H.I.G. Capital to Acquire Mistras Group in an $866 Million Cash Deal

Mistras Group, Inc. (MG) entered into a merger agreement on September 18, 2026, to be taken private by affiliates of H.I.G. Capital in a deal valued at $866 million.

Deal Structure:

Mistras stockholders will receive $20.35 per share in cash for each share of common stock they own, representing a premium of 2.57% from the stock’s last close.

Company Profile:

Mistras Group is a provider of non-destructive testing, inspection, engineering, maintenance, and condition monitoring services for industrial assets and equipment. The company also develops related monitoring systems, sensors, and software for customers across the energy, aerospace, manufacturing, power, and transportation sectors.

H.I.G. Capital is a global alternative investment firm that provides debt and equity financing to middle-market companies. The firm invests across industries and manages a portfolio of companies globally. H.I.G. Capital manages roughly $75 billion in capital under management.

Deal Details and Timeline:

The deal is expected to close in late 2026 or early 2027.

H.I.G. entered into voting and support agreements with stockholders representing about 31% of the company’s outstanding common stock, under which such stockholders have agreed to vote all of their shares in favor of the deal.

The agreement includes a 40-day “go-shop” period, ending October 27, 2026. During this period, the Board, with help from its financial advisor Baird, can seek and consider other potential buyers or acquisition offers from third parties.

Mistras engaged Baird as its financial advisor and Morgan, Lewis & Bockius and Troutman Pepper Locke as its legal advisors. H.I.G. engaged Texas Capital Securities as its financial advisor and Kirkland & Ellis as its legal advisor.

H.I.G.’s purchase price amounts to 9.85 times the EBITDA of Mistras.

Deal Metrics:

To gain a deeper understanding of this M&A transaction, visit the Deal Metrics page here:

Deal Metrics for the acquisition of Mistras Group, Inc. (MG) by H.I.G. Capital

Our Deal Metrics page for each merger or acquisition features:

• A chart detailing the merger’s spread history from announcement to completion or failure.
• A timeline of events, including the HSR period expiration, regulatory approvals, shareholder votes, and more.
• News updates and SEC filings.
• A history of deal updates.
• And much more valuable information.

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Editor’s Note: Baranjot Kaur contributed to this article