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08/2022

QUEST INTEGRITY acquired by BAKER HUGHES

UNITED STATES Industrial Services / TIC (Testing, Inspection, Certification) EV 300M - 700M EUR

Context

Baker Hughes has reached a definitive agreement to acquire the total share capital of a specialized asset integrity organization from a publicly-traded industrial services group. This strategic transaction represents a significant expansion of the acquirer's Digital Solutions segment, specifically enhancing its "Process & Pipeline Services" product line. The strategic rationale for the move centers on the acquirer's objective to broaden its technical operational depth in specialty inspection markets, targeting infrastructure segments that were historically unreachable by standard diagnostic tools. By incorporating these technical specialists, the organization reinforces its ability to serve mission-critical petrochemical and refining clients with advanced furnace tube and jet fuel line diagnostics. The partnership is designed to leverage the acquirer's massive global footprint and digital reality infrastructure to scale the target's proprietary robotic inspection technologies. This integration facilitates the development of a uniquely integrated asset management platform, providing the strategic depth required to navigate the increasing complexity of global industrial infrastructure maintenance. The move follows a disciplined strategy of inorganic growth in the non-destructive testing and robotics space to support the broader energy transition.

QUEST INTEGRITY, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.3x).

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Target

Quest Integrity is a specialized technology organization providing high-expertise asset inspection and reliability management solutions. The entity’s business model centers on the development and deployment of proprietary inspection tools, such as Invista™ and FTIS, which are engineered specifically for "difficult-to-inspect" industrial infrastructure. Its value proposition is anchored in technical operational depth, allowing for the inspection of unpiggable pipelines, marine loading lines, and furnace heater coils where conventional inline methods fail. Strategically, the firm focuses on delivering actionable engineering insights through critical assessments of pressure vessels, tanks, and turbine blades. By integrating industrialized software with specialized sensor hardware, the organization ensures a mission-critical role in maintaining the structural integrity of refining, petrochemical, and power generation facilities. The entity prioritizes technical innovation and regulatory compliance to support global industrial infrastructure safety.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
2021

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REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of QUEST INTEGRITY by BAKER HUGHES are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: baker hughes