UT Quality (UTQ) announced today that it has completed an agreement to sell 100% equity interest to RAE Energy. The transaction was completed on January 3rd, 2014. RAE Energy provides a unique opportunity to enhance the UTQ business through global scalability, strong industry knowledge and leadership, strategic financial investments, and the ability to capitalize on near-neighbour market opportunities.
Adrian Met, Chairman of UTQ, stated: “We are looking forward to the future growth of UT Quality. RAE Energy’s global leadership and industry knowledge will drive new innovations and marketing to support the business. We will continue to deliver unsurpassed customer service and leading technology to our customers.”
Philip Bradney, Senior Partner at RAE Capital, stated: “We are excited to have UTQ become a part of the RAE Energy team. We believe that UTQ has built a leading brand in the Oil & Gas services industry through innovation and quality service. We will continue to build on UTQ’s position in the market and its reputation for having the best technology and employees.”
The closing of this acquisition has positioned UTQ to strengthen its current position as a market leader and grow the business strategically.
UTQ, a privately held company, is a global leader in developing and applying innovative Nondestructive Testing services, specifically offering proprietary AUT inspection methods, such as UTScan. To learn more about UTQ, please visit www.utquality.com.
RAE Energy, a privately owned company, is a diversified industrial global company focused on the Oil & Gas industry. To learn more about RAE Energy, please visit www.rae.com.