Blackstone Energy Transition Partners Announces Agreement to Acquire DarkVision from Koch Engineered Solutions
NEW YORK & VANCOUVER, British Columbia–(BUSINESS WIRE)–
Blackstone (NYSE: BX) today announced that funds managed by Blackstone Energy Transition Partners (“Blackstone”) have entered into a definitive agreement to acquire DarkVision Technologies Inc. (“DarkVision”), the leader in advanced ultrasound imaging technologies used for the inspection of critical industrial infrastructure, from Koch Engineered Solutions (KES), a unit of Koch, Inc. (“Koch”).
Founded in 2013 and headquartered in North Vancouver, British Columbia, DarkVision has redefined what’s possible in ultrasound imaging. The company has developed innovations and deep expertise across the entire technology stack from imaging sensors and silicon chips, to defect-quantifying AI models and rendering software used to transform petabytes of ultrasound data into photorealistic 3D visuals. DarkVision’s high-resolution, high-fidelity imaging solutions help customers assess the integrity of critical assets by identifying and quantifying defects and their associated risks, helping drive accurate and informed decisions. With approximately 300 employees, DarkVision serves a broad range of customers across global industrial and energy markets.
Darius Sepassi, Senior Managing Director, and Danny Brennan, Managing Director, at Blackstone Energy Transition Partners, said: “As demand for aging existing and in-development critical energy infrastructure rises, the need for platforms like DarkVision that improve production efficiency and prevent asset downtime has never been greater. The company’s strong reputation for innovation and customer service, coupled with a growing portfolio of proprietary and cutting-edge technologies, helps enhance the safety, maintenance and resilience of critical assets. We are excited to partner with Stephen, Graham, and DarkVision’s management team to support the next phase of growth.”
David Foley, Global Head of Blackstone Energy Transition Partners, said: “DarkVision is exactly the type of business we look to back: a market-leading company built by exceptional entrepreneurial founders, with differentiated technology and strong customer relationships. Blackstone’s resources and experience across industrial and energy markets well positions us to support DarkVision as Stephen, Graham, and the management team continue to innovate and scale the platform.”
Stephen Robinson, CEO & Founder of DarkVision, said: “Our high bar for innovation and first principles approach has allowed us to build highly disruptive and differentiated products that deliver enormous value to customers, leading to rapid market adoption. We’re still at the early stages of our journey and are excited about the opportunities ahead as we keep building more advanced generations of ultrasound technology. We’re thrilled to be partnering with Blackstone as we continue to advance our vision of becoming the global leader in non-destructive testing.”
Dave Dotson, President of Koch Engineered Solutions, said: “Since joining KES, DarkVision has continued to advance its innovative inspection technologies while expanding its capabilities to help operators make the best decisions about some of their most critical assets. We are grateful to the entire DarkVision team for their vision and partnership and are confident the company is well positioned for continued growth under Blackstone’s ownership.”
Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions. Stifel and Guggenheim Securities acted as financial advisors, and Kirkland & Ellis and Bennett Jones acted as legal advisors to Blackstone. Evercore served as financial advisor and Fasken Martineau DuMoulin served as legal advisor to DarkVision.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having invested over $29 billion of equity globally across a broad range of sectors across the energy transition landscape. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
About Koch Engineered Solutions
Koch Engineered Solutions is a global industrial solutions partner, encompassing a diverse network of specialized businesses, each a leader in their respective fields. We deliver tailored solutions to optimize performance and drive ongoing progress across the industrial spectrum including mass transfer; combustion and emissions controls; process technology development and licensing; full engineering, procurement and construction; and utility-scale solar and energy storage. As part of Koch, Inc., we foster a culture of collaboration, where expertise across various domains converges to solve our customers’ challenges.
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