Calvert Street partners with management to acquire IOS
On January 14, 2011, Calvert Street Capital Partners ("Calvert Street") partnered with Kevin McKay and his management team to acquire IOS. Founded in 1991 and headquartered in Lafayette, LA, IOS provides non-destructive testing (“NDT”), inspection and cleaning services for tubular products and tools used in oil and gas drilling and production. NDT is a critical routine preventative measure performed by oilfield services companies to avoid the high costs and potentially dangerous environments created by down hole equipment failure. IOS has service locations throughout Louisiana, Texas and Pennsylvania. Calvert Street was introduced to the investment opportunity by Farlie Turner & Co., who represented the sellers in the transaction.
Aidan Riordan, a Partner with Calvert Street, commented: “Our acquisition of IOS reflects our focused buy and build strategy of partnering with business owners to create larger institutional enterprises. We look forward to working with Kevin McKay and his team to expand IOS’ geographic reach and service offering to build a larger testing and inspection business.”
Kevin McKay, the President of IOS, added: “At a time of such growth in our industry we are excited to have a strong partner like Calvert Street to help us build our business and take advantage of the many opportunities we see in the marketplace.”
IOS is seeking strategic add-on acquisitions of companies that provide non-destructive testing in the oil and gas industry.