IOS acquires Mike’s Pipe Inspection
On May 31, 2011, IOS, a portfolio company of Calvert Street Capital Partners ("Calvert Street"), completed the acquisition of Mike’s Pipe Inspection (“MPI”).
IOS provides non-destructive testing (“NDT”), inspection and cleaning services for oil country tubular goods and drill tools used in oil and gas drilling and production. MPI provides mobile, on-site NDT, inspection and cleaning services for drill pipe and drill collars, heavyweight drill pipe and other tubular goods within the oilfield industry.
Kevin McKay, the President of IOS, commented: “We are thrilled to add the MPI team to our company. The two businesses are highly complementary, and we expect our increased service offerings and locations, as well as combined best corporate practices, will serve our customers well.”
Josh Hall, Senior Partner with Calvert Street, added: “We welcome the MPI team to the IOS family, and we look forward to continuing to expand our geographic reach and service offerings, as we build a larger testing and inspection business.
IOS continues to seek strategic add-on acquisitions of companies that provide non-destructive testing and related services.