Eddyfi acquires Halfwave and ART technology
06/05/2020
Eddyfi/NDT has announced the acquisition of Halfwave, headquartered in Bergen, Norway. Halfwave is the owner of the proprietary acoustic resonance technology (ART), an ultrasound-based technique that allows high-precision measurements to be carried out in imperfect conditions and without the need for liquid couplant. The company is currently active worldwide in the field of subsea inspection and pipeline in-line inspection (ILI) and has over 70 employees and additional offices in Oslo, Norway, and Houston, Texas, USA.
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 three 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 electromagnetic acoustic transducers (EMATs) for stress corrosion cracking (SCC) detection. All in all, the transaction reinforces
Eddyfi/NDT’s positioning as a high-end, high-performance solution provider, agnostic to any particular modality.”Halfwave Subsea will merge with TSC Subsea and the two units will mutually benefit from larger scale and market access. Halfwave AS, the ILI entity, kicked off its integration with NDT Global at the Pipeline Pigging and Integrity Management Conference (PPIM 2020) in Houston. The initial focus will be on creating rapid sales synergies. NDT Global’s operational know-how, experience and footprint will improve the robustness of the ART inspection service. The integration process is expected to be finalised during the course of 2020. This will allow the Halfwave team to remain focused on continuing to develop the science for onshore metal thickness applications, as well as crack inspection.
Novacap, alongside its co-investors, and Caisse de dépôt et placement du Québec (CDPQ), along with the National Bank of Canada and Investissement Québec, have provided their support for the transaction. “The team at Eddyfi/NDT is highly determined to succeed. What better way to accelerate their entry into the advanced integrated inspection strategy than with a play in both ILI and subsea,” said David Lewin, Senior Partner at Novacap (TMT). This transaction is the team’s eighth acquisition in less than four years. “In addition to successfully executing its ambitious growth plan, Eddyfi/NDT has demonstrated a strong ability to integrate companies into its portfolio, becoming a world leader in its industry,” said Charles Emond, President and Chief Executive Officer of CDPQ.
Halfwave was acquired from its main shareholders – EV Private Equity, Shell Technology Ventures, Chevron Technology Ventures and DNV GL – in addition to key employee shareholders. Einar Gamman, Halfwave’s Chair and Senior Partner at EV Private Equity, observed: “It was very important for the shareholders to find a buyer that could continue perfecting the ART technique and accelerate its global adoption. Following a competitive process, we found there was no better entity than Eddyfi/NDT to deliver the most prosperous future for the ART offering. I want to thank the staff at Halfwave, who have, since our initial investment in 2012, developed and commercialised a set of disruptive asset integrity inspection techniques and, as such, I am proud that we are positively contributing to the important global targets of safer operations of, and reduced emissions from, the upstream and midstream hydrocarbon industry.”
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