Deal Journal

Investment Thesis: Australian Industrial Asset Integrity & NDT Roll-Up

Australia’s NDT and asset integrity sector offers a strong roll-up opportunity driven by legally mandated, recurring maintenance work and a fragmented base of small operators. Entry at a $200k–$300k level is feasible through niche inspection “wedge” businesses, with scale created via acquisitions, shared talent, and expanded service capabilities—leading to significant valuation upside at exit.