Bahrain-based Investcorp, a leading manager of alternative investment products, has completed the acquisition of a majority stake in NDT Corrosion Control Services (NDT CCS), the largest testing services company for the industrial sector in Saudi Arabia.
Investcorp acquired the stake in NDT CCS from the Al Shuwayer Group, which founded the company in 1975 and retains a minority stake alongside Investcorp.
NDT CCS, which also has operations in the UAE and licences to operate in Kuwait and Qatar, provides non-destructive testing (NDT) services for a range of industrial sectors including oil and gas, petrochemicals, mining, nuclear and utilities.
NDT involves the evaluation and testing of pipes, valves, oil platforms and other key industrial components and identifying faults, cracks or defects without causing damage. NDT CCS provides a broad range of NDT services to a large blue chip customer base, which includes Saudi Aramco, Sabic, Ma’aden, Saipem and Hyundai Heavy Industries.
Mohammed Al Shroogi, Investcorp’s co-CEO, said: “NDT CCS has firmly established itself as Saudi Arabia’s market leader in the NDT industry. We believe that the company is well-positioned to solidify its leading position and gain a greater market share in a sizeable, growing and fragmented industry.
“Investcorp will support the company to grow its existing business in the UAE as well as expand into Kuwait and Qatar. Investcorp will seek to leverage its previously successful experience with Moody International, a global provider of inspection services and international certifications.
“Investcorp acquired Moody International in 2007 and successfully sold it in 2011. As is the case with other corporate investments across the Gulf, Investcorp is the first institutional owner of NDT CCS and we believe we are well positioned to unlock the company’s potential, optimise its operations and drive its next phase of growth.”
James Tanner, head of corporate investment for Mena and managing director at Investcorp, said: “NDT CCS benefits from having the largest number of skilled technicians together with a broad service offering.”
