Exclusive: Blackstone to acquire DarkVision from Koch
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, PE Hub is the first to report.
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.
PE Hub 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.
The transaction is subject to customary closing conditions and is expected to close later in the year.
Stifel and Guggenheim were financial advisers to Blackstone. Evercore was financial adviser to DarkVision.
PE Hub connected with BETP on the group’s recent deals, including Dresser Utility Solutions, Advanced Cooling Technologies, Arlington Industries. Power infrastructure companies are commanding premium valuations, as PE Hub has reported.
