Admiral Acquisition Limited has entered into a definitive agreement to acquire Acuren from American Securities. This transaction marks the inaugural acquisition for the acquirer, effectively serving as its qualifying business combination to transition into an operating company. The deal allows the target to exit a successful period of private equity ownership and enter the public markets with a robust balance sheet and a focus on North American market leadership. The acquisition is strategically timed to capitalize on the increasing demand for asset integrity services driven by aging industrial infrastructure and tightening safety regulations across the United States and Canada. The transaction is subject to customary closing conditions and regulatory approvals, with the final transition expected to occur in the third quarter of 2024. This move provides the target with a permanent capital base to pursue its own buy,and,build strategy within the highly fragmented testing and inspection market.

Acuren is a prominent leader in the Testing, Inspection, and Certification (TIC) industry, specializing in non-destructive testing (NDT), inspection, and engineering services. Its investment thesis is centered on consolidating the technical services sector to create a diversified global platform for infrastructure and industrial integrity. Acuren’s business model leverages a large, highly skilled technical workforce and proprietary technology to help clients reduce risk, ensure regulatory compliance, and extend the life of their assets. Listed on the NYSE (TIC), the company focuses on high-margin technical services with strong recurring revenue streams. By acquiring NV5, Acuren aims to significantly expand its service offerings and geographic reach, creating a sophisticated "one-stop-shop" for technical consulting and inspection.