Acuren Corporation (TIC): A Bull Case Theory

We came across a bullish thesis on Acuren Corporation on Pound the Rock Investing’s Substack. In this article, we will summarize the bulls’ thesis on TIC. Acuren Corporation’s share was trading at $11.45 as of July 30^th. TIC’s trailing and forward P/E were 39.88 and 23.98 respectively according to Yahoo Finance.

Acuren is an asset integrity company that performs Testing, Inspection, Certification, and Compliance (TICC) services, helping industrial customers detect and prevent asset failures. Operating through 115 service centers and 21 engineering labs, Acuren serves a diverse set of end markets with a strong compliance-driven demand backdrop. In 2024, the firm was acquired by Admiral Acquisition, a SPAC led by Martin Franklin, for $1.85 billion, drawing parallels—albeit loosely—to Franklin’s earlier SPAC success with APi Group.

Acuren has leading market share in a fragmented TICC landscape, having integrated nearly 50 companies over the past 30 years using a decentralized model. Its bundled offering across Non-Destructive Testing, Engineering & Failure Analysis, and Rope-Based Access Solutions gives it a unique value proposition, helping customers lower downtime and maintenance costs while replacing costly scaffolding. Industry growth, fueled by aging infrastructure, has averaged 4% annually, and Acuren aims to drive further growth through market share gains, customer expansion, broader TICC service offerings, and continued M&A.

The recent $1.85 billion acquisition of NV5 broadens the revenue base and may deliver cost and revenue synergies over time, though leverage has risen to 4.3x EBITDA pro forma. At ~10x EBITDA with ~20% margins, the valuation isn’t stretched, but does rely on successful integration. If Acuren grows mid-single digits and hits $450 million EBITDA in five years, the stock could offer a 21% IRR from current levels. While not as obviously mispriced as past Franklin deals, the strategic vision, recurring revenue, and consolidation opportunity make Acuren a long-term story worth watching.

Previously, we covered a bullish thesis on Acuren Corporation (TIC) by Kairos Research in May 2025, which highlighted the NV5 merger and its synergy-driven growth potential. The stock has appreciated ~4% since then as the deal progressed as expected. The thesis still stands, given long-term integration benefits. Pound the Rock Investing shares a similar view but emphasizes Acuren’s decentralized growth model.

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Disclosure: None.