Kelvin Group (Southfield Capital-backed) Acquires Advanced Examination Services (AES-NDT)

RESA Power Acquires Advanced Electrical Services, Ltd.

August 8, 2022

Energy

RESA Power, a portfolio company of Investcorp, has acquired Advanced Electrical Services, Ltd. (AES), a two-location electrical testing and medium/high-voltage service provider in Alberta, Canada. The acquisition is RESA Power's first add-on under Investcorp ownership and expands RESA's footprint and capabilities in Western Canada across renewable energy, mining, utilities and oil & gas end markets.

Graycliff Partners Acquires XCEL NDT

October 30, 2023

Industrial Services

Graycliff Partners has acquired XCEL NDT, a U.S.-based provider of non-destructive testing and inspection services for petrochemical, pipeline and general industrial customers. Southfield Mezzanine provided subordinated debt and an equity investment to support Graycliff's acquisition; Graycliff and XCEL management plan to grow the business organically and via add-on acquisitions, expanding services, geographies and end markets.

The Kelvin Group (backed by Southfield Capital) Acquires Refrigeration Design & Service (RD&S)

February 2, 2022

Industrial Services

The Kelvin Group, a newly launched platform backed by Southfield Capital, has completed the acquisition of Refrigeration Design & Service (RD&S), an industrial refrigeration design/build and service provider based in Fairless Hills, Pennsylvania. The add-on expands Kelvin's footprint and service capabilities across the Northeast into the Mid-Atlantic and Southeast; Deerpath Capital provided debt financing.

SGS SA Acquires Applied Technical Services from Odyssey Investment Partners

January 13, 2026

Industrial Services

Swiss testing, inspection and certification firm SGS SA completed the acquisition of Applied Technical Services, LLC from Odyssey Investment Partners, LLC and other selling shareholders. The transaction, announced July 1, 2025 and completed January 13, 2026, is valued at roughly $1.32 billion and was financed via cash, debt and a small equity consideration to certain sellers and key employees.

Kelvin Group / Southfield Capital-backed RD&S Acquires GMS Services

June 4, 2024

HVAC & Mechanical

Kelvin Group, in partnership with Southfield Capital, has completed the acquisition of GMS Services, LLC. The business will be integrated into Kelvin's RD&S unit to expand the platform's commercial refrigeration and HVAC/R service capabilities and geographic footprint across the Mid-Atlantic, Southeast and Great Lakes regions; terms were not disclosed.

Acuren Acquires Premium Inspection & Testing Group

November 19, 2021

Industrial Services

Acuren, a portfolio company of American Securities, has acquired Premium Inspection & Testing Group from Calvert Street. Premium, headquartered in Baton Rouge, Louisiana, provides nondestructive testing (NDT), inspection, rope access, drone/robotic and calibration services and will join Acuren's broader network to expand service capabilities and geographic coverage.