Calvert Street Partners with Management to Recapitalize Technical Diagnostic Services
On August 28, 2017, Calvert Street Capital Partners ("Calvert Street") joined forces with the management team of Technical Diagnostic Services (“TDS” or the “Company”) with the goal of building a leading independent testing services and equipment provider for the energy, power and general industrial sectors through a combination of organic growth initiatives and strategic acquisitions.
Founded in 1993 by John Lapicola and headquartered in Fort Worth, TX, TDS provides electrical, instrumentation and controls testing, startup commissioning, and calibration services, as well as test equipment rental, sales, calibration and repairs across the U.S. and internationally. The Company offers a wide variety of electrical testing, inspection, and associated services that are applicable across all heavy and light industrial sectors that rely on instrumentation and electrical equipment and systems. TDS serves customers across a variety of end markets, including the conventional and renewable power sectors, utility, petrochemical, refining, midstream pipeline, liquefied natural gas, mining and nuclear industries. For more information about TDS, please visit www.technicaldiagnostic.com.
John Lapicola, the Company’s founder, stated, “We look forward to our partnership with Calvert Street and David Zabetakis given our common experience in the testing and inspection sectors and shared goal of building a superior service provider to the industrial end markets.”
David Zabetakis, former President of Doble Engineering and TDS’s new CEO commented, “John and the rest of the TDS management have built a great company over the last 25 years. With a strong operational foundation and an excellent reputation in the market for safety, quality and service, TDS is well-positioned to take advantage of positive industry dynamics and execute upon our strategic growth plan.”
Brian Guerin, Partner at Calvert Street, added that “we are excited to work with John Lapicola, David Zabetakis and the rest of the management team to build on TDS’s success over the years. Our investment in Technical Diagnostic Services furthers our long history of partnering with founder-operated businesses within the testing and inspection industry and the broader industrial services sector.”
Calvert Street is a Baltimore, Maryland-based private equity firm with a focus on investing in industrial service businesses in the lower middle-market. Since its inception in 1995, Calvert Street has partnered with skilled management teams of privately held businesses to drive profitable growth and organizational transformation. Calvert Street’s managed funds have participated in over 70 acquisitions representing transaction values in excess of $1 billion. For more information, please visit www.cscp.com.