Spire Capital Invests in DBI Group; Spire to Merge ERI Solutions and DBI

The combination creates a dominant U.S. provider of testing, inspection, certification and compliance services

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Aug 05, 2020, 10:00 ET

NEW YORK, Aug. 5, 2020 /PRNewswire/ -- Spire Capital Partners ("Spire Capital" or "Spire"), a leading New York-based private equity firm specializing in the technology-enabled business services, media, communications and education sectors, today announced an investment in DBI Group ("DBI"). Founded in 1992 and headquartered in Lenexa, KS, DBI is a leader in providing non-destructive testing, mechanical integrity inspections, pipeline integrity inspections and heat treat services throughout the U.S.

Spire's simultaneous acquisition of DBI and merger with existing portfolio company ERI Solutions ("ERI"), brings together two leading testing, inspection, certification and compliance providers. The combination of DBI and ERI bolsters the market presence and service offerings of both enterprises. The go-forward business will be led by Nathan Vander Griend, President & CEO of ERI, and will continue to be supported by both ERI and DBI management teams.

"DBI's great industry reputation, top-notch team, blue-chip client roster, and safety record make them a great addition to ERI," stated Nathan Vander Griend, President & CEO of ERI. "Furthermore, we believe that this integration will lead to significant business growth, providing opportunities for the members of the team to grow professionally, for our combined clients to have access to a more diverse suite of service offerings, and for our shareholders' value to increase."

"We are excited about our future together with ERI and view this as an opportunity for growth in expanded geographies and with additional technologies. Our customers will continue to receive excellent service as we strengthen the combined company with client-facing enhancements and a more diverse service line. We also believe this merger will provide professional growth opportunities for the members of our team," stated Jeff Hilfiker, President & CEO of DBI.

"With this combination, ERI and DBI will serve a broad base of energy and infrastructure customers across the U.S., playing a critical role in mitigating business and regulatory compliance risk," said Brad Johnson, Vice President at Spire Capital. "As a single company, ERI and DBI will be able to provide comprehensive service offerings to customers across the country. Spire is excited by the growth prospects of the combined company and looks forward to working closely with management."

Dentons US LLP served as legal counsel to Spire Capital. Bridgepoint Investment Banking acted as exclusive financial advisor to DBI, while Koley Jessen served as legal counsel.

About ERI Solutions

Founded in 2007, ERI is a leading provider of risk control solutions that were specifically designed to control operational risks in higher-hazard businesses. Its service categories include safety, process safety management (PSM), industrial hygiene (IH), environmental compliance, asset integrity management and inspection, training, and insurance program management services. The team at ERI believes that all incidents (excluding acts of God) are preventable and is passionate about turning that belief into a reality in its clients' businesses.

About DBI Group

Founded in 1992, DBI, is a leader in providing non-destructive testing, mechanical integrity inspections, pipeline integrity inspections, heat treat services, industry training and consulting services throughout the United States. DBI follows the basic principles on which the company was founded, providing non-destructive testing and inspection services that are cost-effective, while assuring reliability, responsiveness, and code and job specification compliance.

About Spire Capital Partners

Spire Capital (https://spirecapital.com/) is an active and experienced private equity firm with an investment focus in small market companies within the technology-enabled business services, media, communications and education sectors. Spire Capital was founded on the principle of partnering with management teams and founders to help effectuate the next stage of growth for their companies. Spire professionals have a broad array of past operating, investing and advisory experiences that they leverage to assist portfolio companies in accelerating growth, guiding strategic direction and executing their business plan. Spire Capital is a New York based investment advisor registered with the Securities and Exchange Commission under the Investment Act of 1940. Market conditions can vary over time and past fund performance does not guarantee future fund results.

SOURCE Spire Capital Partners