H.I.G. Capital Agreed to Acquire Mistras Group

The private equity firm will purchase the industrial testing provider in an all-cash deal valued at $866 million.

Updated on Sept. 18, 2026 in Corporate Finance

Isometric editorial illustration of a precision sensor probe resting on industrial steel, representing an industrial acquisition. — H.I.G. Capital has agreed to acquire industrial testing provider Mistras Group in an all-cash transaction valued at approximately $866 million. AI Illustration. Upload story photo >

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H.I.G. Capital has reached a deal to acquire Mistras Group for $20.35 per share in a transaction totaling $866 million including debt. The agreement received unanimous approval from the board of directors and represents a 61% premium over the company's December 31, 2025, closing price.

Why it matters

The acquisition marks a major milestone for Mistras Group as it continues executing its Vision2030 strategy focused on transforming customer relationships and expanding market reach. This investment validates the company's recent operational progress, including raised fiscal 2026 sales guidance.

Mistras reported second-quarter revenue of $193.13 million and adjusted earnings of 28 cents per share. The company also updated its fiscal 2026 sales guidance to a range between $740 million and $755 million.

The players

H.I.G. Capital

A global alternative investment firm that specializes in providing both debt and equity capital to small and mid-sized companies.

Mistras Group

A provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial, and public infrastructure.

The details

The transaction will see shareholders receive $20.35 per share, a move that sent the company's stock to a 52-week high of $20.88 shortly after the announcement. Mistras concluded the quarter in June with $22 million in cash and equivalents against total gross debt of $172.1 million.

December 31, 2025: The date used for the purchase premium calculation.
June 2026: The month Mistras ended the second quarter with $22 million in cash.
August 2026: The company released its second-quarter earnings report.
September 18, 2026: The acquisition agreement was announced.
Late 2026 or early 2027: The expected window for closing the acquisition.

Market Landscape

The deal signals continued consolidation within the industrial services sector as private equity firms seek to acquire companies with established market infrastructure. This move positions Mistras to accelerate its long-term strategic transformation while providing an exit for public shareholders.

Shareholders will see their equity converted to cash at $20.35 per share once the transaction closes in late 2026 or early 2027. Customers and partners of Mistras should expect business continuity as the company maintains its current transformation strategy throughout the transition period.

The takeaway

The $866 million acquisition highlights the high valuation placed on industrial testing firms that control critical infrastructure data. Investors should note that the company's upward revision of its 2026 sales guidance served as a clear indicator of its growth trajectory leading up to the sale.