It's a mouthful: non-destructive testing (NDT). Yet, it's a big market – and it is growing fast. Basically, NDT helps assure the structural integrity of critical infrastructure.

A top NDT operator is Mistras Group. This week, the company filed to go public.

Mistras has a strong team of scientists, engineers and technicians. There is also a suite of sophisticated software solutions.

Essentially, Mistras helps to extend the useful life of infrastructure, as well as minimize repair cost and increase productivity. At the same time, the solutions meet the varied compliance requirements.

No doubt, Mistras has a stellar client list, which include biggies like ExxonMobil (NYSE: XOM), GE (NYSE: GE), Valero (NYSE: VLO) and Shell. In fact, seven of to ten customers have been using the company's services for at least ten years.

In fiscal 2007, Mistras posted revenues of $122.2 million, which was up from $93.7 million (a year prior). EBITDA is $18.8 million.

The lead underwriters on the IPO include Credit Suisse (NYSE: CS) and JPMorgan (NYSE: JPM). Also, you can find the prospectus at the SEC website.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.