Blackstone scoops up ultrasonic inspections company DarkVision; Macquarie to shop Win Waste, sources say

Good morning, Hubsters. Senior reporter Michael Schoeck here with the US edition of the Wire from New York.

You’d never know it was mid-Summer in the energy sector. Earlier this morning, I was the first to report that Blackstone’s energy transition group is acquiring a business that provides pipeline inspections from Koch.

And yesterday, I had a scoop about the early stages of a sale process for Macquarie-backed Win Waste, a waste-to-energy company.

Details on both are below. And I’ll provide an update my regular Thursday update on our companies for sale coverage. There’s no Summer slowdown in companies testing the market!

Ultrasonic inspections

Blackstone Energy Transition Partners has agreed to acquire DarkVision Technologies, an ultrasound imaging technology for critical industrial infrastructure inspection, from Koch Engineered Solutions (KES), a unit of Koch, as I was the first to report earlier this morning.

Based in North Vancouver, British Columbia, DarkVision uses imaging sensors and silicon chips with AI-quantifying models and rendering software to convert ultrasound data into 3D visuals, which aim to help utilities see if an asset, such as a gas pipeline, is damaged.
 
I connected with David Foley, global head of the BETP group, and Darius Sepassi, senior managing director in Blackstone’s energy group, to learn more about the deal.

“We believe DarkVision’s asset integrity services play a vital role in helping customers meet increasing environmental and safety standards, while improving efficiency and utilization of aging existing critical energy infrastructure to meet growing natural gas and petroleum liquids demands,” Sepassi told PE Hub.

Asked about how the downhole and oilwell drilling inspections company fits into Blackstone’s energy transition strategy, Foley said: “DarkVision’s solutions reduce the potential for fugitive hydrocarbon emissions and spills by identifying potential corrosion and cracks, while bolstering preventative maintenance.”

Looking ahead, Blackstone sees multiple growth channels for the company. “Growth of the business will largely be driven by pipeline integrity services and expanding DarkVision’s inspection and analytics solutions into broader industrial applications, including civil infrastructure, aerospace and defense, and general manufacturing,” Sepassi said.

PE Hub connected with BETP on the group’s recent deals, including Dresser Utility Solutions, Advanced Cooling Technologies and Arlington Industries.  Power infrastructure companies are commanding premium valuations, as we’ve reported.

Waste incineration buyout interest

Macquarie Asset Management is in the early stages of a sale process review of Win Waste Innovations, a waste-to-energy company that operates incinerator power facilities, four sources briefed on the matter told PE Hub.

Win Waste, formerly known as Wheelabrator, is being advised by Macquarie’s investment banking group and Nomura Greentech as co-sellside advisers.

The company generated more than $300 million of EBITDA this past year, the sources said.

Win Waste has outstanding debt in the ballpark of $1.6 billion or more. Based on its debt, Win Waste could see around a 10x EBITDA valuation in a sale, one source said. The median valuation for providers of waste collection, recovery and disposal is 12.7x EBITDA for the last 24 months, according to SIPA privateMetrics, part of PEI Group.

Based on Win Waste’s integrated landfill operations, intermodal facilities, recycling function and WTE incinerators, the company should see strong interest from global infrastructure funds and a select number of strategics, the second source said.

The buyer universe for Win Waste as a whole company remains small, with European strategics like Veolia or FCC Group potential candidates, that source said. A larger group of buyers exists for either the company’s waste collection and landfill business, or its waste energy business alone, the source added.

Reports circulated between 2021 and 2022 that Win Waste was also evaluating a potential IPO listing, but this time around Macquarie is only gearing up for a potential sale as an exit, sources said.

Headquartered in Portsmouth, New Hampshire, Win Waste operates waste management collection sites such as landfills, recycling and waste-to-energy power plant facilities primarily across the Northeast US. Currently it operates 12 WTE facilities from Maine to Maryland.

Formed in 1911 as American Foundry Equipment, the company became known as Wheelabrator Technologies in 1975 when the first WTE incinerator in Saugus, Massachusetts opened. Macquarie rebranded the company as Win Waste in 2021 to reflect the company’s expansion into additional waste and environmental service channels. Macquarie acquired the company from ECP in 2019.

Macquarie declined to comment. Win Waste and Nomura Greentech did not respond to requests for comment.

Companies for sale

While deal news tends to slow down entering August, the rate of companies testing the market remains robust looking to H2 for exits. So far this year I’ve been briefed by confidential sources on 174 companies coming to the market, compared with 76 a year ago at this time. But we’ve seen only 35 deal announcements emerge for companies tracked or reported by PE Hub for sale in 2026, compared with 33 deal announcements this time a year ago.

Since last Thursday’s Wire, one new deal of a company whose sale process I tracked was announced.

On July 23, industrials-focused PE firm Tinicum announced a deal to acquire specialty chemicals company GracoRoberts from CM Equity Partners for undisclosed terms.

Back in April, confidential sources briefed me on GracoRoberts coming up for sale. The Arlington, Texas-based chemicals manufacturer to the aerospace and defense (A&D) market generated $60 million of EBITDA and was being advised by Harris Williams.

Despite rising energy costs impacting the financial performance of some chemical and commodity-tied industrial products companies, one source said that because of GracoRoberts’ strong foothold in the A&D market, the company should be appealing to a broad PE buyer universe.

That’s a wrap for me. Tomorrow, Nina Lindholm will be with you for the Europe Wire, and John R Fischer will be back with you for the US Wire.

Cheers,
Michael