On Feb. 18, 2020, Eddyfi/NDT announced its acquisition of HalfWave AS from a group of selling shareholders composed of EV Private Equity, Shell Technology Ventures, Chevron Technology Ventures and DNVGL. HalfWave, based in Norway, owns a proprietary ultrasound-based technique which allows high-precision measurements in imperfect conditions called Acoustic Resonance Technology (ART). The combined entity will integrate different areas of expertise to provide a more complete set of Non-Destructive Testing (NDT) technologies such as subsea inspection and pipeline inline inspection.
Novacap alongside its co-investors and CDPQ, along with Investissement Quebec, have provided their support for the transaction. National Bank of Canada acted as lead arranger for a syndicated financing in which it participated with several other lenders to, inter alia, finance in part the transaction.
Eddyfi/NDT is a leading global provider of Non-Destructive Testing (NDT) technologies for customers in mining, aerospace, oil and gas, transportation and power.
chjødt acted as the legal advisor to Halfwave.
Advokatfirmaet Wiersholm acted as Norwegian local counsel to Eddyfi.
Fasken Martineau DuMoulin LLP acted as counsel to CDPQ with a team including
Frédéric St-Jean (corporate/M&A),
Marc Novello (banking),
and Dominic Chabot,
and Loana Brisson (paralegals).
McMillan LLP acted for Novacap in connection with the financing required for the acquisition with a team including
Charles Chevrette (business law),
Christian Abouchaker (business law),
and Michel Ranger (tax).
Norton Rose Fulbright Canada LLP acted as counsel to National Bank with a team led by
and which included
Dan Ton-That (Montreal),
Rachel Needham (London),
Annemary Ceseji (Munich),
Katherine Martineau (Luxembourg),
Hernan Gonzalez Estrade,
David Richardo Rajunov (Mexico),
Adrienne Sebring (New York),
and Alexandre Roth (Paris).
Borden Ladner Gervais LLP (BLG) acted as counsel to IQ.