Eddyfi/NDT has announced the acquisition of Norway’s Halfwave, owner of the proprietary Acoustic Resonance Technology (ART), an ultrasound based, high-precision measurement technique.
The ultrasound technology enables high-precision measurements in imperfect conditions, without the need for liquid couplant. Halfwave is currently active around the world in the field of subsea inspection and pipeline inline inspection (ILI).
“We are first and foremost an NDT technology company,” commented Martin Theriault, CEO of Eddyfi/NDT. “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 three 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, with both expected to benefit from larger scale and market access. The initial focus of Halfwave AS, the ILI entity, will be on creating rapid sales synergies.
The integration process is expected to be finalised during 2020, allowing the Halfwave team to continue developing the science for onshore metal thickness applications, as well as crack inspection.
Novacap, its co-investors and CDPQ, together with the National Bank of Canada and Investissement Quebec, provided support for the transaction.
“The team at Eddyfi/NDT is highly determined to succeed,” said David Lewin, senior partner at Novacap. “What better way to accelerate their entry into the Advanced Integrated Inspection strategy than with a play in both ILI and Subsea.”
Charles Emond, president and CEO of CDPQ, added: “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.”
Halfwave was acquired from its main shareholders EV Private Equity, Shell Ventures, Chevron Technology Ventures and DNV GL, as well as key employee shareholders.
Commenting on the decision, Einar Gamman, chairman of Halfwave, noted: “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 commercialised 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 and midstream hydrocarbon industry.”
The company’s CEO, Paul Cooper, concluded: “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 realise its full potential in the market. We are very excited at becoming part of the Eddyfi/NDT team.”
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