Technical Diagnostic Services on a Recapitalization by Calvert Street Capital Partners

Headwaters MB, now Capstone Partners, advised Technical Diagnostic Services (TDS or the Company), a leading testing, inspection and certification solutions company with a track record primarily serving the power, midstream, & downstream energy end-markets both in the U.S. and key international markets, on a recapitalization transaction funded by Calvert Street Capital Partners (Calvert Street).

I am proud of the business that we have built and I look forward to the next chapter. The deal team went above and beyond in making this transaction a success.

John LapicolaFounder, TDS

Headquartered in Fort Worth, TX, TDS is an integrated family of companies with over forty years of experience servicing power and energy industry participants. TDS’ companies include TDS Rentals & Leasing, TDS Testing & Start-up Services, and TDS Management & Operations. The Company’s clients include some of the world’s premier energy-related businesses and their success reflects their focus on safety, quality and performance.

The management team and employees at TDS will remain with the Company. TDS plans to leverage its partnership with Calvert Street to expand its service offering and end-market reach both organically and via acquisition.

Sam Hill, Managing Director in the Dallas office of Headwaters MB, commented, “It’s gratifying to help entrepreneurs monetize the value of their life’s work. We believe all parties involved will realize substantial value from this transaction as the company continues its growth trajectory armed with institutional capital.”