U.S. Firm ESAB Corp. to Acquire Quebec’s Eddyfi Technologies for $2 Billion

American welding equipment maker ESAB Corp. is set to acquire Quebec City-based Eddyfi Technologies Inc. for approximately $2 billion in cash. This significant deal marks a major milestone for one of Quebec’s prominent technology companies, which specializes in non-destructive testing (NDT) instrumentation.

Key Takeaways

• ESAB Corp. is acquiring Eddyfi Technologies for roughly $2 billion.
• Eddyfi Technologies specializes in non-destructive testing (NDT) instrumentation.
• The company employs over 1,000 people globally and has a significant presence in Quebec City.
• ESAB Corp. has committed to maintaining Eddyfi’s workforce and head office in Quebec City.

Eddyfi Technologies: A Leader in Non-Destructive Testing

Eddyfi Technologies is a global leader in NDT instrumentation, utilizing advanced software and hardware to monitor critical infrastructure. Their technology is vital for sectors including pipelines, power plants, railways, and aerospace. Founded in 2010 by Martin Thériault, the company has grown significantly through strategic acquisitions, backed by investors like the Caisse de dépôt et placement du Québec and Novacap LP.

Growth Through Acquisition and Strategic Shifts

Over the past decade, Eddyfi has been an active acquirer, purchasing 15 other businesses. Notable acquisitions include Seattle-based Zetec for US$350-million in 2022 and Dublin-based NDT Global for nearly $500-million in 2020. The company briefly operated under the name Previan after consolidating Eddyfi and NDT as subsidiaries, before splitting them back into stand-alone entities in mid-2025. Eddyfi’s final acquisition before the ESAB deal was Italian firm Sisgeo.

The Acquisition by ESAB Corp.

ESAB Corp.’s offer of $2 billion was compelling, providing a valuation that significantly surpassed other financing options considered by Eddyfi’s investors. While Mr. Thériault expressed a desire for Eddyfi to remain Canadian, he acknowledged the limited number of domestic buyers capable of such a large transaction. ESAB Corp. has pledged to retain Eddyfi’s workforce and its Quebec City headquarters, a move important for securing provincial support for the deal. Quebec City is recognized as a global hub for NDT, often referred to as the "Silicon Valley of NDT."

Future Outlook

Following the acquisition, which is expected to close in mid-2026, Martin Thériault will not remain with Eddyfi but will continue as chair and CEO of NDT Global. NDT Global is projected to generate US$375-million in revenue this year, while Eddyfi is expected to achieve approximately US$270-million in revenue and US$80-million in adjusted EBITDA in 2026. ESAB Corp. views Eddyfi’s Quebec City base as a platform for future growth.

Sources

• Quebec technology company Eddyfi to be acquired by U.S.-based ESAB Corp. for $2-billion, The Globe and Mail.

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