IHI Southwest Technologies Has Been Acquired by Industrial Inspection & Analysis

Founded in 1999 and based in San Antonio, Texas, ISwT is a non-destructive testing and engineering services company with a 21-year history of providing inspection and engineering services to the nuclear industry both domestically and internationally. ISwT has positioned itself as a technological leader in advanced non-destructive testing methods throughout the world. In addition to conventional testing methods, the company has a broad array of proprietary technology with significant commercial potential. A full-time staff of non-destructive testing examiners and engineers enables ISwT to maintain the level of quality vital to the success of nuclear utilities around the world. In conjunction with the transaction, ISwT will re-brand to IIA Nuclear Services.

IIA is a high growth industrial inspection, testing, and analytical company. IIA was founded in 2015 and began with a vision to build a best in class, diversified, industrial inspection firm serving a variety of promising sub-sectors with a focus on story-worthy customer service, technical leadership, and continuous improvement.  Today, IIA offers a wide range of testing, inspection, certification and engineering services for its clients active in power generation, aerospace, precision manufacturing, aerial devices, petrochemical and refining, bridges, defense, midstream oil & gas, medical, lifting devices, radio frequency devices, and now nuclear with the addition of ISwT.  “The acquisition of ISwT expands Industrial Inspection & Analysis’s reach into the nuclear power generation space and strengthens our already deep bench of talent.  We are excited to welcome the ISwT team and customers to IIA and we look forward to providing greater value to existing customers while attracting new ones,” states Chris Niebuhr, CEO of IIA.

About the other transaction participants

Statesman Corporate Finance, LLC is the FINRA-licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement was led by Director Lawrence (Larry) Schumann with support from Analyst Anthony Hernandez.

IHI Corporation (TSE: 7013) (Tokyo, Japan), the former parent company of ISwT, is a Japanese public company headquartered in Tokyo, Japan. IHI is a comprehensive heavy-industry manufacturer working to create value for customers in four main areas – Resource, Energy and Environment; Social Infrastructure and Offshore Facilities; Industrial Systems and General-purpose Machinery; Aerospace, and Defense.  IHI has over 29,000 employees in 127 office around the world and over $13 Billion in USD net revenues.  Originally founded as Ishikawajima Shipyard in 1853, IHI has since evolved into a leading, comprehensive heavy industry manufacturer that can contribute to social progress by relentlessly pursuing technological excellence and by cultivating advanced engineering capabilities.

Sunny River Management, LLC (Atlanta, GA) is an operationally-focused private investment firm backed by patient, long-term capital. SRM aims to build leading middle-market enterprises within highly desirable industries. The firm typically focuses on companies with $3 – $100 million in revenue and $1 – 20 million in EBITDA.

Johnson DeLuca Kurisky & Gould, P.C. (Houston, TX) provided legal counsel to ISwT led by Shareholder George A. Kurisky, Jr. and Senior Counsel Scott Franck.

Nelson Mullins Riley & Scarborough LLP (Atlanta, GA) provided legal counsel to IIA led by Partner Roger Mitchell and Of Counsel Thomas Ryan.