IPO FILING: Mistras Group, Inc.

A company by the name of Mistras Group, Inc. has just filed to come public via an SEC Filing.  The proposed sale amount for filing purposes is $172.5 million in gross proceeds.

The book-running managers are listed as Credit Suisse and JPMorgan, while co-managers are listed as Robert W. Baird and as Banc of America Securities.

The company is a global provider of proprietary, technology-enabled non-destructive testing (NDT) solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure.

As of February 29 it lists 52% of its customer business base as oil and gas or tied to it, 28% from aerospace and public infrastructure, 13% from fossil or nuclear power generation and transmission, and 7% from chemicals.  For the nine months ended February 29, 2008, it generated 73.7% of revenues from Services segment, 9.8% from Software and Products segment for sales to external customers, and 16.5% from International segment.  Just a few of the key clients are listed as BP, Honeywell, Bayer, Dow, American Electric power, ExxonMobil, and many more.

Brief financial data is as follows:

• Revenues of $122.2 million and $104.2 million for fiscal 2007 and the nine months ended February 29, 2008, respectively; which compares to revenues of $93.7 million and $86.9 million for fiscal 2006 and the nine months ended February 28, 2007, respectively.
• EBITDA of $18.8 million and $16.1 million for fiscal 2007 and the nine months ended February 29, 2008, respectively; which compares to EBITDA of $12.4 million and $12.3 million for fiscal 2006 and the nine months ended February 28, 2007, respectively.

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Jon C. Ogg
June 10, 2008