IOS was founded in 1991 as a regionally focused upstream oil and gas equipment inspection business based in Lafayette, Louisiana. Looking for an opportunity to achieve partial liquidity for the company’s founder while continuing to expand the business, the shareholders chose to partner with Calvert Street in early 2011. During Calvert Street’s ownership, IOS was transformed from a regional provider of a narrow range of inspection services to the leading independent tubular integrity management company in the US upstream market.


Industry: Industrial Services

Investment Thesis

Calvert Street acquired IOS as part of a strategy to build an industry-leading, diversified inspection, testing, and related value-added services business to serve the US upstream oil and gas markets.  Prior to Calvert Street’s investment in IOS, our team had identified the broader testing and inspection space as an attractive market opportunity. With the rapid growth of unconventional energy exploration in the US driven by technological advances and a highly fragmented market in need of a truly independent, national player, Calvert Street viewed the high-value-add upstream O&G asset integrity services sector as a specific segment of interest.


Value Creation Milestones