MONTREAL, Nov. 26, 2015 /CNW Telbec/ - NOVACAP TMT, one of Canada's leading private equity firms, is pleased to announce the completion of a strategic investment in Onstream Pipeline Inspection Services Inc. ("Onstream" or the "Company"), a leading Canadian provider of pipeline in-line inspection solutions for the oil and gas industry.
Headquartered in Calgary, Alberta, Onstream will leverage its partnership with NOVACAP to enhance its operations, engage in strategic growth opportunities, and accelerate funding of key research and development programs to continue building the company's market leadership position. Onstream's innovative smart pipeline inspection gauges for "unpiggable" lines have made it the industry leader in the Canadian tethered inspection market, and among the largest players in the Canadian small-bore free-swimming inspection market, due in large part to its innovative and integrated proprietary software and hardware technologies.
"Onstream's historical success can be attributed to exceptional management and best-in-class customer service, to say nothing of their superior technology," said Pascal Tremblay, President and Managing Partner of NOVACAP TMT. "They are already a leader in their field in Canada, but we plan to take Onstream to new heights. We look forward to working directly with management to grow the business."
With nearly 50 highly trained employees, Onstream's in-line inspection solutions are essential to many multi-billion dollar blue chip companies to maintain the structural integrity of their pipeline infrastructure and avoid potential failures.
"We could not be more thrilled to be teaming up with NOVACAP," said Chad Niehaus, co-founder of Onstream. "Their wide-range of experience and track record of success make them the perfect partner."
"NOVACAP and Onstream working together will achieve new heights. It's the logical next step in this Company that we've worked hard to build over the past decade," said co-founder Gerry Wilkinson.
The NOVACAP TMT IV fund made the investment in Onstream.
With assets under management of over $1.5 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value for many companies across North America. NOVACAP's culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources NOVACAP is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
About Onstream Pipeline Inspection Services Inc.
Onstream was founded in Calgary, Alberta in 2005. Onstream uses advanced technologies to provide reliable and accurate pipeline inspection results to producers and pipeline operators, with a focus on continual technological and software advancement. Onstream's goal is to meet or exceed customer safety, scheduling, operational and reporting expectations. The Company believes it is important to establish a mutual relationship with its customers and employees to provide a work environment that promotes loyalty and trust. For more information, please visit www.onstream-pipeline.com.
For further information: Adam Daifallah, HATLEY Strategy Advisors, 514.316.7089, [email protected]