Stamford, Connecticut-based Olympus Partners, through its portfolio company Professional Service Industries, Inc. ("PSI"), has acquired Hi-Tech Testing Service, Inc. ("Hi-Tech"). PSI, headquartered in Oakbrook Terrace, IL, is a leading independent engineering and testing firm, with ~100 US-based offices and over 2,300 employees.
Founded in 1996 and based in Longview, TX, Hi-Tech is a full-service nondestructive testing, inspection and consulting company, employing more than 300 personnel across Texas, Oklahoma, Utah, North Dakota, and Ohio. "Hi-Tech is excited and confident in becoming part of the PSI family and in our ability to work together for continued growth and success," says Jamie Davis, President/CEO of Hi-Tech Testing Service.
Murray Savage, CEO of PSI commented, "Hi-Tech vastly expands PSI’s current radiography and ultrasonic capabilities as well as enhances PSI’s nondestructive testing and inspection services. The combination of our two firms and our joint commitment to safety, quality and ethics fits perfectly into PSI's Information To Build On business model and One Company, One Call service delivery platform."
"We are thrilled to partner with Hi-Tech's management team, who has demonstrated an impressive track record and reputation within the industry," says David Cardenas of Olympus Partners. "The Hi-Tech acquisition will accelerate the combined company's growth by leveraging PSI's existing branch network, supplementing the service offering, and further diversifying the business."
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including business services, restaurants, consumer products, healthcare services, and financial services. Olympus manages in excess of $3 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.