Team, Inc. Announces Sale of Quest Integrity Business
In late 2021, TEAM announced a plan to review strategic options in order to maximize shareholder value. As a result of the Company’s ongoing portfolio review to streamline its operations and unlock value, the Company has agreed to sell its Quest Integrity business, which constitutes Team’s advanced inspection and engineering operations and reliability management business segment. The sale is expected to close in the fourth quarter of 2022, subject to customary closing conditions and regulatory approvals. This sale allows TEAM to make a substantial debt pay down, improves liquidity and importantly, allows the Company to focus on its core Inspection & Heat Treating and Mechanical Services businesses that represented over 87% of its consolidated revenues year to date through
“After a thorough assessment of the portfolio, our Board of Directors determined that selling Quest Integrity would be a key step in our plan to strengthen our balance sheet and is in the best interests of our shareholders.” said
Quest Integrity provides technology-enabled, advanced inspection and engineering assessment services and products that help organizations in the pipeline, refining, chemical and power industries improve operational planning, increase profitability, and reduce operational and safety risks. The Quest Integrity business generated over
Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions, and beliefs upon which this forward-looking information is based are current, reasonable, and complete. However, such forward-looking statements involve estimates, assumptions, judgments, and uncertainties. Many factors could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others, the Company's ability to hire a new chief executive officer in the near future, if necessary; the duration and magnitude of accidents, extreme weather, natural disasters, and pandemics (such as COVID-19) and related economic effects, the Company’s liquidity and ability to obtain additional financing; the Company’s ability to execute on its cost management actions, the impact of new or changes to existing governmental laws and regulations and their application, including tariffs and COVID-19 vaccination requirements; the outcome of tax examinations, changes in tax laws, and other tax matters; foreign currency exchange rate and interest rate fluctuations; the Company’s ability to successfully divest assets on terms that are favorable to the Company; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; and such known factors as are detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the
Vice President, Corporate Development & Investor Relations
Source: Team, Inc.