H.I.G. Capital to Acquire Mistras Group in an All-Cash Deal

Mistras Group is being taken private. H.I.G. Capital’s affiliates agreed to buy the company in an all-cash deal worth about $866 million, and the news broke on September 18, 2026. Shareholders will walk away with $20.35 per share, roughly an 8% premium over the stock’s 30-day average and about 13% over its 90-day average.

For context on who’s involved: Mistras trades on the NYSE under MG and has built its business around testing and inspecting industrial assets- think oil and gas facilities, aerospace equipment, power plants and infrastructure projects. It’s the kind of behind-the-scenes work that keeps heavy industry running safely. H.I.G. Capital, on the other side of the table, is no small player either. It’s an alternative investment firm sitting on close to $75 billion in assets, with a portfolio that stretches across several industries globally.

As part of the agreement, Mistras will forfeit its public status and go private before closing the deal in late 2026 or early 2027. The full board unanimously approved the transaction. The deal is expected to go through, pending approval from shareholders and regulatory authorities. H.I.G. has secured the support of the stockholders, who own a combined 31% of Mistras’s shares.

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As for why Mistras is doing this, the company says it’s about giving shareholders guaranteed cash now while positioning itself to grow as an integrated testing and asset integrity platform going forward. Morgan Lewis and Troutman Pepper Locke are handling the legal side for Mistras, and Kirkland & Ellis is representing H.I.G.