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Tracerco is a global provider of specialist testing services and patented technology to ensure asset integrity in critical process industries.

About Tracerco

Tracerco is a global provider of specialist instrumentation, testing, and inspection services that ensure asset integrity in critical process industries. Operating from more than 21 locations worldwide, the business utilises its patented, highly sophisticated nucleonic and chemical-based technologies to enhance productivity and safety performance. These sophisticated insights lead to operational and profitability improvements customers. Before its acquisition by Sullivan Street, Tracerco was a subsidiary of Johnson Matthey PLC.

Sullivan Street has helped Tracerco

  • Separate the business from its parent company and establish new systems and processes.
  • Recruit key hires to complete the management team and establish back-office functions.
  • Invest into key commercial activities and systems to unlock growth and margin optimisation.
  • Develop a clear strategy for long-term growth and value creation.
The Opportunity

The underlying business is a high value-add services business with sophisticated patented technologies and is integral to the critical processes of industries including energy, petrochemicals, renewables, and CCUS (carbon capture, usage, and storage). The business was a non-core division of the listed UK chemicals business Johnson Matthey PLC with integrated central functions and IT systems. The situation therefore presented a substantial opportunity for value creation concentrated in three strategic areas:

  • Growth: Key initiatives include: investing in sales personnel, bolstering marketing efforts, expanding into underserved regions, and implementing an effective CRM system. These measures aim to broaden the customer base, grow share, and enhance penetration, as well as expand application of Tracerco’s value-add technology and services.
  • Operational efficiencies: The company plans to boost its operational capabilities through several initiatives, including improving procurement processes, using remote diagnostics, optimising engineer utilisation, product innovation, and consolidating core IT systems to increase efficiency.
  • New market transition: Tracerco is expanding beyond its traditional markets to explore opportunities in renewable energy, CCUS, mining, and other sectors. By applying its sophisticated technologies to these new areas, Tracerco is not only diversifying its revenue streams but also positioning itself for significant future growth.







Billingham, UK

Investment Date

September 2023