G.F. Gay Le Breton and Liam Norton, Chaffe & Associates Inc. //April 15, 2025
https://bit.ly/Chaffe-CB-Apr25
Underscoring the critical role of infrastructure supporting the digital age, Eaton Corp., a global intelligent power management company, agreed in March to buy Minden, Louisiana-based Fibrebond Corporation in a transaction valued at $1.4 billion. The deal is expected to close in the third quarter of 2025.
Fibrebond designs and manufactures innovative and reliable buildings that protect people and mission-critical equipment. Known for its custom modular power structures, it allows customers in the rapidly expanding data center, industrial, utility, and communications sectors to deploy equipment more quickly and cost-effectively. Eaton estimates Fibrebond will generate $110 million adjusted EBITDA in 2025, according to its press release.
The acquisition significantly bolsters Dublin-based Eaton’s position in the multi-tenant data center market. “Fibrebond is known for its engineering capabilities and customer focus in the industries they serve,” said Mike Yelton, president of Eaton’s Electrical Sector in the Americas. “It’s engineered-to-order power enclosures, on which equipment installation and testing procedures are performed off-site, enables customers to get up-and-running in less time and at a lower cost.”
This transaction comes close on the heals of the announcement by Meta that it will build a $10 billion artificial intelligence data center in northeast Louisiana.
Also in March, New Orleans-based private equity firm Black Bay Energy Capital made a strategic growth investment in Scope Computer Vision Technologies, bolstering its AI technology portfolio. Houston-headquartered Scope specializes in applying artificial intelligence to industrial inspections, aiming to enhance safety and efficiency in sectors like energy and utilities.
Founded in 2019, Scope’s technology analyzes visual data to identify potential risks and assess infrastructure integrity. The investment is intended to fuel Scope’s expansion across North America, to broaden its AI product offerings into adjacent markets, and to support international growth. “Scope’s AI-powered inspection technology is transforming how heavy industries ensure operational integrity, mitigate risks, and optimize asset performance,” commented Tom Ambrose, partner at Black Bay.
Joel Hron, CTO of Thomson Reuters and a Scope board member, emphasized the technology’s collaborative potential: “AI-driven computer vision isn’t replacing human expertise—it’s supercharging it. This isn’t just about improving safety and reliability – it’s about empowering people to achieve what was once impossible, at a speed and scale that can redefine industries.”
Financial terms of the transaction were not made available.
Technology was also at the heart of two significant March deals that involved subsea remotely operated vehicles (ROVs).
The Cut Off-based Chouest Group announced that it had acquired Kystdesign As, a Norway-based manufacturer of ROV systems. This move further solidifies Chouest’s position as a global leader in subsea technology for the oil and gas, offshore wind, power and telecommunications sectors.
Bringing advanced ROV design and manufacturing capabilities into the Chouest fold bolsters in-house solutions for Chouest’s subsea service companies, ROVOP and C-Innovation LLC, while providing continued support for Kystdesign’s current clients. The purchase comes a little less than a year after Chouest’s purchase of Scotland-based ROVOP. That deal expanded Chouest’s fleet to more than 100 ROVs and six autonomous underwater vehicles.
“We are thrilled to welcome Kystdesign and its talented team into the Chouest family,” said Dino Chouest. “By joining forces, we will continue delivering cutting-edge ROV systems and advancing the evolution of next-generation underwater robotics.” The first integrated ROV system under this new partnership is already in development.
Kystdesign generated approximately $47 million in revenue in 2024. Terms of the deal were not announced.
Meanwhile SeaTrepid International, located in Robert, Louisiana, announced a definitive agreement to sell to Houston-based Nauticus Robotics, Inc. SeaTrepid is an applied robotic solutions provider offering support for commercial, public safety, municipal, military and scientific applications. It owns and operates a variety of robotic equipment and sensors suites for both inland and offshore customers worldwide.
This strategic combination aims to merge SeaTrepid’s operational expertise and established client relationships with Nauticus’s cutting-edge autonomous systems and AI-driven software solutions, like its ToolKITT platform. The integration is expected to enhance ROV fleet efficiency and performance significantly.
SeaTrepid CEO Bob Christ, who will serve as President of SeaTrepid Operations in the combined entity, highlighted the opportunity, “The market is ready for a strong player bringing automation to existing infrastructure while continuing to push the boundaries of subsea robotic technology.”
Transaction terms were not announced. The deal is expected to close in May 2025.
G.F. Gay Le Breton is managing director for Chaffe & Associates Inc., responsible for the corporate finance activities of the firm. Liam Norton is a corporate finance analyst with the firm. Investment banking services are provided by Chaffe Securities Inc., member FINRA/SIPC. For more information, visit http://chaffe-associates.com.