MISTRAS Group, Inc. (Princeton Junction, N.J.; www.mistrasgroup.com) announced that it has acquired 100% of the stock of Onstream Pipeline Inspection Services, Inc.(Alberta, Canada), a leading North American provider of proprietary technology enabling pipeline inspection and data analytics services. The preliminary purchase price for Onstream, acquired from Novacap and affiliates, a Canadian private equity firm, and other shareholders, was approximately $143 million. In connection with the acquisition of Onstream, the company upsized its existing credit facility to $400 million for a new 5-year period. Mistrasalso updated its full year 2018 guidance of estimated consolidated revenues to $740 million, an increase of $10 million over the high end of the Company’s most recent outlook and exclusive of the impact from Onstream.
Dennis Bertolotti, Chief Executive Officer stated, “The acquisition of Onstream is an ideal opportunity to diversify our business. It will enable us to leverage our strength in the midstream market and accelerate our growth by accomplishing our strategic initiative to add a pipeline integrity pillar to our service portfolio. Onstream is recognized as a leading company in the small- to mid-bore pipeline inspection market in North America and it has been growing at better than 20% annually over the past five years, while maintaining an extremely attractive margin profile. Onstream is also a technological innovator, with a growing proportion of its revenues derived from new markets and services.”