Eddyfi confirms acquisition of TSC Inspection Systems
01/06/2017
Eddyfi Technologies has confirmed the acquisition of TSC Inspection Systems, headquartered in Milton Keynes, UK. TSC has significantly contributed in shaping the landscape of electromagnetic testing technologies over the last 30 years. The company developed the field-proven ACFM® technology with support from BP, BG Group, Conoco and Shell, which were keen to significantly improve the reliability of underwater inspections, reduce operator dependence and provide auditable inspection records. Decades later, the ACFM technology is specified by owners and operators of safety-critical infrastructures worldwide and is accepted as one of the most reliable methods of detecting surface-breaking cracks in steel structures and metallic components. The company’s StressProbe™ technology also provides highly versatile, non-contacting strain measurement systems that can operate through coatings in harsh environments, both onshore and subsea. TSC currently has 35 employees and satellite offices in Aberdeen and Singapore.
After its successful acquisition of Silverwing in 2016, this additional strategic transaction reinforces Eddyfi Technologies’ presence in the UK and broadens the company’s portfolio of technologies and addressable markets. Martin Thériault, President and CEO of Eddyfi Technologies, said: “We will be investing significantly to advance TSC’s technology and products, while preserving the widely-recognised history of ACFM and StressProbe. We will move the company closer to a technology provider role in better collaboration with the various players of the industry. Our wide network of sales and applications engineers will allow us to support ACFM users worldwide and offer the best to all those relying on the technology to perform surface inspections, both topside and underwater. Finally, we are especially excited about entering the subsea market and expanding our range of solutions for the world’s most challenging offshore oil and gas applications.”Chris Walters, CEO of TSC, added: “We are extremely pleased to see TSC joining an expanding and progressive NDT technology group that really understands the dynamics of the industry today, with a team and vision for growth that offer incredible synergies to the TSC brand, technologies, and products. We believe that Eddyfi Technologies’ scale, expertise and reputation in advanced NDT technology will be key to advancing the capabilities and applications for ACFM and StressProbe in new and exciting markets. It is fantastic to join forces as a unique, world-class NDT technology provider and we appreciate very much the support of our institutional backers, Octopus Investments and Encore Capital, and our advisers, Simmons & Company International, which helped make it happen.”
With this acquisition, Eddyfi Technologies further accelerates its scaling and growth with more than 235 employees and sales in 70 countries.
Last March, Caisse de dépôt et placement du Québec (CDPQ), one of North America’s leading institutional fund managers, invested in Eddyfi Technologies to help it pursue its international growth plan. As a minority shareholder of the company, CDPQ’s investment has helped finance this new acquisition.
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