Bain Capital sold the Inspection Technologies Division of Evident Scientific (“Evident Inspection Technologies”) to Westinghouse Air Brake Technologies (NYSE: WAB) (“Wabtec”) for an Enterprise Value of $1.78 billion. Evident Inspection Technologies is a globally-recognized test & measurement instrumentation platform providing mission-critical inspection solutions to applications with a high cost of failure. This acquisition expands Wabtec’s Digital Intelligence business growth opportunities, effectively doubling the size of its total addressable market (TAM) from approximately $8 billion to $16 billion, while enhancing its ability to deliver innovative solutions to a broader range of customers.
Evident Inspection Technologies manufactures and provides a comprehensive suite of proprietary, mission-critical technologies via three divisions: (1) Flaw and Thickness Inspection (NDT): Inspection solutions for flaw detection and thickness gauging, leveraging ultrasound, eddy current and other advanced technologies; (2) Remote Visual Inspection (RVI): Videoscopes for remote inspection of difficult-to-access areas; and (3) X-Ray Fluorescence Analyzers (ANI): X-Ray Fluorescence instrumentation used to determine chemical composition of materials. Evident Inspection Technologies’ solutions are used for the inspection and analysis of critical assets, such as airframes, wind turbines, reactor vessels, and bridges, in end markets including aerospace & defense, inspection services & MROs, manufacturing, and energy.
Wabtec is focused on creating transportation solutions that move and improve the world. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets.
EC M&A acted as co-financial advisor to Bain Capital on this transaction.