TIC INDUSTRY M&A
Netherlands-based TIC company Kiwa Group announced on August 28, 2026 that it had entered into an agreement for CSA Group’s Testing, Inspection and Certification business to become part of Kiwa Group.
Kiwa operates in more than 35 countries through over 200 locations. In 2025, the Group generated revenue of €1.6552 billion and had 12,691 employees.
The CSA Group TIC business covered by the transaction operates 20 specialized laboratories across 12 countries, with approximately 2,100 employees and around 11,000 customers.
The announced enterprise value of the transaction is €1.3 billion.
To put the scale into perspective, the approximately 2,100 employees in the acquired business represent roughly one-sixth of Kiwa’s current workforce.
Importantly, Kiwa is not acquiring CSA Group in its entirety. The Canadian Standards Association, which is responsible for standards development, is not part of the transaction and will continue to operate independently as a non-profit membership organization.
The transaction remains subject to approval by the members of the Canadian Standards Association, regulatory approvals and other applicable conditions. The parties expect the transaction to close within the coming months.
ENTERPRISE VALUE
€1.3 BILLION
CSA TIC EMPLOYEES
~2,100
LAB NETWORK
20 LABS
Across 12 Countries
KIWA GROUP
Kiwa — A €1.66 Billion TIC Group With More Than 12,000 Employees
First, it is useful to look at the company making the acquisition.
Kiwa is a global TIC company headquartered in the Netherlands.
In addition to Testing, Inspection and Certification, the Group provides services including Assurance, Training, Consultancy and Data Services.
Its origins date back to 1948, when it was established as an inspection organization by Dutch drinking water companies.
Today, Kiwa operates across a broad range of industries, including construction, energy, drinking water, healthcare, food and agriculture, and manufacturing.
2025 REVENUE
€1.6552bn
EMPLOYEES
12,691
NETWORK
35+ Countries
According to Kiwa’s 2025 ESG Report, the Group generated revenue of €1.6552 billion in 2025 and employed 12,691 people at year-end.
Its network extends across more than 35 countries and includes over 200 locations.
Kiwa has been part of the privately held Dutch group SHV since 2021.
CSA GROUP TIC
CSA Group’s TIC Business — 20 Laboratories Across 12 Countries and Around 2,100 Employees
The CSA Group Testing & Certification business that Kiwa has agreed to acquire is headquartered in Toronto, Canada.
According to the official announcement, the business:
- Operates across 12 countries
- Runs 20 specialized laboratories
- Employs approximately 2,100 people
- Serves approximately 11,000 customers
- Holds OSHA-recognized NRTL status in the United States
- Holds accreditation from the Standards Council of Canada (SCC)
While North America is one of its principal markets, the business also provides Testing & Certification services in Europe and Asia.
KEYWORD
NRTL
Nationally Recognized Testing Laboratory. NRTL is a testing laboratory recognition program administered by the U.S. Occupational Safety and Health Administration (OSHA).
The Standards Council of Canada (SCC), meanwhile, supports Canada’s national standardization and accreditation system.
The CSA Mark is also a familiar certification mark for many manufacturers placing products on the North American market.
It is this TIC business, with approximately 2,100 employees, that is expected to become part of Kiwa Group.
TRANSACTION
The Transaction Has an Enterprise Value of €1.3 Billion
Kiwa Group and CSA Group have announced an enterprise value of €1.3 billion for the transaction.
The transaction covers the Testing, Inspection and Certification business centered on CSA Group Testing & Certification Inc.
For comparison, Kiwa generated approximately €1.66 billion in revenue in 2025, while the announced enterprise value of the CSA TIC transaction is €1.3 billion.
Revenue and enterprise value are different financial measures and should not be compared directly.
The scale of the transaction is also visible in workforce numbers.
Kiwa — 12,691 employees
+
CSA TIC — approximately 2,100 employees
≈ 14,800 employees
On a simple combined basis, the two workforces would total approximately 14,800 people.
For Kiwa, the scale of the business being acquired therefore makes this a transaction that would materially expand the Group’s operations.
SCOPE OF THE DEAL
CSA Group Itself Is Not Being Acquired
One point requires particular attention when understanding this transaction.
Kiwa is not acquiring CSA Group in its entirety.
CSA Group consists of two principal organizations with different roles.
| Organization | Primary Role | Transaction |
|---|---|---|
| Canadian Standards Association | Standards development | Not included |
| CSA Group Testing & Certification | Testing, inspection and certification | Included |
The Canadian Standards Association is a non-profit membership organization responsible for developing standards.
It will remain independent after the transaction.
The organization has stated that proceeds from the transaction are intended to strengthen its financial position and support continued investment in standards development.
IMPORTANT DISTINCTION
The transaction should therefore be understood as the transfer of CSA Group’s commercial TIC operations to Kiwa—not the acquisition of the Canadian Standards Association or its standards-development function.
STANDARDS & CERTIFICATION
Standards Development and Certification Will Remain Separate
The separation between standards development and conformity assessment is an important aspect of this transaction.
The Canadian Standards Association develops standards, while the Testing & Certification business performs conformity assessment activities.
These are related functions within the broader standards and conformity assessment ecosystem, but they are not the same function.
Following completion of the transaction, the Canadian Standards Association will remain independent, while the TIC business will become part of Kiwa.
The parties have also indicated that the Testing & Certification business will continue to provide certification services based on CSA standards.
For manufacturers using CSA standards and certification services, this distinction is particularly important.
AFTER THE TRANSACTION
Standards development: Canadian Standards Association remains independent.
Testing & Certification: The commercial TIC business becomes part of Kiwa following completion of the transaction.
GLOBAL NETWORK
Kiwa Would Significantly Expand Its North American TIC Platform
The transaction is also notable from the perspective of Kiwa’s geographic footprint.
Kiwa already operates internationally across Europe, Asia-Pacific, Latin America and North America.
The addition of CSA Group’s TIC business would substantially expand Kiwa’s testing and certification capabilities in North America.
CSA Group’s Testing & Certification operations have a particularly strong presence in Canada and the United States, supported by laboratories, accreditations and established customer relationships.
The transaction would therefore add not only approximately 2,100 employees and 20 specialized laboratories, but also an established North American conformity assessment platform.
NETWORK EXPANSION
For Kiwa, the transaction represents more than an increase in headcount. It would add laboratories, technical capabilities, accreditations, customer relationships and a substantial market position in North American testing and certification.
TRANSACTION STATUS
The Transaction Has Been Agreed, but Has Not Yet Closed
As of September 2, 2026, the transaction remains at the Agreement stage.
Kiwa and CSA Group announced the agreement on August 28, 2026.
Completion remains subject to approval by the members of the Canadian Standards Association, regulatory approvals and other applicable conditions.
The parties have stated that they expect the transaction to close within the coming months.
M&A STAGE
Proposal
↓
Agreement ← Current Stage
↓
Regulatory / Member Approval
↓
Closing
Accordingly, the CSA TIC business should not yet be described as having been acquired or integrated into Kiwa.
TIC INDUSTRY
A Major Transaction in the Global TIC Industry
The global TIC industry continues to see large-scale M&A activity.
The Kiwa–CSA transaction is significant not only because of its €1.3 billion enterprise value, but also because of the scale of the operating platform involved.
The business being transferred includes approximately 2,100 employees, 20 specialized laboratories across 12 countries and around 11,000 customers.
For Kiwa, which had 12,691 employees at the end of 2025, this represents a substantial addition to its existing organization.
The transaction would also strengthen Kiwa’s position in North America, where established laboratory networks, accreditations and certification capabilities are important competitive assets.
At the same time, the structure of the transaction preserves the independence of the Canadian Standards Association as a standards-development organization.
This makes the deal noteworthy not only in terms of scale, but also in terms of how standards development and commercial conformity assessment are positioned within the broader TIC ecosystem.
TICNOLOGY JAPAN VIEW
What Kiwa Is Acquiring Is Not Just Scale, but a North American TIC Platform
The significance of this transaction becomes clearer when the acquisition target is viewed not simply as a collection of laboratories, but as an established TIC platform.
The CSA TIC business brings approximately 2,100 employees, 20 specialized laboratories across 12 countries and around 11,000 customers.
It also brings conformity assessment capabilities and accreditations that are directly connected to access to the North American market.
For a global TIC company, expanding into a market by building laboratories, obtaining the necessary accreditations, recruiting specialists and developing customer relationships individually can require considerable time.
Acquiring an established TIC platform can provide these capabilities as an integrated operating base.
This is particularly relevant in North America, where certification systems and recognized testing capabilities can be important elements of manufacturers’ market-access strategies.
The transaction also highlights the distinction between standards development and commercial conformity assessment.
The Canadian Standards Association will remain independent, while the TIC operations are expected to move to Kiwa.
From the perspective of the TIC industry, the transaction can therefore be understood as the transfer of an established conformity assessment platform while preserving the independent standards-development function.
SUMMARY
What the Kiwa–CSA Transaction Means
- Kiwa has agreed to acquire CSA Group’s Testing & Certification business for an enterprise value of €1.3 billion.
- The business has approximately 2,100 employees, 20 specialized laboratories across 12 countries and around 11,000 customers.
- Kiwa generated €1.6552 billion in revenue in 2025 and had 12,691 employees.
- The Canadian Standards Association and its standards-development activities are not included in the transaction and will remain independent.
- The transaction would significantly expand Kiwa’s testing and certification platform, particularly in North America.
- As of September 2, 2026, the transaction has been agreed but has not yet closed.
ARTICLE INFORMATION
Article Information
This article is based on publicly available information confirmed as of September 2, 2026.
The transaction between Kiwa Group and CSA Group’s Testing & Certification business has been announced and agreed, but has not yet been completed.
Completion remains subject to approval by the members of the Canadian Standards Association, regulatory approvals and other applicable conditions.
The article includes analysis by TICnology Japan regarding the significance of the transaction for the global Testing, Inspection and Certification industry.
SOURCES & REFERENCES
Sources & References
Original Japanese Edition
TIC Journal — Kiwa to Acquire CSA Group’s TIC Business
Primary reference materials:
Kiwa Group — Official announcement regarding CSA Group’s Testing & Certification business
CSA Group — Official transaction announcement
Kiwa Group — 2025 ESG Report
CSA Group — Corporate and Testing & Certification information
This English Edition is a faithful international localization of the original TIC Journal article published by TICnology Japan. Publicly available information was checked for the English publication while maintaining the facts, structure and analytical perspective of the Japanese Edition.
TICNOLOGY JAPAN
Turning TIC Knowledge Into Business Strategy
TICnology Japan provides insight into the global Testing, Inspection and Certification industry, connecting market developments, regulation, technology and M&A with corporate and business strategy.
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