Team Inc. (NYSE: TISI) has executed a stock purchase agreement to acquire the Qualspec Group from Clearview Capital Fund II LP. Qualspec provides NDT inspection services in the US.
The acquisition adds about $180 million of annual revenue to Team's operations and nearly 1,000 new employees to Team's human capital resources. The annual EBITDA contribution of the Qualspec business is expected to be about $24 million. The total cash consideration is $255 million, which could be increased by $10 million depending upon the operating results of Qualspec through the end of calendar year 2015. Closing of the transaction is expected to occur before July 10.
Financial advisors for Team in the transaction were Houlihan Lokey and Anthony Riker, and the financial advisor for Qualspec was Lazard Middle Market.