2009-08-12-2007-07-01

To acquire the stock of Toronto-based company and related companies providing nondestructive testing inspection services in Canada.

Team Inc., Alvin, Texas, (Nasdaq: TISI) plans to acquire the stock of Toronto-based Aitec Inc. and its related companies for approximately C$37 million (US$34 million) in cash. Aitec provides nondestructive testing inspection services in Canada to the oil and gas and other industries and has 13 service locations across Canada, with its biggest operations in Alberta and Ontario. The deal makes Team the second-largest inspection service provider in Canada. Team intends to add the service locations to its TCM division that provides inspection and heat-treating services. The newly acquired inspection services will be marketed under the Team Industrial Services brand name. Team chairman and chief executive Phil Hawk says, "This gives us a significantly expanded overall market presence in Canada, where we had no previous inspection business. The big upside is the exciting future growth of all our service lines in Canada as we capitalize upon our much larger market presence there." Team funded the deal from an amended and restated C$135 million senior credit facility.