Market Intelligence & Key TIC+ M&A Activity Report
Market chatter suggests that Levine Leichtman Capital Partners (LLCP) is considering a sale of Dutch TIC+ firm NMi, with Rothschild & Co and Houlihan Lokey rumored to be involved in managing the process. The business is understood to be generating mid-teens EBITDA (EUR), with a potential process expected to kick off as early as April. Industry speculation also points to Tikehau Capital—owner of Group Carso and Socotec - as a likely participant, while SGS and Element Materials Technology are seen as potential strategic suitors.
Mérieux NutriSciences (US) has completed its 2024 acquisition of Bureau Veritas’ Food Testing Activities, marking a key step in its global expansion. This deal, part of a broader agreement, strengthens Mérieux NutriSciences' leadership in food testing, inspection, and certification (TIC+), covering microbiological, chemical, and molecular analysis.
Swiss-based SGS made eleven acquisitions in 2024 and plans to make at least one acquisition per month due to the fragmented nature of the industry. The 20 largest companies account for less than a quarter of the market. SGS aims to expand in the United States and double its sales by 2027.
Market sources suggest that cybersecurity testing firm AttackIQ could emerge as either a potential target or consolidator in the rapidly evolving specialty services space. The Los Altos, California-based company, backed by a group of venture investors, is believed to be exploring strategic options, including a possible sale, amid growing private equity interest and an industry-wide push to scale capabilities. While no formal process is known to be underway, the company could attract interest as a platform investment for PE or as a strategic bolt-on for a larger cybersecurity player.
LRQA is partnering with New Delhi-based Change Alliance Private Limited, a leading social impact consultancy focused on workers’ rights and inclusive development. Known for its work in Business & Human Rights, Change Alliance delivers impactful programs, tests innovative methodologies, and provides advisory support to empower marginalized communities.
RegNav (Element Materials) has joined MedTech Innovator’s (MTI) Industry Partners ecosystem, offering AI-powered compliance support to emerging medical technology companies. This partnership provides MTI’s 2025 cohort access to RegNav’s ‘human-in-the-loop’ compliance platform, streamlining regulatory pathways for product innovation. A trading name of Element Materials Technology Digital Limited, RegNav is part of Element Materials Technology Group, a global TIC+ leader.
2025
Celnor, a UK-based compliance, safety, and sustainability group backed by Inflexion, has acquired LandScope Engineering Ltd, a specialist in above-ground, below-ground, and underwater survey solutions.
UK-based Phenna Group has invested in TIC+ companies across various sectors, providing testing and assurance services, and has continued its inorganic growth strategy with the following acquisitions:
UK-based STM Environmental offers a wide range of environmental consulting services for both public and private sectors.
Australia-based 3B Surveys is a leading surveying company offering services throughout a project’s lifecycle, from development to decommissioning.
UK-based Calibre provides environmental experts to support and enhance Phenna’s water service offerings.
Austria-based viridiusLAB AG, an international testing lab with 800+ employees across 45 locations, has acquired Poland’s OIKOS, a specialist in occupational safety and environmental protection.
IK Partners will invest in UK-based HSL Compliance, a leading environmental TIC+ services provider with 650 staff across 19 offices in the UK and Ireland. This follows HSL’s successful six-year partnership with LDC, part of Lloyds Banking Group.
US-based Cotton Creek Capital has acquired Precision Inspection Services, LLC, a leading provider of non-destructive examination, inspection, and testing services for the chemical and petrochemical industries.
USA DeBusk LLC, a leading provider of industrial services to the energy and infrastructure sectors, has acquired CIMA Inspection, a well-established nationwide specialist in non-destructive testing (NDT) services.
UK-based LRQA has acquired Core Business Solutions, Inc. (CBS), a US-based provider of advisory services and software for Quality Management Systems (QMS) certification.
SGS, the Swiss-based global leader in TIC+, has acquired Stella Operazioni Doganali, an Italian independent customs operations and consulting firm.
Eurofins, the Luxembourg-based global TIC+ leader specializing in lab-based testing for the Life Sciences sector and the top TIC+ acquirer, has continued its M&A strategy with the following acquisitions:
Canada-based ACC Label Inc. is a firm specializing in Canadian food product labels, regulatory compliance, nutritional analysis, and translation.
US-based San Antonio Testing Laboratory provides environmental and industrial analytical testing services.
Maverick Aviation Group, a leading Canadian provider of NDT services, has acquired Vision Inspection Services Canada Inc. ("Vi-Scan"), a Calgary-based provider specializing in non-destructive testing for aviation safety.
Dutch-based Normec, a specialist in testing, inspection, certification, and compliance, has acquired UK-based Simply Certification, a leading certification body for the construction and decarbonization industries.
Medical Technology Associates, LLC (MTA), one of the largest US healthcare testing, inspection, certification, repair, and calibration companies, has acquired Midwest Medical Gas Service, a distributor for top equipment manufacturers and a leading provider of calibration and controlled environment solutions.
