National Technical Systems Inc. has raised $14 million in a private placement and will use the proceeds for acquisitions.

The Calabasas company, which provides compliance testing and engineering services to the aerospace, telecommunications, automotive and other industrial markets, said on Tuesday that it raised the debt and equity with Mill Road Capital of Greenwich, Conn.

NTS said the financing is the culmination of efforts by the board over two years to be able to move quickly on acquisition and strategic expansion opportunities. The company noted it already has targeted “several” potential acquisition candidates.

“We are seeing more acquisition opportunities than ever and are currently in discussions with several potential acquisition targets,” said Chief Executive William McGinnis in a statement. “Securing this financing is … a critical component of our plan to consolidate the industry and further enhance NTS’ position as the preeminent supplier of testing and engineering services.”

Mill Road, which will get a seat on the board, is acquiring 933,333 shares of new, restricted NTS common stock at $7.50 per share, a 13 percent premium over Monday’s closing price. The firm also is investing $7 million in an interest-bearing, five-year subordinated note, and is receiving seven-year warrants to acquire 300,000 shares of NTS common stock exercisable at a price 75 cents per share.

Shares closed down 4 cents, or less than 1 percent, to $6.61 on the Nasdaq.