The world leader in electromagnetic inspection technologies for non-destructive testing (NDT), Eddyfi Technologies has just acquired British company Silverwing to accelerate its growth.
The acquisition was backed by a $13-million subordinated loan from Investissement Québec, making it a financial partner for the company. “Eddyfi is a homegrown company that has seized an opportunity to expand abroad and consolidate its leadership position,” stated Investissement Québec President and CEO Pierre Gabriel Côté. “For us, it seemed only natural to help finance the acquisition of Silverwing and to begin what we hope will be a long-term relationship with Eddyfi.”
Specializing in NDT solutions for the inspection of nuclear generating facilities, refineries and aerospace equipment, Eddyfi will now be able to maintain its growth momentum. The company plans to increase sales from $1.2 million in 2009 to $25 million this year.
The company now has more than 200 employees and serves customers in some 60 countries. “Silverwing was a unique opportunity in terms of fit and size for Eddyfi Technologies. This is a growth-focused acquisition,” said Martin Thériault, President and CEO of Eddyfi Technologies. “Just like we have done for the Eddyfi product lines, we will invest significantly in innovation and new product development.”
Based in Swansea, UK, Silverwing develops and manufactures NDT products to inspect storage tanks, vessels and piping for the petrochemical industry. “I am proud to bring my team and Silverwing’s 30-year plus history and expertise to the Eddyfi family,” said Silverwing’s Chief Executive Officer, Wayne Woodhead. “This is a perfect match, allowing both organizations to join forces in pushing back the limits of advanced NDT solutions.”
With this first strategic acquisition, Eddyfi is strengthening its position by adding complementary technologies to its portfolio. The transaction also opens up new markets, chiefly Europe, the Middle East and Africa, where Silverwing has a dominant position.