{"id":8790,"date":"2026-10-27T03:50:00","date_gmt":"2026-10-27T03:50:00","guid":{"rendered":"https:\/\/aventis-advisors.com\/?p=8790"},"modified":"2026-11-06T19:11:25","modified_gmt":"2026-11-06T19:11:25","slug":"bewertung-elektropruefung","status":"publish","type":"post","link":"https:\/\/aventis-advisors.com\/de\/bewertung-elektropruefung\/","title":{"rendered":"Bewertung von Unternehmen der elektrotechnischen Pr\u00fcfung und Inspektion: EV\/EBITDA & EV\/Revenue"},"content":{"rendered":"

An electrical testing business is usually built over decades: certified technicians, long-standing relationships with facility owners and utilities, and a reputation for being on site when the power has to stay on. When you decide to sell, that work should show up in the price. Private equity platforms made 85% of electrical testing acquisitions since 2021, so the first call is likely to come from one. What the business fetches depends on how many credible buyers compete for it, and 50 different buyers have bought electrical testing companies since 2015. What follows sets out what electrical testing firms have sold for, what lifts or lowers the value and who has been buying.<\/p>

The segment covers two kinds of firm. Power systems testing companies test and commission switchgear, circuit breakers, transformers, protective relays, cables and substations, usually to the NETA ATS and MTS standards. Installation safety testing companies carry out the periodic testing that landlords, employers and insurers require, such as EICRs and portable appliance testing in the UK, DGUV V3 in Germany and NEN 3140 in the Netherlands, plus thermography. Both kinds of work recur, on NFPA 70B maintenance cycles or on intervals set by regulation or insurers, so a firm with a record of renewals shows buyers revenue they can rely on.<\/p>

This article gathers what is public, sets it against inspection company valuations<\/a> as a whole and the wider TIC sector, and covers what drives the value of an electrical testing business and who is buying.<\/p>

In short, one deal in the segment discloses an EBITDA multiple, too few for a median. The five deals with a revenue multiple have a median of about 1.7x revenue<\/strong>, a little above the 1.6x for all inspection deals and a little below the 1.8x median for all TIC deals<\/a>. For EBITDA, the median of 9.5x<\/strong> across 25 inspection deals is the better reference. Those 25 deals have a median deal size of about $120M.<\/p>

Electrical Testing Deal Multiples Compared With the Wider TIC Market<\/h2>

Of the 106 electrical testing deals in our database since 2015, 7 disclose a deal value. Adding company filings and announcements, we could calculate an EV\/EBITDA multiple for 1 transaction and an EV\/Revenue multiple for 5. The segment figures below are therefore indicative only.<\/p>

<\/th>Electrical testing<\/th>All inspection<\/th>All TIC (Aventis database)<\/th><\/tr><\/thead>
Median EV\/EBITDA<\/td>n\/a (1 deal)<\/td>9.5x (25 deals)<\/td>9.9x (54 deals)<\/td><\/tr>
Median EV\/Revenue<\/td>1.7x (5 deals)<\/td>1.6x (63 deals)<\/td>1.8x (142 deals)<\/td><\/tr>
Median deal size<\/td>$15.2M (7 deals)<\/td>$15.0M (127 deals)<\/td>$13.4M (282 deals)<\/td><\/tr><\/tbody><\/table>
Source: Aventis Advisors TIC deal database.<\/figcaption><\/figure>

Of the 59 power systems testing deals, 54 were made by private equity-backed buyers, mostly add-ons and platform sales, and one discloses a value, so the segment multiples say little about power systems testing firms. With five data points of very different size and country, the 1.7x is a rough guide. A smaller firm should expect a multiple below the 9.5x inspection reference unless several buyers compete for it and it can show testing revenue separate from repair, a deep bench of certified technicians and recurring maintenance contracts.<\/p>

We track every electrical testing acquisition since 2015, 106 deals by 50 different buyers, so we know which buyers fit a firm like yours and what they have paid.<\/p>

What is your firm worth?<\/strong><\/p>

Send us three numbers: revenue, EBITDA and revenue growth rate. Within two working days we show you in confidence how your firm measures up against 106 electrical testing deals, which buyer groups have acquired firms like yours, and how any offer you hold compares with what they paid where terms are published.<\/p>

Request your valuation assessment<\/a> or email the numbers to marcin.majewski@aventis-advisors.com<\/a>.<\/p><\/div>

What Drives an Electrical Testing Valuation<\/h2>

A buyer works through each of the points below in due diligence, and each one moves an electrical testing business up or down the range. Several of them need two or three years of records before they show well, so it pays to start early.<\/p>

Testing revenue against repair, remanufacturing and parts.<\/strong> Many power systems testing firms also repair and remanufacture breakers and transformers, sell reconditioned equipment and parts, or take on installation work. Buyers pay inspection-type multiples for acceptance and maintenance testing revenue, and value repair, remanufacturing and equipment resale like industrial services, at lower multiples. Show this: revenue and gross margin by service line for the last three years, with testing separated from everything else.<\/p>

Certified technicians and crew capacity.<\/strong> In power systems testing, buyers count NETA Level III and Level IV technicians, who lead test crews and sign off results, and look at how many junior technicians are working toward those grades. In installation testing, they count qualified electricians and testers, such as holders of the 18th Edition wiring regulations and City & Guilds 2391 inspection and testing qualifications in the UK, or Elektrofachkräfte in Germany. Crew size and retention set how much work the firm can take on, and a firm where the owner still leads the important jobs carries key-person risk. Show this: a technician list with certification level, years of service and staff turnover for the last three years.<\/p>

Accreditation and scheme approvals.<\/strong> NETA Accredited Company status marks an independent third-party testing firm with certified technicians, and many utility, data center and industrial specifications call for NETA-certified staff. In the UK, NICEIC or NAPIT registration and UKAS accreditation support access to framework contracts; in the Netherlands, SCIOS Scope 8 certification covers NEN 3140 inspections, which employers need under health and safety law and which insurers may require. Buyers check which approvals sit with the company and which with named individuals, and what happens to each on a change of ownership.<\/p>

End markets.<\/strong> Power systems testing work comes from data centers and critical power, utilities and grid upgrades, renewables and battery storage, and industrial plants. Buyers look at the mix and at how much depends on one customer or one construction program. Installation testing is driven by obligations on landlords, employers and building owners, such as the five-yearly electrical checks in private rented homes in England, the Electricity at Work Regulations 1989 in the UK, DGUV V3 in Germany and insurer requirements in the Netherlands. Show this: three years of revenue by end market and the trend in each.<\/p>

Recurring maintenance contracts against one-off commissioning.<\/strong> Multi-year maintenance testing programs, including electrical maintenance programs under NFPA 70B, and periodic EICR, DGUV V3 or NEN 3140 cycles bring revenue back every year. Commissioning and acceptance testing on new projects is often larger per job, but it has to be won again project by project. Buyers value the first above the second, so show the share of revenue under contract, renewal rates and the next due dates in your periodic testing register.<\/p>

Safety record.<\/strong> Testing energized equipment carries arc flash and shock risk, and utilities, data center operators and industrial customers prequalify contractors on their safety statistics. A clean record protects revenue; a poor one narrows the field of buyers. Have three years of incident rates and current prequalification certificates to hand.<\/p>

Size and regional density.<\/strong> Testing is a field business, and a firm with dense coverage of one region, or crews in several states or provinces, fills a gap on a platform’s map. Smaller firms are usually bought as add-ons, at lower multiples, because the buyer takes on integration work and customer concentration.<\/p>

How we present these to buyers.<\/strong> A buyer pays for what it can see and check. Part of our work in a sale is to present the business as strongly as the facts allow: we separate testing revenue from repair and parts, show the certified technicians and crew capacity, and set out the recurring maintenance contracts, and we deal with weak points before a buyer finds them and uses them to lower the offer, and the valuation assessment above is the place to start, a year or two before a sale.<\/p>

Who Is Buying Electrical Testing Companies<\/h2>

We count 106 acquisitions of electrical testing companies since January 2015, by 50 different buyers. Private equity firms and their platforms made 81% of them. Their share has risen from 72% of the 32 deals in 2015 to 2020 to 85% of the 74 deals since 2021. The targets were in 10 countries: 67 in North America, 19 in the UK and Ireland, 14 in continental Europe, 5 in Australia and 1 in Latin America.<\/p>

The two kinds of firm attract different buyers. Reading each target’s description, 59 of the 106 deals were power systems testing firms and 47 installation safety testing and thermography firms. Private equity-backed buyers made 92% of the power systems testing deals and 68% of the installation safety testing and thermography deals; strategic buyers made the other 32% of the installation deals.<\/p>

<\/th>Power systems testing<\/th>Installation safety testing and thermography<\/th><\/tr><\/thead>
Deals since 2015<\/td>59<\/td>47<\/td><\/tr>
Deals since 2021<\/td>39<\/td>35<\/td><\/tr>
Share bought by private equity-backed buyers<\/td>92%<\/td>68%<\/td><\/tr>
Targets by region<\/td>56 North America, 3 elsewhere<\/td>18 UK and Ireland, 13 continental Europe, 11 North America, 5 Australia and Latin America<\/td><\/tr><\/tbody><\/table>
Source: Aventis Advisors TIC deal database.<\/figcaption><\/figure>

The five most frequent buyers are all private equity-backed: North American power systems testing platforms and Dutch and UK compliance groups. The table shows each buyer’s electrical testing deals and its other TIC acquisitions since 2015, which add up to its total.<\/p>

Buyer<\/th>Headquarters<\/th>Ownership<\/th>Electrical testing deals<\/th>Other TIC deals<\/th>Total TIC deals<\/th><\/tr><\/thead>
Resa Power<\/td>US<\/td>PE-backed (Kohlberg since 2025)<\/td>17<\/td>1<\/td>18<\/td><\/tr>
Sansidor<\/td>Netherlands<\/td>PE-backed (IK Partners since 2024)<\/td>5<\/td>21<\/td>26<\/td><\/tr>
PTSG (Premier Technical Services Group)<\/td>UK<\/td>PE-backed (Macquarie since 2019)<\/td>5<\/td>6<\/td>11<\/td><\/tr>
Shermco Industries<\/td>US<\/td>PE-backed (Blackstone since 2025)<\/td>5<\/td>2<\/td>7<\/td><\/tr>
Integrated Power Services<\/td>US<\/td>PE-backed (Searchlight Capital since 2021)<\/td>4<\/td>0<\/td>4<\/td><\/tr><\/tbody><\/table>
Source: Aventis Advisors TIC deal database.<\/figcaption><\/figure>

For an owner, the table points to two groups of buyer: North American platforms that add one NETA-type testing firm after another to fill out their regional coverage, and compliance groups for which an installation testing firm is one of many inspection acquisitions. An approach will most likely come as an add-on offer, with questions about where your crews and customers sit on the buyer’s map. A private equity-backed buyer and a strategic buyer weigh a business differently and plan a different role for the owner after completion; see strategic vs financial buyers<\/a>.<\/p>

One buyer’s offer tells you what that buyer would like to pay. Offers from several buyers, made at the same time on the same information, tell you what the business is worth. That is what a sale process does, and it is the work we do for owners: talk to us<\/a> before you reply to an approach.<\/p>

Selling an Electrical Testing Company: What a Run Process Changes<\/h2>

An approach usually comes on the buyer’s timetable, on the buyer’s terms and with no rival offer to compare it against, so an owner who answers it alone is negotiating with one party. A competitive sale process changes that in four ways, and running it is what we do for owners.<\/p>

Several buyers bid at the same time.<\/strong> Private equity-backed buyers made 85% of the 74 deals since 2021, and 50 different buyers have bought electrical testing companies since 2015. A NETA platform filling a gap in its coverage and a compliance group entering a new country value the same crews and contracts differently, and offers that arrive in the same week, on the same information, show what the market will pay.<\/p>

The process sets the terms of engagement.<\/strong> The timetable, the information each buyer sees and the date offers are due are set for the seller, so competition decides the value instead of the first buyer’s opening figure.<\/p>

Every term is negotiated while alternatives exist.<\/strong> The cash paid at completion, any deferred or earn-out payment and what it is measured on, and the role the buyer expects you to play after the sale all change what you receive. The buyer will want your Level III and Level IV technicians or senior testers to stay, and the retention terms for them, and for you, move most while a second buyer is still in the process.<\/p>

The business is ready before the first call.<\/strong> A technician list with certification levels, your NETA accreditation and scheme approvals with their change-of-control terms, revenue by service line and end market, the register of maintenance contracts and periodic testing cycles with renewal dates, and three years of safety statistics. Buyers discount what they cannot check, so we prepare this with you before any buyer is contacted.<\/p>

Why Electrical Testing Owners Work With Us<\/h2>

We advise owners on sales with typical enterprise values between $5M and $100M, as partners of the Globalscope network. We also advise serial acquirers, which is how we know the way their offers are built and where they leave room.<\/p>

Recent transactions<\/strong><\/p>