Private equity firm Pine Tree Equity Management LP recapitalized XCEL NDT LLC in a deal that saw its portfolio company CrossBridge Compliance take over the non-destructive testing and pipeline integrity services provider.
The deal, financial terms of which were not disclosed, was completed in March. The recapitalization was made through the firm's Pine Tree Equity III LP fund.
With the acquisition of XCEL, Pine Tree has invested in 11 industrial services companies. The private equity firm said it is looking for additional testing, inspection and certification investments.