Acuren Q2 2025 slides: Completes NV5 acquisition, creates $2B+ revenue leader

Introduction & Market Context

Acuren Corp (NYSE:TIC) presented its Q2 2025 earnings results on August 14, 2025, highlighting the completion of its transformational acquisition of NV5, which closed on August 4, 2025. The presentation revealed the creation of a $2 billion-plus revenue leader in tech-enabled testing, inspection, certification, and compliance (TICC) and engineering services across North America.

Acuren’s stock closed at $9.62 on August 13, 2025, up 2.34% for the day, as investors anticipated details of the merger integration and quarterly performance.

Transaction Details

The company announced that the NV5 transaction, initially revealed on May 15, 2025, closed ahead of schedule with an enterprise value of approximately $1.7 billion. NV5 shareholders received $10.00 per share in cash and 1.1523 shares of Acuren stock for each NV5 share. The transaction included repayment of NV5’s $208 million debt and the issuance of approximately 79 million Acuren shares.

As shown in the following transaction summary:

The cash consideration was funded by $875 million of new debt financing, resulting in a 4.1x net leverage ratio. As part of the transaction, Dickerson Wright, Ben Heraud, and Byron Roth joined Acuren’s Board, with Ben Heraud appointed as President and Chief Operating Officer. The company has launched integration efforts with cross-selling initiatives and is targeting more than $20 million in cost synergies.

Quarterly Performance Highlights

Legacy Acuren’s Q2 2025 performance showed modest revenue growth but declining margins compared to the same period last year. Revenue increased to $314 million from $309 million in Q2 2024, representing a 1.6% year-over-year growth. However, Adjusted EBITDA decreased to $55 million from $59 million, with margins contracting from 19.1% to 17.4%.

The quarterly performance metrics are illustrated in the following chart:

The company’s organic revenue growth was 2.0% for the quarter when adjusted for currency fluctuations and acquisitions. For the six-month period ended June 30, 2025, organic growth was stronger at 4.6%, suggesting some deceleration in the second quarter.

Combined Entity Overview

The newly formed entity represents a significant player in the TICC and engineering services market, with combined full-year 2024 revenue of $2.039 billion, reflecting a 7% increase from $1.907 billion in 2023. For the first half of 2025, the combined revenue reached $1.034 billion, up 6% from $976 million in the same period of 2024.

The historical combined revenue trend is illustrated below:

The combined company now employs over 11,000 people across more than 230 locations, with approximately 70% of revenue generated in the United States and 30% internationally. This scale positions Acuren as a market leader in North America for tech-enabled TICC and engineering services.

Strategic Rationale & Growth Opportunities

Acuren emphasized several investment highlights for the combined entity, focusing on its market leadership, mission-critical services, and diversified end markets.

The company’s investment thesis is summarized in the following slide:

The presentation highlighted the complementary nature of Acuren and NV5’s businesses, creating significant cross-selling opportunities. These include Canadian market expansion, infrastructure and inspection integration, emerging market development, lab testing and engineering integration, and energy transition services.

As illustrated in this cross-selling opportunity overview:

The company also emphasized the resilience of its business model across economic cycles, showcasing historical performance through both the Global Financial Crisis and the COVID-19 pandemic. The services provided are described as mission-critical and non-discretionary, often with recurring revenue streams.

The presentation highlighted the company’s diverse service offerings and the growing demand driven by aging infrastructure:

Forward Outlook & Integration Plans

Acuren’s capital structure following the transaction includes $875 million in new fungible term loan debt at SOFR + 275 basis points. The company also upsized its revolving credit facility from $75 million to $125 million. Common stock outstanding totaled 200,589,758 shares as of August 12, 2025.

The integration of NV5’s business is structured around three main segments: Infrastructure Support (approximately 50% of NV5’s 2024 revenue), Geospatial Technology (30%), and Buildings & Technology (20%). Key growth drivers include strategic utility undergrounding, transportation infrastructure, international expansion, and data centers.

The company’s asset lifecycle management approach provides a framework for its integrated service offerings:

While the presentation emphasized growth opportunities and synergies, investors should note the margin pressure evident in legacy Acuren’s results. The successful integration of NV5 and realization of the targeted cost synergies will be critical for the combined entity to deliver on its growth and profitability objectives in the coming quarters.

Full presentation:

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.