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|NDT.net Issue - 2016-06 - NEWS |
A key acquisition reinforcing Eddyfi’s position as the fastest growing NDT inspection technology company
Québec, Canada, May 27, 2016 — As a world leader in electromagnetic inspection technologies, Eddyfi Technologies is thrilled to announce the acquisition of Silverwing.
UK-headquartered Silverwing develops and manufactures non-destructive testing (NDT) products to inspect storage tanks, vessels and piping for corrosion. Specifically tailored for the petrochemical industry, it has a dominant market position in Europe, the Middle East, and Africa. Silverwing’s brand recognition is strong and its products have a solid reputation for being highly dependable and efficient. Located in Swansea, UK, the company has offices in the USA, South Africa, and in the United Arab Emirates, employing 66 people globally.
This first strategic acquisition by Eddyfi has led to the establishment of Eddyfi Technologies, a label designed to maximize the potential of multiple NDT inspection technology brands. The transaction strengthens the group’s position in the oil & gas industry, and brings an additional portfolio of cleverly-designed, niche, proven products and technologies to the company. Naturally and key to this transaction, Eddyfi is delighted to add key and experienced NDT experts and business professionals to its ranks.
Natural synergies between the two firms are both obvious and numerous. “Silverwing was a unique opportunity in terms of fit and size for Eddyfi Technologies. This is a growth-focused acquisition. Being an NDT technology company, we certainly appreciate Silverwing’s nature and vision for product excellence. Just like we have done for the Eddyfi product lines, we will invest significantly in innovation and new product development,” said Martin Thériault, President and CEO of Eddyfi Technologies. “Simultaneously, the merging of two global sales organizations, leveraging offices staffed with skilled technical support professionals and engineers, is extremely positive,” he added. Silverwing’s Chief Executive Officer, Wayne Woodhead commented: “I am proud to bring my team and Silverwing’s 30-year plus history and expertise to the Eddyfi family. This is a perfect match, allowing both organizations to join forces in pushing back the limits of advanced NDT solutions as a unique, world-class NDT technology provider.”
James Arrowsmith, Partner at NVM Private Equity and lead on the deal, noted: “Silverwing has undergone significant development over the last few years – expanding to the US, relocating to new modern premises and developing a specialist training arm. We have thoroughly enjoyed working with the team at Silverwing and supporting their expansion. The combination of Silverwing and Eddyfi creates a market leading advanced NDT group, with increased scale, that will benefit customers, employees, and shareholders. We wish Wayne and his new colleagues well.”
With this acquisition, Eddyfi Technologies is further accelerating its scaling and growth with more than 200 employees and sales in 65 countries. It will now pursue its ambitions on a stronger foundation with two centers of excellence located in Québec, Canada and Swansea, UK and multiple sales and support offices worldwide. Financing for the transaction was provided by HSBC Bank Canada and Investissement Quebec, an evergreen fund based in the Province of Quebec, Canada.