Patriot Capital Invests in Premium Inspection and Testing

Patriot Capital is pleased to announce its recent investment in Premium Inspection and Testing (“Premium”), a Calvert Street Capital Partners (“CSCP”) portfolio company.  On May 5, 2015, Premium acquired Quad City Testing Laboratory and Quad City Calibration (collectively, “QCTL”); Patriot provided subordinated debt and equity in support of the acquisition.

The acquisition of QCTL allows Premium, to offer a broader range of services to its customers as well as expand its presence into other geographies and end markets.  Premium is led by a world-class Board and management team including Jim Treat and Mike Cooper, two industry veterans who have successfully built and sold large inspection companies throughout their careers.

Premium, through its operating subsidiaries, Permian NDT and Quad City, provides nondestructive testing (“NDT”) and inspection services to a wide variety of safety critical industries.  In addition to NDT services, Premium provides inspection, training, and calibration services both on-site and in-house from its various operating locations in Gardendale, Borger and Longview, TX, Carlsbad, NM, Davenport, Iowa, Chicago, IL and its Headquarters in Houston, TX.

The transaction represents Patriot’s second investment alongside CSCP, as the two funds had previously invested in IOS Holdings, Inc.  Brian Guerin of CSCP noted, “Patriot was a wonderful partner in our IOS strategy and we are excited to be working with them again on Premium.”