Platte River Equity said Thursday that it has sold Global X-Ray & Testing Corp. to Intertek Group. No financial terms were disclosed. BlackArch Partners advised Global X-Ray in the transaction. Headquartered in Morgan City, Louisiana, Global X-Ray is a provider of non-destructive testing and mechanical integrity services to the offshore oil, gas and midstream industries.
DENVER, Oct. 3, 2013 /PRNewswire/ — Platte River Equity (“Platte River”) today announced the sale of its portfolio company, Global X-Ray & Testing Corporation (“Global X-Ray”), to Intertek Group plc (LSE: ITRK) (“Intertek”). Headquartered in Morgan City, Louisiana, Global X-Ray is a leading provider of non-destructive testing and mechanical integrity services to the offshore oil and gas and midstream industries.
Chris Moreau, CEO of Global X-Ray, commented, “We have benefitted tremendously from the strategic and financial support Platte River has provided. We were able to focus our innovation and technical expertise on an expanded geographic region and customer base, and Platte River was a critical partner in our success. We look forward to a new chapter of continued growth with Intertek.”
“We have had a great relationship with Global X-Ray,” said Platte River Managing Director Peter Calamari. “Under the leadership of Chris Moreau and his team, the company successfully entered new end markets, expanded its service offering and opened new locations. In this environment of strong demand for energy infrastructure and increasing regulatory requirements, Global X-Ray is poised for continued success. We are pleased that the company will be owned by Intertek, a strong and supportive new partner for Global X-Ray and its employees.”
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River, and BlackArch Partners served as the exclusive financial advisor to Global X-Ray.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on equity investments from $10 million to $50 million in lower middle market operating companies with enterprise values generally between $20 million and $250 million, as well as strategic add on acquisitions. The firm invests in sectors where it has deep operating and investing experience, including aerospace and transportation; energy and industrial products and services; and chemicals, metals and industrial minerals. Platte River Equity manages funds with committed capital in excess of $700 million.
Intertek is a leading quality solutions provider to industries worldwide. From auditing and inspection, to testing, training, advisory, quality assurance and certification, Intertek adds value to customers’ products, processes and assets. With a network of more than 1,000 laboratories and offices and over 36,000 people in more than 100 countries, Intertek supports companies’ success in a global marketplace. Intertek helps its customers to meet end users’ expectations for safety, sustainability, performance, integrity and desirability in virtually any market worldwide. Visit www.intertek.com
Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a constituent of the FTSE 100 index.