Platte River Equity Announces the Sale of Global X-Ray & Testing Corporation
DENVER, Oct. 3, 2013
DENVER, Oct. 3, 2013 /PRNewswire/ --Platte River Equity ("Platte River")
today announced the sale of its portfolio company, Global X-Ray & Testing
Corporation ("Global X-Ray"), to Intertek Group plc (LSE: ITRK) ("Intertek").
Headquartered in Morgan City, Louisiana, Global X-Ray is a leading provider of
non-destructive testing and mechanical integrity services to the offshore oil
and gas and midstream industries.
Chris Moreau, CEO of Global X-Ray, commented, "We have benefitted tremendously
from the strategic and financial support Platte River has provided. We were
able to focus our innovation and technical expertise on an expanded geographic
region and customer base, and Platte River was a critical partner in our
success. We look forward to a new chapter of continued growth with Intertek."
"We have had a great relationship with Global X-Ray," said Platte River
Managing Director Peter Calamari. "Under the leadership of Chris Moreau and
his team, the company successfully entered new end markets, expanded its
service offering and opened new locations. In this environment of strong
demand for energy infrastructure and increasing regulatory requirements,
Global X-Ray is poised for continued success. We are pleased that the company
will be owned by Intertek, a strong and supportive new partner for Global
X-Ray and its employees."
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte
River, and BlackArch Partners served as the exclusive financial advisor to
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm
focused on equity investments from $10 million to $50 million in lower middle
market operating companies with enterprise values generally between $20
million and $250 million, as well as strategic add on acquisitions. The firm
invests in sectors where it has deep operating and investing experience,
including aerospace and transportation; energy and industrial products and
services; and chemicals, metals and industrial minerals. Platte River Equity
manages funds with committed capital in excess of $700 million.
Intertek is a leading quality solutions provider to industries worldwide.
From auditing and inspection, to testing, training, advisory, quality
assurance and certification, Intertek adds value to customers' products,
processes and assets. With a network of more than 1,000 laboratories and
offices and over 36,000 people in more than 100 countries, Intertek supports
companies' success in a global marketplace. Intertek helps its customers to
meet end users' expectations for safety, sustainability, performance,
integrity and desirability in virtually any market worldwide. Visit
Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a
constituent of the FTSE 100 index.
SOURCE Platte River Equity
Contact: Michelle Eidson, Platte River Equity, Vice President of Marketing and
Business Development, firstname.lastname@example.org, (303) 292-7308
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