Intero Integrity Services partners with Rivean Capital to fuel its…

Intero Integrity Services partners with Rivean Capital to fuel its next phase of growth.

Amsterdam and Tricht, The Netherlands – 25 June 2024 – Intero Integrity Services (“Intero”) is pleased to announce that Rivean Capital, a pioneer in European mid-market private equity, has entered into a definitive agreement to acquire the company from First Reserve. Since 1982, Rivean has been supporting ambitious management teams in achieving their plans. With offices in the Benelux, DACH regions, and Italy, Rivean is known for partnership, pragmatism, and performance. This collaboration will support Intero’s operational excellence, expand its global energy hub presence, and fast-track technology developments with key customers. Rivean’s expertise and Portfolio Enhancement Program are set to deliver exceptional value creation for Intero.

Intero's dedication to becoming the preferred partner for the critical infrastructure sector requires ongoing investments in the organization and the advancement of its technology and capabilities. With Rivean's support, Intero aims to maintain its international growth momentum and accelerate its strategic initiatives, including the development of enhanced technologies, global expansion primarily in North America, and assisting clients in managing their emissions and complying with current regulations.

Rienk de Vries, CEO of Intero, said: "With the backing of our partners at Rivean, I am confident that Intero will accelerate growth, expand and diversify our service offerings, and become a vital partner helping drive success for our customers. We look forward to this exciting new phase for Intero, where we will continue to expand our unique blend of technological innovations, critical inspection, advanced environmental services, and industrial services. This will ensure safety, integrity, and enhanced performance of mission-critical infrastructure around the world. We would also like to thank First Reserve for their invaluable support over the course of our partnership."

Maurits Boomsma, Senior Partner at Rivean Capital, commented: “We are very impressed by what Intero’s management team has achieved in recent years with the backing of First Reserve. Rienk de Vries and the rest of the team have transformed the business into the clear technology leader in the difficult-to-inspect market and they have built a solid platform for future growth. We are very much looking forward to supporting Intero in the next phase of growth.”

Jeff Quake, Managing Partner at First Reserve, added: “We’re proud of Intero’s incredible growth during our ownership period. There continues to be a critical need for businesses like Intero which provide cutting-edge integrity solutions for essential infrastructure around the world. We look forward to following Intero’s continued success with their new partner as they continue to execute on their growth plan.”

Intero’s head office will remain in Tricht, the Netherlands, and the Company will continue to serve its customers out of its various offices in Europe including Belgium, France, Germany, Italy, Spain, Romania, Serbia as well as from its global locations in North America, South America, Middle East, Africa, Southeast Asia and Australia. As Intero’s focus is on growth, the Company plans to continue to invest in and develop its employee talent in each of its core geographies.

Baird served as financial advisor and Freshfields Bruckhaus Deringer LLP served as legal counsel to First Reserve.

Completion of the transaction is subject to regulatory approvals.

About Rivean Capital

Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. Rivean Capital has assets under management in excess of €5bn and has offices in Amsterdam, Brussels, Frankfurt, Milan, and Zug. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful high-tech businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

About Intero Integrity Services

Intero Integrity Services is the leading specialist for keeping critical infrastructure clean, safe, well maintained, and highly productive. Founded in 1985, this innovative technology company offers world-class UT and MFL inspection, environmental, and industrial services. In 2019, Intero acquired The Sniffers – a major player in emission reduction and monitoring services – to further enhance its presence in key industry sectors. In 2021, Intero acquired Pipetel Technologies to expand service offerings for the integrity management of unpiggable pipes. The company has nearly 500 FTE and a revenue of €100 million. Intero is headquartered in Tricht, The Netherlands.

About First Reserve

First Reserve is a leading global private equity firm investing across energy, utility, and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of relationships and portfolio exposure. Since inception, First Reserve has raised over $34 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions. Please visit www.firstreserve.com for further information.