelerate our growth by accomplishing our strategic initiative to add a pipeline integrity pillar to our service portfolio.
“Onsteam is recognized as a leading company in the small- to midbore pipeline inspection market in North America, and it has been growing at better than 20 percent annually over the past five years.”
Alberta-based Onstream’s current leadership team, including CEO and President Chad Niehaus and co-founder and Chief Technology Officer Gerry Wilkinson, will continue to run the company, MISTRAS said.
MISTRAS also upsized its existing credit facility to $400 million for a five-year period and increased its full-year 2018 revenue guidance to $740 million.