Mistras acquires Onstream from Novacap for $191 mln

Mistras Group Inc (NYSE: MG) has acquired Onstream Pipeline Inspection Services Inc, a Calgary-based technology-enabled pipeline inspection and data analytics platform. The preliminary purchase price was about $191 million (US$143 million). The main seller was Canadian mid-market private equity firm Novacap, which acquired Onstream in 2015. Founded in 2005, Onstream primarily serves the North American small to mid-bore gathering and midstream pipeline market. Key executives, including President and CEO Chad Niehaus, will continue to lead the company. Mistras, a U.S. provider of technology-enabled asset protection solutions, said the deal will help diversify its business.

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