Acquisition of Halfwave AS and Halfwave Subsea Holding AS

Industrial
Acquisition of Halfwave AS and Halfwave Subsea Holding AS

Summary

Baird served as the exclusive financial advisor to Eddyfi/NDT on this transaction

About

Eddyfi/NDT, a portfolio company of CDP Investissements Inc. (a wholly owned subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”)) and Novacap, has acquired Halfwave AS and Halfwave Subsea Holding AS ("Halfwave” or the “Company”). Terms of the transaction were not disclosed.

Eddyfi/NDT is a fast-growing, innovative private Test & Measurement (T&M) technology group focused on Non-Destructive Testing (“NDT”). Through two divisions, Advanced Non-Destructive Testing (NDT) Equipment and Advanced Application-Specific Integrated Inspection, Eddyfi/NDT caters to asset owners, large engineering firms and service companies globally in markets such as Aerospace, Energy, Mining, Power Generation or Transportation. Eddyfi/NDT employs over 1,100 people throughout 22 offices worldwide and serves clients in more than 110 countries. Eddyfi/NDT is headquartered in Québec, Canada.

CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As of June 30, 2019, CDPQ held C$326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. CDPQ was founded in 1965 and is headquartered in Québec City, Canada.

Novacap is a leading Canadian private equity firm with C$3.6 billion of assets under management. Novacap’s distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for Novacap’s numerous portfolio companies. Backed by leading global institutional investors, Novacap's deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. Novacap was founded in 1981 and has offices in Toronto, Ontario and Brossard, Québec.

Halfwave is a leading provider of accurate and reliable inspection data that allows the Company’s customers to make informed choices in order to maintain the integrity of critical assets. Halfwave has developed innovative cost-effective inspection tools and services for the energy market. Key to Halfwave's offering is the Company’s patented ultra-wideband acoustic inspection technology (“ART”), which offers penetration and measurement capabilities significantly exceeding those of existing inspection technologies. The Company has established ART as a superior technology for pipeline & subsea inspection. Halfwave is headquartered in Bergen, Norway.
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Industrial
Acquisition of Halfwave AS and Halfwave Subsea Holding AS
Date
February 2020
Company
Eddyfi/NDT
Transaction
M&A
Sectors
Industrial
Target Location
Europe
Acquiror Location
North America

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