- Novacap and CDPQ participated in the deal
- Sensor Networks’ staff and technologies will be added to the portfolio of Eddyfi Technologies, an advanced, non-destructive testing equipment subsidiary of Previan
- Novacap is a mid-market private equity firm based in Montreal
Previan, a portfolio company of Novacap and Caisse de dépôt et placement du Québec (CDPQ), has acquired Sensor Networks (SNI), a State College, Pennsylvania-based sensing tools and technologies provider that enables the inspection and remote monitoring of safety-critical components.
No financial details were disclosed. Novacap and CDPQ participated in the deal.
Sensor Networks’ staff and technologies will be added to the portfolio of Eddyfi Technologies, an advanced, non-destructive testing equipment subsidiary of Previan. Eddyfi will be promote the company’s brand in major industries where it is well established, including energy, power generation, aerospace, defense, rail and manufacturing.
Previan, formerly Eddyfi/NDT, is a Quebec City-based private industrial technology group focused on leveraging advanced diagnostic technologies to enhance infrastructure health.
“Sensor Networks is a fantastic addition to Previan,” said Martin Theriault, founder, CEO and chairman of Previan, in a statement. “There is a great fit between us, as we both value innovation and technological leadership and base it on strong customer intimacy and intricate knowledge of the challenges that plague infrastructure and critical assets worldwide. We are obviously excited to add the SNI solutions to our Eddyfi Technologies unit. Additionally, the high-end SNI expertise to Previan and the potential it should also add to NDT Global was a huge driver in this transaction. NDTG is the technology expert in the in-line inspection space. Enhancements to the UT, PAUT, and ART sensing capabilities will further improve NDTG’s overall solutions. All in all, I firmly believe that Previan is the perfect homebase for SNI’s next phase of life.”
Novacap invested in Previan in 2020, while CDPQ invested in 2017.
Based in Montreal, Novacap is a mid-market private equity firm with more than C$8 billion of assets managed.
CDPQ, Canada’s second largest pension system, invests on behalf of Quebec public retirement and insurance plans.