MONTREAL, Dec. 17, 2018
/CNW Telbec/ - Novacap, one of Canada's leading private equity firms,
announced the sale of Calgary-based Onstream Pipeline Inspection
Services Inc. ("Onstream"), a leading North American provider
of inline pipeline inspection and data analytics services to
MISTRAS Group, Inc. ("MISTRAS") (NYSE: MG).
Headquartered in Calgary,
Alberta, Onstream is a leading provider of proprietary,
technology-enabled inline inspection and data analytics services
specializing in the "unpiggable" segment of the small to mid-bore
gathering and midstream North American pipeline markets. In
addition, Onstream's recently commercialized 16-inch combination
tool marks the next stage in the company's growth as it is now able
to service the large diameter midstream market. At the core of
Onstream's values is its culture of customer centricity and history
of being able to provide the highest inspection standards with the
quickest turnaround time in the industry.
Onstream offers a combination of inspection tools with
high-resolution sensors in both free swimming and tethered
configurations to identify and record all pertinent pipeline data
including hardware, girth welds, bends, metal loss defects and
pipeline specific geometry features. Its bi-directional combination
tether tool provides an inline inspection option for pipelines
previously deemed to be "un-piggable" by traditional free-swimming
methods. Most importantly, Onstream consolidates all the data
it collects in its proprietary "Streamview" software, where a team
of experienced data analysts utilize proprietary algorithms to
analyze data and quickly provide highly insightful reports to
customers.
"Through our Novacap TMT IV fund, we originally invested in
Onstream in 2015 with a clear objective of partnering with
excellent entrepreneurs to accelerate growth through key
investments in personnel and technology, and trigger the organic
expansion to the US. Today, I strongly believe our collective
objectives were met and I am proud and confident that the company
will continue to flourish under MISTRAS" said David Lewin, Partner at Novacap and Board member
of Onstream.
"We are very grateful to the entire Novacap team, which played a
key strategic role in our expansion and success, mainly by helping
us consolidate a solid footprint in the US market and building our
team to further invest in key technologies relevant to our
customers while always maintaining our focus on superior customer
service. We are now very excited to tackle this new chapter in our
company's history within the MISTRAS Group. Also, by
incorporating MISTRAS' world-class NDT and ANDT technologies, we
believe we'll accelerate and expand our service offering as well as
further develop and introduce new technologies to enhance our
overall capabilities," added Chad
Niehaus and Gerry Wilkinson,
co-founders of Onstream, both of whom will remain with MISTRAS.
Baird served as financial advisor and McMillan LLP served
as legal counsel to Novacap.
About Novacap
Founded in 1981, Novacap is a leading Canadian private equity
firm with $2.3 billion of assets
under management. Novacap has raised $375
M for its TMT IV Fund and over $840
M for its TMT V Fund. The firm's unique investment approach,
based on deep operational expertise and an active partnership with
entrepreneurs, has helped accelerate growth and create long-term
value for its numerous investee companies. With an experienced
management team and substantial financial resources, Novacap is
well positioned to continue building world-class companies. For
more information, please visit www.novacap.ca.
About Onstream Pipeline Inspection Services Inc.
Onstream was founded in Calgary,
Alberta in 2005. Onstream uses advanced technologies to
provide reliable and accurate pipeline inspection results to
producers and pipeline operators, with a focus on continual
technological and software advancement. Onstream's goal is to meet
or exceed customer safety, scheduling, operational and reporting
expectations. The Company believes it is important to establish a
mutual relationship with its customers and employees to provide a
work environment that promotes loyalty and trust. For more
information, please visit www.onstream-pipeline.com.
SOURCE Novacap Management Inc.