Blackstone Inc. (BX) on Thursday, July 30, said funds managed by Blackstone Energy Transition Partners have agreed to acquire imaging systems business DarkVision Technologies Inc. from Koch Inc.

New York-based Blackstone didn’t disclose the financial terms of the transaction.

The acquisition comes after The Deal reported last week that Koch was working with Evercore Inc. on a sale process for the business, which generates around $30 million to 35 million in Ebitda, according to The Deal.

The Deal reported several sponsors and energy and power strategics had been involved in the process, with one source adding that logical strategic suitors could include ESAB Corp. (ESAB) and Teledyne Technologies Inc. (TDY).

The business had grown significantly over the past three years due to a surge in demand for the product, according to one of the sources.

Koch acquired a majority stake in DarkVision in 2020 through its subsidiary Koch Engineered Solutions.

North Vancouver, British Columbia-based DarkVision develops acoustic imaging technology used to inspect critical industrial infrastructure. The company designs and manufactures ultrasound-based hardware and software that help customers detect defects and assess the integrity of assets across industries including energy, manufacturing and aerospace.

The company has offices across Canada, the U.S., Europe and the Middle East.

Blackstone said it plans to use its resources and experience across industrial and energy markets well positions us to support DarkVision as its existing management team continues to innovate and scale the platform.

New York-based Blackstone invests across private equity, real estate, credit and hedge funds, as well as infrastructure, life sciences, insurance and growth equity. The firm closed its latest flagship private equity fund, Blackstone Capital Partners IX, with about $21 billion in commitments last year.

Blackstone Energy Transition Partners makes control-oriented equity investments in energy-related businesses. The strategy has invested more than $29 billion of equity globally across sectors tied to the energy transition.

Wichita, Kan.-based Koch engages in chemicals and biofuels refining, forest and consumer products, commodity trading, minerals, energy refinement and investment businesses in the U.S. and internationally. Since 2003, Koch companies have invested nearly $150 billion in growth and improvements.

The transaction is subject to customary closing conditions.

Blackstone looked to Stifel Financial Corp. and Guggenheim Securities LLC for financial advice. Kirkland & Ellis LLP and Bennett Jones LLP provided counsel. Senior managing director Darius Sepassi and managing director Danny Brennan worked on the deal internally along with Blackstone Energy Transition Partners global head David Foley.

CEO Stephen Robinson was on the deal at DarkVision, which looked to Evercore for financial advice and Fasken Martineau DuMoulin LLP for counsel. Koch president Dave Dotson was on the sale in-house.