Nouvelles et évènements


December 20, 2018

MONTREAL, DECEMBER 17, 2018 – Novacap, one of Canada's leading private equity firms, announced the sale of Calgary-based Onstream Pipeline Inspection Services Inc. (“Onstream”), a leading North American provider of inline pipeline inspection and data analytics services to MISTRAS Group, Inc. (“MISTRAS”) (NYSE:MG).

Mistra acquires Novacap-Backed Onstream

Headquartered in Calgary, Alberta, Onstream is a leading provider of proprietary, technology-enabled inline inspection and data analytics services specializing in the “unpiggable” segment of the small to mid-bore gathering and midstream North American pipeline markets. In addition, Onstream’s recently commercialized 16-inch combination tool marks the next stage in the company’s growth as it is now able to service the large diameter midstream market. At the core of Onstream’s values is its culture of customer centricity and history of being able to provide the highest inspection standards with the quickest turnaround time in the industry.

Onstream offers a combination of inspection tools with high-resolution sensors in both free swimming and tethered configurations to identify and record all pertinent pipeline data including hardware, girth welds, bends, metal loss defects and pipeline specific geometry features. Its bi-directional combination tether tool provides an inline inspection option for pipelines previously deemed to be “un-piggable” by traditional free-swimming methods.  Most importantly, Onstream consolidates all the data it collects in its proprietary “Streamview” software, where a team of experienced data analysts utilize proprietary algorithms to analyze data and quickly provide highly insightful reports to customers.

 “Through our Novacap TMT IV fund, we originally invested in Onstream in 2015 with a clear objective of partnering with excellent entrepreneurs to accelerate growth through key investments in personnel and technology, and trigger the organic expansion to the US. Today, I strongly believe  our collective objectives were met and I am proud and confident that the company will continue to flourish under MISTRAS” said David Lewin, Partner at Novacap and Board member of Onstream.

“We are very grateful to the entire Novacap team, which played a key strategic role in our expansion and success, mainly by helping us consolidate a solid footprint in the US market and building our team to further invest in key technologies relevant to our customers while always maintaining our focus on superior customer service. We are now very excited to tackle this new chapter in our company’s history within the MISTRAS Group.  Also, by incorporating MISTRAS’ world-class NDT and ANDT technologies, we believe we’ll accelerate and expand our service offering as well as further develop and introduce new technologies to enhance our overall capabilities,” added Chad Niehaus and Gerry Wilkinson, co-founders of Onstream, both of whom will remain with MISTRAS.

Baird served as financial advisor and McMillan LLP served as legal counsel to Novacap.

About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. Novacap has raised $375 M for its TMT IV Fund and over $840 M for its TMT V Fund. The firm’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit

About Onstream Pipeline Inspection Services Inc.

Onstream was founded in Calgary, Alberta in 2005. Onstream uses advanced technologies to provide reliable and accurate pipeline inspection results to producers and pipeline operators, with a focus on continual technological and software advancement. Onstream’s goal is to meet or exceed customer safety, scheduling, operational and reporting expectations. The Company believes it is important to establish a mutual relationship with its customers and employees to provide a work environment that promotes loyalty and trust. For more information, please visit




Media Contacts

For Novacap and Onstream:

Valerie Gonzalo

AGO Communications


[email protected]