NEW
YORK, May 22, 2024 /PRNewswire/ -- American
Securities LLC, a leading U.S. private equity firm, today announced
that funds advised by the firm have entered into a definitive
agreement to sell ASP Acuren Holdings Inc., the parent company of
Acuren ("Acuren" or the "Company"), a leading North American
provider of critical asset integrity services, to Admiral
Acquisition Limited (LSE: ADMR) ("Admiral"). The transaction, which
is subject to customary closing conditions, values the business at
$1.85 billion.
Acquired in 2019, Acuren is a leading provider of nondestructive
testing (NDT), engineering and lab testing, and rope access
technician (RAT) solutions in North
America, delivered through over 135 locations and more than
5,500 employees throughout the United
States, Canada, and the
United Kingdom. During its four
and a half-year partnership with American Securities, Acuren
delivered industry-leading organic growth while completing 12
strategic acquisitions to support long-term growth, strengthen
service capabilities, expand its geographic footprint and further
improve operationally efficiency.
Michael Fisch, Founder and Chief
Executive Officer of American Securities, said: "As first-time
institutional owners of Acuren, it has been important to us to
build on the success of founder Peter
Scannell and support Acuren's continued long-term growth. We
are incredibly proud to have achieved that goal."
Michael Sand, Managing Director
at American Securities and Chairman of the Board of Acuren,
commented: "Acuren's growth is a testament to the resilience and
tireless efforts of Acuren's employees, from CEO Tal Pizzey to the Company's more than 5,000
Acuren technicians. We are proud to have been able to support
Acuren's profitable growth through the pandemic and recent
inflationary period, all while maintaining the Company's
world-class culture of safety, quality and professionalism."
Talman Pizzey, CEO of Acuren,
said: "We have had a phenomenal partnership with American
Securities and their support has enabled Acuren to further its
leading brand within inspection services. We are at an
important and exciting inflection point of the company, and we are
excited at the opportunity to continue growing our market leading
position with our new partners."
Baird and Harris Williams acted
as financial advisors and Weil, Gotshal and Manges LLP acted as
legal advisor to Acuren and American Securities. The transaction is
subject to customary closing condition and is expected to close
early in the third quarter of 2024.
About Acuren
Acuren is a leading North American
provider of critical asset integrity services. Acuren provides
mission critical, regulatorily-mandated, nondestructive testing,
inspection and engineering & lab testing services across a
variety of industrial end markets. Acuren operates across three
service lines: Nondestructive Testing (NDT), Rope Access
Technician Solutions (RAT) and Engineering and Lab Testing.
NDT offerings include breadth of nondestructive testing services
including conventional, advanced and tech-enabled NDT. RAT
offerings include a full suite of rope access technician offerings
including inspection, repair and specialty craft services.
Engineering and Lab Testing offerings include materials engineering
and destructive lab testing services.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading
U.S. private equity firm that invests in market-leading North
American companies with annual revenues generally ranging from
$200 million to $2 billion. American Securities and its
affiliates have more than $27 billion
under management. For more information, visit
www.american-securities.com.
About Admiral Acquisition Limited
Admiral Acquisition
Limited (LSE: ADMR) is a publicly-listed acquisition vehicle that
was formed in May 2023 to undertake
an acquisition of a target company or business.
Contact:
Prosek Partners
Pro-AmericanSecurities@prosek.com
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SOURCE American Securities LLC
