NVM Private Equity (NVM) has sold Silverwing Group to Eddyfi NDT Inc. Silverwing develops and manufactures a wide range of Non Destructive Testing (NDT) solutions which are used to inspect storage tanks, vessels and pipework for corrosion, principally for the petrochemical industry.
The company’s corrosion mapping systems are used by many of the world’s leading oil companies to help ensure that their refining and storage facilities remain safe to operate. NVM’s funds have achieved a gross money multiple of 2 times on their original investment.
NVM first invested in Silverwing in 2012 acquiring the business from its founder. Silverwing has since developed their product range, expanded into the USA and launched a training division. Further growth is predicted in the next few years with more new product launches. Silverwing has grown their research & development team under NVM’s ownership, as well as extending their collaboration with a number of universities, and this activity provides the platform for future growth.
Headquartered in Swansea and with offices in the Middle East (Dubai), Africa (Cape Town) and the USA (Houston) Silverwing is a widely recognised brand within the international NDT market, has patented equipment in use in over 63 different countries worldwide, and is ideally placed to launch further new products across different industries. Joining together with Eddyfi will allow the management team to accelerate the next phase of their growth plans in the UK and globally.
In the last 18 months the NVM team has completed seven other exits, generating gross proceeds in excess of GBP118 million and during the same period invested in five new deals with a combined value of over GBP24 million.
Wayne Woodhead, MD of Silverwing, says: “We are very grateful to James and the NVM team for the support they have provided since their investment in 2012. It has enabled us to build a dynamic, innovative, and growing business. Their market vision and ambition has been a real catalyst to help build Silverwing and has put us in a great position to develop further.”
James Arrowsmith of NVM Private Equity says: “Since our initial investment back in 2012 Silverwing has experienced significant change under Wayne’s leadership – expanding to the US, relocating to new modern premises and developing a specialist training arm. We have thoroughly enjoyed participating in the growth of the business into an industry leading company and look forward to watching its continued progress as part of Eddyfi. The combined group will be a significant player within the advanced NDT market and we wish Wayne and his new colleagues well.”