Hoskin Scientific Acquires Durham Instruments
Chattanooga, TN, September 29, 2023
River Associates Investments, L.P. (“River Associates” or “River”), a longstanding lower middle market private equity firm based in Chattanooga, TN, announced the acquisition of Durham Instruments (“Durham”) by its Oakville, Ontario based portfolio company Hoskin Scientific Ltd. (“Hoskin”). Based in Pickering, Ontario, Durham is a leading supplier of test & measurement instrumentation, data acquisition and control systems. The business offers custom system measurement solutions including hardware and software integration and on-site technical service.
“We are pleased to welcome the Durham Instruments team to the growing Hoskin Scientific family” commented Justin Warren, Chief Executive Officer of Hoskin. “Since 1977, Durham Instruments has built a strong reputation for delivering expert consultative support to customers in the aerospace, automotive, industrial and research fields. Hoskin’s national footprint will provide a platform for Durham to be able to accelerate its growth as well as provide existing Hoskin customers access to a wider range of products. The acquisition of Durham further enhances Hoskin’s positioning as the Canadian market leader of test and measurement solutions.”
The Durham business will continue to trade under its own brand and will sit alongside the Avensys and CTH brands in the Hoskin Scientific portfolio.
Debt financing for the transaction was provided by PNC Mezzanine Capital. River Associates and the management teams at Hoskin and Durham continue to seek complementary strategic acquisition partners for the company. For more information, please reach out to Mark Jones.
About Hoskin Scientific:
Founded in 1946, Hoskin Scientific provides test and measurement data to monitor critical applications in Environmental, Geotechnical and Industrial Applications. The company provides dedicated local technical support to customers across Canada through a national network, providing sales, service support, integration and rental of test and measurement solutions across 4 locations in Vancouver, Edmonton, Oakville and Montreal. Key applications served include instruments for the monitoring of air, water, soil, asphalt, petroleum and concrete across Environmental, Mining, Construction, Forestry, Industrial and Utility markets. More information is available at www.hoskin.ca.
About River Associates:
River Associates is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle-market and has served as a financial sponsor partner for management teams for over 30 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies. River Associates is opportunistic as to industry and has invested in numerous manufacturers, high margin distributors, industrial service providers and business service companies. River targets U.S. & Canadian companies typically with EBITDA in the $3-15 million range. Since its founding in 1989, River Associates has initiated more than 110 transactions. River is currently investing its eighth investment fund, which has $345 million of committed capital. For more information visit www.riverassociates.com.