X-Ray Industries, N-Ray Services and Arcadia Aerospace have been acquired by Applus+
Southfield – CFI USA ( P&M Corporate Finance LLC) is pleased to announce that it served as the exclusive financial advisor to Integrity Aerospace Group (“IAG” or the “Company”) and other third-party shareholders in a successful sale of X-Ray Industries, N-Ray Services and Arcadia Aerospace to Applus+. This transaction involved three discrete entities (each with different ownership groups) selling in a single transaction to Applus, a Spanish stock exchange listed group. CFI USA ( P&M Corporate Finance) served as the exclusive investment banking advisor to all three selling parties.
X-Ray Industries, N-Ray Services and Arcadia Aerospace are the premier suppliers of Non Destructive Testing to the aerospace market and gas turbine industry. The companies with 74 years of history have over 200 employees and operate primarily from 7 locations across the USA and Canada and a further 10 co-locations embedded within customer facilities.
Applus+ [ISIN: ES0105022000, Ticker Symbol: APPS] is one of the world’s leading companies in Testing, Inspection and Certification. It provides solutions for customers in all types of industries to ensure that their assets and products meet quality, health & safety, and environmental standards and regulations. In 2014, Applus+ recorded revenue of € 1,62 billion, employs more than 19,000 people and operates in more than 60 countries in five continents.
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Transaction details
X-Ray Industries, N-Ray Services and Arcadia Aerospace, premier suppliers of Non Destructive Testing to the aerospace market and gas turbine industry, have been acquired by Applus+, from Integrity Aerospace Group and other third-party shareholders
This transaction was advised by:

Matt Jamison
Partner, Managing DirectorOur latest transactions
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