American welding equipment maker ESAB Corporation has agreed to acquire Quebec-based Eddyfi Technologies in a deal valued at about $2 billion (US$1.45 billion).
Eddyfi, backed by provincial pension fund manager Caisse de dépôt et placement du Québec (CDPQ) and Montreal-based private equity firm Novacap LP, is a global provider of advanced non-destructive testing (NDT) instrumentation used to assess the structural integrity of critical assets.
The company offers test and measurement instrumentation, advanced sensing, automated remote monitoring, robotics and software to customers in sectors including nuclear power generation, aerospace, defence, civil infrastructure, oil and gas and transportation. Headquartered in Québec City, Eddyfi serves clients in more than 110 countries.
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Eddyfi is expected to generate about $270 million in revenue and $80 million in adjusted EBITDA in 2026, rising to roughly $100 million with anticipated annualized run-rate synergies. ESAB plans to fund the acquisition with a mix of cash on hand, debt and $318 million of fully committed equity.
The transaction follows the June 2025 split of Previan into two separate entities, NDT Global and Eddyfi Technologies. NDT Global was refinanced at that time and began a new growth phase with essentially the same shareholder base as Eddyfi. During Eddyfi’s own process, several refinancing options were considered, but the ESAB offer, along with the founders’ and executives’ priorities, the company’s scale and maturity, and expectations around brand legacy and growth with ESAB, ultimately tipped the balance in favour of a full sale to ESAB.
As part of the deal, ESAB has committed to maintaining Eddyfi’s workforce and head office in Québec City.
“With the addition of Eddyfi, ESAB becomes the unrivaled provider of a full workflow solution spanning fabrication, inspection and monitoring,” ESAB president and CEO Shyam P. Kambeyanda said in a press release. “This new complete offering will contribute to ESAB’s position in the industry as a partner of choice for our global customers, where quality, productivity and uptime are non-negotiable. This acquisition further expands ESAB’s total addressable market by approximately $5 billion and accelerates our journey toward a portfolio that is faster growing, higher margin and less cyclical. The combination also strengthens our exposure to attractive, high-growth end markets including Aerospace and Defense, Nuclear, Energy and Civil Infrastructure.”
“ESAB brings the scale, resources and long-term commitment needed to support our people, strengthen our impact with customers and honour the legacy we have built,” said Eddyfi chairman and founder Martin Thériault. “This is far from being the end of our story. It is the beginning of a new chapter defined by growth, pride and renewed momentum.”
On the advisory side, Bennett Jones LLP is acting as legal counsel to ESAB. McCarthy Tétrault LLP is legal counsel to Eddyfi Technologies, with Goldman Sachs and EC M&A serving as financial advisors. Blake, Cassels & Graydon LLP is representing Novacap LP, while Fasken Martineau DuMoulin LLP is advising CDP Investissements Inc.
The deal is expected to close in mid-2026, subject to customary closing conditions and regulatory approvals.
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