Global X-Ray & Testing Corp., a Morgan City, Louisiana-based provider of non-destructive testing and evaluation services to the oil and gas industry, has been recapitalized by Platte River Ventures.
McGladrey Capital Markets, which acted as exclusive financial advisor to Global X-Ray, initiated the transaction, sourced the buyer, and led the negotiations.
Commenting on the transaction, whose terms remained undisclosed, Miroslav Lazarov, Director at McGladrey Capital Markets’ Energy group, said: “The recapitalization of Global X-Ray by Platte River Ventures will provide the shareholders with significant opportunity to gain scale through organic growth and selective acquisitions in the testing and inspection sector”.
Founded in 1964, Global X-Ray has evolved from a traditional nondestructive testing firm into a specialized provider of quantitative NDE solutions for the major oil and gas companies in the Gulf of Mexico and other key domestic energy markets. The company currently operates additional offices in Louisiana, Texas and Alabama.
Based in Denver, CO, Platte River Ventures is a private equity investment firm focusing on small and middle market operating companies.