Novacap and CDPQ back Eddyfi

Eddyfi has also announced that it has used the investment to acquire Germany-headquartered market peer NDT Global.

The merger of the two businesses will see the companies both focusing on private test and measurement technology for non-destructive testing, according to a statement.

NDT was acquired by industrial holding company Weissker Group in March 2012 following insolvency proceedings, as reported by Unquote sister publication Mergermarket.

NDT is based in Stutensee, Germany, with further locations in Canada, the US, Mexico, the UK, Ireland, Australia and Dubai. It produces ultrasonic pipeline inspection and data analytics systems for the oil, gas and steel industries. It has 470 employees, according to LinkedIn.

Previous funding
CDPQ invested C$36.5m in Eddyfi in March 2017, as reported by Mergermarket.

Company
Eddyfi provides non-destructive testing (NDT) inspection technologies for industries including oil and gas, aerospace and energy. It is based in Québec, with offices in locations including the UK, Dubai, South Africa and the US. It has 475 employees and reported revenues of C$75m in 2018.

People
NDT Global – Richard Matthews (president, CEO).
Eddyfi – Martin Theriault (CEO).

Advisers
Company – Baird (corporate finance); McCarthy Tétrault (legal).

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