U.S. Firm ESAB Corp. Acquires Quebec’s Eddyfi for $2 Billion
ESAB Corp., a leading American welding equipment manufacturer, has announced its acquisition of Quebec’s Eddyfi Technologies Inc. for approximately $2 billion in cash. This strategic move marks a significant milestone in the non-destructive testing (NDT) sector.
About Eddyfi Technologies
Founded in 2010 by mechanical engineer Martin Thériault, Eddyfi has grown to employ over 1,000 people across more than a dozen countries. The company’s expertise lies in NDT instrumentation, essential for monitoring critical infrastructure, including:
- Pipelines
- Power plants
- Railways
- Aerospace equipment
Recent Developments
Under Thériault’s leadership, Eddyfi has actively pursued growth through strategic acquisitions, purchasing 15 other companies since securing outside funding in 2016. Notably, in 2022, the company acquired Seattle-based Zetec for $350 million.
Financial Outlook
Eddyfi’s largest acquisition occurred in early 2020, when it paid nearly $500 million for Ireland-based NDT Global. Following plans to go public in 2022, which were ultimately abandoned, the company rebranded as Previan, although recently it has reverted to its original name, Eddyfi.
Implications of the Acquisition
The acquisition by ESAB is expected to reinforce Eddyfi’s position in the NDT market. ESAB has pledged to retain Eddyfi’s workforce and headquarters in Quebec City. Thériault emphasized the importance of keeping jobs local as part of the deal, which received backing from Quebec’s pension manager, Caisse de dépôt et placement du Québec.
Revenue Projections
For 2026, financial forecasts suggest that:
- Eddyfi is projected to generate approximately $270 million in revenue with $80 million in adjusted EBITDA.
- NDT Global is expected to earn $375 million in revenue.
Environmental and Economic Considerations
Thériault expressed a desire for Eddyfi to remain a Canadian entity. He noted that the substantial valuation offered by ESAB distinguished it from local financing options. He articulated concern for maintaining a strong Canadian business presence in the technology sector.
Future Prospects in NDT
Despite stepping down after the sale to ESAB concludes in mid-2026, Thériault will continue to lead NDT Global as its CEO. He pointed out that Quebec is a burgeoning hub for NDT innovation, often referred to as the “Silicon Valley of NDT,” which bodes well for future growth in the field.
