Novacap, a leading North American private equity firm, today announced the successful completion of the sale of Eddyfi Technologies (“Eddyfi”), previously a division of Previan, to ESAB Corporation (NYSE: ESAB), a global industrial technology leader. The transaction was valued at US$1.45 billion.
Since first partnering with Previan in 2020, Novacap has supported the company’s development into a global provider of advanced non-destructive testing, inspection and integrity management technologies. During the investment period, Novacap worked closely with founder Martin Thériault and the management team to support organic growth, execute strategic acquisitions and scale the platform internationally.
In 2025, following a strategic review, Novacap supported the separation of Previan into two independent platforms – NDT Global and Eddyfi Technologies – enabling each business to pursue distinct growth strategies under dedicated ownership structures. Both companies retained their Quebec City headquarters and operations. As part of that process, Novacap reinvested in NDT Global. The company subsequently completed the acquisition of Entegra, a provider of advanced ultrasonic testing and inspection solutions, while Eddyfi continued to invest in innovation and evaluate strategic alternatives.
Following the closing of the transaction, Eddyfi will form a new, dedicated inspection and monitoring business unit within ESAB, continuing to operate with its current leadership team while expanding ESAB’s capabilities across the fabrication, inspection and monitoring workflow. Eddyfi is expected to continue operating as it does today, and retain its headquarters and workforce in Quebec City as it enters its next stage of growth with access to ESAB’s global scale and resources.
“The separation of Previan into two focused, independent businesses was a deliberate and value-driven decision,” said David Lewin, Lead Senior Partner, Technologies at Novacap. “Eddyfi and NDT Global had reached a level of scale and maturity where each could benefit from tailored ownership and strategic direction. This transaction reflects the strength of Eddyfi’s platform and positions the business for its next phase of growth.”
“This transaction reflects Novacap’s long-standing approach of partnering with entrepreneurs and management teams to build durable, market-leading businesses,” said Pascal Tremblay, President & Chief Executive Officer and Managing Partner, Technologies and Digital Infrastructure at Novacap. “We are pleased to have supported Eddyfi’s development and to see the company enter its next chapter as a new product platform within a global public company while retaining its headquarters and talent base in Quebec City.”
“Novacap has been a strong and constructive partner throughout this journey,” said Martin Thériault, Chairman and founder of Eddyfi and CEO of NDT Global. “Their support helped us scale the business, strengthen our technology platform and prepare Eddyfi for this next stage of growth, with a long-term partner, while staying true to our culture and long-term vision.”
Goldman Sachs & Co. LLC and EC M&A acted as financial advisors to Eddyfi Technologies, and McCarthy Tétrault LLP acted as legal advisor. Blake, Cassels & Graydon LLP acted as legal advisor to Novacap in connection with the transaction.
About Eddyfi Technologies
Eddyfi Technologies is a global leader in advanced non-destructive testing instrumentation, providing inspection technologies to assess structural integrity of critical assets. Eddyfi offers a broad and integrated range of capabilities, including test & measurement instrumentation, advanced sensing, automated remote monitoring, robotics, and software across key industries such as nuclear power generation, aerospace, defense, civil infrastructure, oil & gas, transportation and more. Headquartered in Québec (Canada), with a global footprint, world class R&D capabilities, and deep domain expertise, Eddyfi Technologies serves customers in more than 110 countries and empowers them to enhance safety and productivity, protect the environment and save lives. The company employs more than 1,000 people. Learn more at www.eddyfi.com and http://www.eddyfitechnologies.com.
About Novacap
Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on control buyouts of middle market and lower-middle market companies across four core strategies: Technologies, Digital Infrastructure, Industries and Financial Services. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over US$12 billion in assets under management and offices in Montreal, Toronto and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution. Learn more at http://www.novacapcorp.com.
