On May 22, 2024, Admiral Acquisition Limited (LSE: ADMR) entered a definitive agreement to acquire 100% of ASP Acuren Holdings, Inc., a leading North American provider of asset integrity services, from American Securities for approximately US$1.85 billion (CAD 2.50 billion). The transaction valued Acuren at 9.7x its projected 2024 EBITDA of US$190 million (CAD 256.5 million). Acuren serves industries such as energy, aerospace, and infrastructure, operating in Canada, the U.S., and the U.K. The company has multiple locations across Canada, including in Alberta, British Columbia, Ontario, and Quebec.

The deal was expected to close in early Q3 2024, with financing supported by $560 million in Admiral's cash reserves, a $1.06 billion loan facility, and additional equity placements. Upon completion, Acuren was to become a wholly-owned subsidiary of Admiral, with plans to list on the NYSE.

Jefferies acted as lead financial advisor and placement agent for Admiral, with legal counsel from Stikeman Elliott as Canadian counsel, and Greenberg Traurig LLP. UBS Investment Bank provided additional financial advice. Baird, Harris Williams LLC, and Weil, Gotshal & Manges LLP acted as financial and legal advisors for Acuren and American Securities.