American Securities Announces Agreement to Sell Acuren

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
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SOURCE American Securities LLC