Eddyfi/NDT Snaps Up Halfwave
Eddyfi/NDT has acquired Norway-based subsea inspection and pipeline inline inspection specialist Halfwave.
Halfwave is the owner of the proprietary acoustic resonance technology (ART), an ultrasound-based technique which allows measurements in imperfect conditions and without the need for liquid couplant.
The company has over 70 employees with offices in Bergen, Oslo, and Houston.
Martin Theriault, CEO of Eddyfi/NDT, said: “We are first and foremost an NDT technology company. 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 3 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.
Halfwave AS, the ILI entity, will kick off its integration with NDT Global at the PPIM Conference in Houston. The integration process is expected to be finalized during the course of 2020.
Novacap alongside its co-investors and CDPQ, along with National Bank of Canada and Investissement Quebec, have provided their support for the transaction. “
Halfwave was acquired from its main shareholders – EV Private Equity, Shell Ventures, Chevron Technology Ventures and DNVGL – in addition to key employee shareholders.
CEO of Halfwave, Paul S Cooper, stated: “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 realize its full potential in the market.”