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 Global X-Ray.
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.
About Intertek
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 www.intertek.com
Intertek Group plc (LSE: ITRK) is listed on the London Stock
Exchange and is a constituent of the FTSE 100 index.
www.platteriverequity.com
SOURCE Platte River Equity
