Funds managed by Blackstone Energy Transition Partners have agreed to acquire DarkVision Technologies from Koch Engineered Solutions, a division of Koch. Financial terms of the transaction were not disclosed.
Founded in 2013 and headquartered in North Vancouver, British Columbia, DarkVision develops advanced ultrasound imaging systems used to inspect critical industrial and energy infrastructure.
The company’s technology stack includes imaging sensors, proprietary silicon chips, AI models that identify and quantify defects, and software that transforms large volumes of ultrasound data into photorealistic three-dimensional images.
DarkVision’s technology helps customers evaluate the condition of industrial assets, identify potential defects and assess the risks associated with infrastructure damage or degradation.
The company has approximately 300 employees and serves customers across global industrial and energy markets.
Blackstone plans to support DarkVision’s continued product development and expansion as demand grows for technologies that improve infrastructure safety, reliability, maintenance and production efficiency.
The acquisition remains subject to customary closing conditions.
Stifel and Guggenheim Securities served as financial advisors to Blackstone, while Kirkland & Ellis and Bennett Jones served as its legal advisors. Evercore advised DarkVision, and Fasken Martineau DuMoulin served as the company’s legal advisor.
KEY QUOTES:
“As demand for aging existing and in-development critical energy infrastructure rises, the need for platforms like DarkVision that improve production efficiency and prevent asset downtime has never been greater. The company’s strong reputation for innovation and customer service, coupled with a growing portfolio of proprietary and cutting-edge technologies, helps enhance the safety, maintenance and resilience of critical assets.”
“We are excited to partner with Stephen, Graham and DarkVision’s management team to support the next phase of growth.”
Darius Sepassi, Senior Managing Director, and Danny Brennan, Managing Director, at Blackstone Energy Transition Partners
“DarkVision is exactly the type of business we look to back: a market-leading company built by exceptional entrepreneurial founders, with differentiated technology and strong customer relationships. Blackstone’s resources and experience across industrial and energy markets position us well to support DarkVision as Stephen, Graham and the management team continue to innovate and scale the platform.”
David Foley, Global Head of Blackstone Energy Transition Partners
“Our high bar for innovation and first-principles approach has allowed us to build highly disruptive and differentiated products that deliver enormous value to customers, leading to rapid market adoption. We’re still at the early stages of our journey and are excited about the opportunities ahead as we keep building more advanced generations of ultrasound technology.”
“We’re thrilled to be partnering with Blackstone as we continue to advance our vision of becoming the global leader in non-destructive testing.”
Stephen Robinson, Founder and CEO of DarkVision
“Since joining KES, DarkVision has continued to advance its innovative inspection technologies while expanding its capabilities to help operators make the best decisions about some of their most critical assets. We are grateful to the entire DarkVision team for their vision and partnership and are confident the company is well positioned for continued growth under Blackstone’s ownership.”
Dave Dotson, President of Koch Engineered Solutions
