Team buys Qualspec from Clearview Capital

Clearview Capital has sold Qualspec Group to Team Inc for a total cash consideration of $255 million. The value of the deal may increase by $10 million depending upon Qualspec’s operating results through the end of the year. Houlihan Lokey advised Team on the transaction. Headquartered in Deer Park, Texas, Qualspec is an industrial inspection firm.


Houlihan Lokey is pleased to announce that Team, Inc., (NYSE: TISI) has acquired Qualspec Group from Clearview Capital Fund II L.P. The total cash consideration is $255 million, which could be increased by $10 million depending upon the operating results of Qualspec through the end of calendar year 2015. The transaction closed on July 7, 2015.

Headquartered near Houston, Texas, Team is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline, and other heavy industries. Team offers these services at more than 125 locations throughout the world.

Qualspec is a leading provider of NDT inspection services in the United States, with significant operations in the West Coast, Gulf Coast, and Mid-Western sections of the country. The acquisition adds about $180 million of annual revenue to Team’s operations and nearly 1,000 new employees to Team’s human capital resources. The pro forma annual EBITDA contribution of the Qualspec business is about $24 million.

Houlihan Lokey served as the buyside financial advisor to Team in their acquisition of Qualspec. This transaction highlights our broad experience and continued success advising companies in the testing, inspection, and industrial services industry.

Houlihan Lokey is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, valuation, and strategic consulting. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, and the Asia‑Pacific region. Independent advice and intellectual rigor are hallmarks of our commitment to client success across our advisory services. Houlihan Lokey is ranked as the No. 1 M&A advisor for U.S. transactions under $5 billion, the No. 1 global restructuring advisor, and the No. 1 M&A fairness opinion advisor for U.S. transactions over the past 10 years, according to Thomson Reuters.