Energy
MISTRAS Group to Be Acquired by H.I.G. Capital in $866 Million Deal
MISTRAS Group Inc. (NYSE: MG) has agreed to be acquired by affiliates of H.I.G. Capital, a Miami-based alternative investment firm with $75 billion of capital under management, in an all-cash transaction representing an enterprise value of approximately $866 million, including outstanding debt. MISTRAS announced the definitive agreement on 18 September 2026.
Stockholders will receive $20.35 in cash for each share of common stock. The purchase price represents a premium of approximately 8% to the company’s 30-day volume-weighted average share price and 13% to its 90-day average for the period ended 17 September 2026, and is inclusive of 61% price appreciation since 31 December 2025.
New Jersey–based MISTRAS provides nondestructive testing, pipeline inspection, condition monitoring, maintenance planning, and laboratory testing services to markets including oil and gas, aerospace and defense, power generation and transmission, infrastructure, and industrials, supported by a proprietary management software suite that centralizes integrity data for predictive analytics.
Natalia Shuman, president and CEO of MISTRAS, said H.I.G.’s confidence in the business validates the work the company has done through its Vision2030 transformation to deepen the ways it serves existing customers, expand into new, high-growth end markets, and drive efficiency. Matt Gullen, managing director at H.I.G., said MISTRAS “has built an impressive platform supported by a highly skilled workforce and longstanding customer relationships.”
The MISTRAS board of directors unanimously approved the transaction, which is expected to close in late 2026 or early 2027, subject to customary closing conditions, including stockholder approval and required regulatory approvals. H.I.G. affiliates have entered into voting and support agreements with holders of approximately 31% of MISTRAS common stock, who have agreed to vote all owned shares in favor.
The agreement includes a 40-day go-shop period, expiring at 11:59 p.m. (ET) on 27 October 2026, during which the board—with the assistance of financial advisor Baird—may solicit and consider alternative acquisition proposals. Upon completion of the transaction, MISTRAS common stock will no longer be listed on the New York Stock Exchange.
