Market Overview

Team Announces Purchase of Global Ascent; Terms Undisclosed

Team, Inc. (NYSE: TISI) today reported that it purchased Global Ascent, Inc., a leading provider of industrial rope access services.

Headquartered in Fullerton, California, Global Ascent provides a range of basic and advanced NDE services and maintenance services to its clients in the energy and industrial markets in both the traditional manner and via rope access. Global Ascent's annual revenues are currently about $6 million.

Under Team's ownership, Global Ascent's current management team will continue with Global Ascent and will operate within our Inspection and Heat Treating Business Group. Both Global Ascent and other Team managers will collaborate on joint business opportunities that utilize and leverage Global Ascent's rope access capabilities with the full range of Team's service capabilities and market presence, particularly related to inspection services.

"We are very excited to add Global Ascent's rope access capabilities to our range of service offerings. Global Ascent and Team are a great fit. Like Team, Global Ascent maintains an excellent reputation among its customers for providing safe, quality service. Combining Global Ascent's capabilities with Team's extensive market presence and large field service capability creates attractive growth opportunities for Team and Global Ascent," said Art Victorson, Team's President, Inspection and Heat Treating Services Group.

"We are delighted to be joining Team," Said Gareth Ashworth, Global Ascent's President. "Team's current service presence across North America creates the opportunity to quickly expand our rope access service presence to new regions as well as expand service capabilities with existing customers."

About Team, Inc.

Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 125 locations throughout the world. Team's common stock is traded on the New York Stock Exchange under the ticker symbol "TISI".

Posted-In: News M&A

 

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