Australian testing and inspection services company ALS has entered an agreement to sell its multinational oil and gas business to Chicago-based private equity firm Madison Industries for $109 million.
Madison Industries is one of the world’s largest private companies and has owned or operated more than 100 companies. It works together with management teams, providing capital and delivering strategic solutions to achieve the company’s goals.
ALS has an annual revenue of more than $1.2 billion and more than 13,000 employees worldwide.
ALS managing director Greg Kilmister said the company decided to sell the business after a strategic review of its oil and gas business in November 2016.
However, the company decided to only retain its laboratory services component.
The sale is set for completion on July 31 2017.