Premium Inspection & Testing Inc., a portfolio company of Calvert Street Capital Partners (“CSCP”) has raised finance from First Merit Bank N.A. and Patriot Capital, to fund the acquisition of Quad City Testing Laboratory and Quad City Calibration, Inc. (collectively, “Quad City”).
Premium Inspection is a diversified non-destructive testing (“NDT”) and inspection services business operating in the oil and gas sector. Quad City provides NDT and inspection services to a range of industries including agriculture, nuclear power generation, food processing and aerospace.
“Although CSCP has a broad investment mandate, our firm has made several investments in the NDT space over the past five years. Having worked with Livingstone previously in this space, we relied on their expertise and comprehensive vetting process to produce several options that exceeded our expectations,” said Matt McLain, a Principal at Calvert Street. “We partnered with First Merit and Patriot Capital on this transaction, as these firms have a history of working together, and both groups are committed to assisting us in our growth plans.”
“The financing for Premium Inspection represents our third transaction with Calvert Street and demonstrates our ability to not only address short-term capital needs, but also provide tailored financing solutions that address our clients’ longer-term growth objectives,” commented Tom Lesch, Director at Livingstone Chicago.