EV Private Equity et al. exit Halfwave to trade

Following the deal, Halfwave Subsea will merge with TSC Subsea, and the two units will mutually benefit from larger scale and market access. Halfwave will be integrated with NDT Global, with the aim of creating rapid sales synergies.

The integration process is expected to be finalised during the course of 2020. This will allow the Halfwave team to remain focused on development for onshore metal thickness applications, as well as crack inspection, according to a company statement.

Eddyfi/NDT is backed by CDPQ and Novacap. The company employs 1,100 people in 22 offices worldwide and has clients in more than 110 countries.

Novacap and CDPQ, alongside National Bank of Canada and Investissement Quebec, provided financing for this transaction.

Previous funding
EV Private Equity invested in Halfwave in August 2012, acquiring a 56% stake for NOK 70m. Chevron also took part in the investment.

Subsequently, the company received financing from Shell Technology Ventures and other investors in March 2017.

Company
Founded in 2011 and based in Bergen, Halfwave specialises in subsea inspection and pipeline inline inspection. It offers a patented ultra-wideband inspection technology called Acoustic Resonance Technology (ART), able to deliver high-resolution measurements in a wide range of challenging scenarios.

The company employs 70 staff across its three offices in Bergen and Oslo in Norway, and Houston in the US. 

People
Eddyfi/NDT – Martin Theriault (CEO).
Halfwave – Paul S Cooper (CEO).

Advisers
Acquirer – Baird (corporate finance); McCarthy Tétrault (legal).
Company – Simmons Energy (corporate finance); Schjødt (legal).

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