Core Insights - Permian Investment Partners has significantly increased its stake in TIC Solutions, acquiring nearly 4.9 million additional shares, bringing its total holdings to approximately 14.6 million shares valued at $193.9 million as of September 30 [2][3] - TIC Solutions now constitutes about 21.9% of Permian's reportable assets under management (AUM), making it the largest position in the portfolio [3][6] - The company's revenue for the third quarter reached $473.9 million, with adjusted EBITDA increasing by 51% year over year, despite reporting a net loss of $13.9 million [6][8] Company Overview - TIC Solutions, Inc. specializes in nondestructive testing and inspection services, operating across the United States and Canada [4] - The company has a market capitalization of $2.3 billion and trailing twelve-month (TTM) revenue of $1.1 billion, with a net income loss of $121.2 million [4] - The stock price as of the latest report is $10.34, reflecting a nearly 20% decline since its NYSE listing in February [3][4] Investment Rationale - The investment in TIC Solutions reflects a belief in the company's recurring, compliance-driven revenue model, which is less susceptible to cyclical economic fluctuations [5][8] - The company is positioned in a sector where services are often mandated and repeat in nature, suggesting a stable revenue profile that can grow over time [5] - TIC's liquidity remains strong, with $282.9 million available at the end of the quarter, providing flexibility for future growth initiatives [7][8]