First Reserve Partners With IRISNDT

Specialized non-destructive testing platform with 60+-year history

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May 09, 2019, 07:00 ET

STAMFORD, Conn. and HOUSTON and LONDON and EDMONTON, Alberta, May 9, 2019 /PRNewswire/ -- First Reserve, a leading global private equity investment firm exclusively focused on energy, today announced a partnership with management in a majority recapitalization of IRISNDT Inspection & Engineering Services ("IRISNDT"), a leader in providing advanced and general non-destructive testing (NDT), inspection, engineering, heat treatment, rope access, and specialized software solutions to the refining, petrochemical, chemical, power generation, pipeline and industrial markets. Financial details of the transaction were not disclosed.

One of the largest independent NDT companies in North America, IRISNDT was founded in 1953 and provides a full suite of NDT services to downstream end-markets with 38 branch locations across the U.S., Canada and the UK. Driven by advanced technology, IRISNDT's asset integrity evaluations are mission-critical to energy customers, promoting efficient and safe operations, minimizing unplanned downtime, and increasing runtimes. These services include, but are not limited to, basic and advanced ultrasonics, corrosion under isolation, tube inspection, EMAT bulk wave and guided wave, surface and pulsed eddy current, 3D laser scanning and radiography. IRISNDT also is an early adopter in its field for newer technologies such as usage of robotics and drones for inspections. Throughout its operations, IRISNDT maintains a commitment to strong health, safety and environmental programs that protect its employees, property, customers, public and the environment.

Jeff Quake and Gary Reaves from First Reserve commented, "We are excited to partner with IRISNDT management and employees to assist in their next phase of growth. We have a deep history of investment in the asset integrity sector, and the increased need for testing and inspection of aging energy infrastructure is one of our key investment themes."

Mike Scardigli from First Reserve added, "We have closely followed the company for some time and have been impressed with the development of the business, particularly the significant growth in the U.S. We believe IRISNDT's leading technical service offerings and strong culture of commitment to its customers and employees provide for a compelling opportunity in line with areas where First Reserve has been able to drive successful value creation for our investors."

Marcel Blinde, CEO, and Mike Bazzi, President U.S., of IRISNDT added, "Thanks to the tireless work of our dedicated employees and loyalty of our customers, we have been proud to build IRISNDT into a specialized NDT provider servicing critical energy infrastructure on a global basis. This transaction is an important milestone for IRISNDT, as it enables us to continue to service our customers as an independent provider of asset integrity and evaluation services as well as provide our employees with enhanced opportunities for growth and development. We look forward to partnering with First Reserve whom we view to be a value-added sponsor with a deep understanding of our business model and industry to continue pursuing our growth strategy."

About First Reserve

First Reserve is a leading global private equity investment firm exclusively focused on energy. With over 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $32 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm's history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.

About IRISNDT

IRISNDT is a leader in providing advanced and general non-destructive testing (NDT), inspection, engineering, heat treatment, rope access, and specialized software solutions to the refining, petrochemical, chemical, power generation, pipeline and industrial markets. Please visit https://www.irisndt.com/ for further information.

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SOURCE First Reserve