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· Hi-Tech is Oman's largest provider of industrial non-destructive testing and inspection services
· Combined, NDT CCS and Hi-Tech have the largest team of specialized non-destructive testing and inspection technicians in the GCC
· Hi-Tech is the first major investment for an Investcorp portfolio company in Oman
Muscat – Investcorp‘s portfolio company NDT Corrosion Control Services Co. (“NDT CCS”), today announced the acquisition of a majority stake in Hi-Tech Inspection Services LLC (“Hi-Tech”), Oman’s largest provider of industrial non-destructive testing (“NDT”) and inspection services. Hi-Tech’s founders, Al Sulaimi Group Holding, established the company in 1996.
Investcorp acquired a majority stake in NDT CCS in July 2015 from the Al Shuwayer Group which founded the company in 1975 and retains a minority stake alongside Investcorp. Under Investcorp’s ownership, NDT CCS has solidified its market leading position and expanded its operations both organically in its core markets and inorganically as a result of its acquisition of Hi-Tech.
Hi-Tech offers a complete range of non-destructive testing, post-weld heat treatment and specialized inspection services to clients in Oman engaged in the oil and gas, manufacturing and construction sectors. Hi-Tech employs over 600 specialized technicians and has an estimated market share of over 35% in Oman.
Mohammed Alardhi, Executive Chairman commented, “The two companies are leaders in their respective markets and jointly have the largest pool of specialized NDT and inspection technicians in the GCC, so we believe we instantly benefit from synergies and greater scale. Beyond access to Oman, Hi-Tech also brings certain specialized services that NDT CCS had not been providing until now. NDT CCS and Hi-Tech share ambition and technical skill, and we at Investcorp are looking forward to working with the expanded management team to maximize the company’s potential.”
Harsh Shethia, Managing Director at Investcorp in Oman, said, “This is the first major investment for Investcorp’s portfolio company in Oman and we are confident that Hi-Tech will be a natural fit for NDT CCS. Investcorp will lend its operational and financial expertise with the objective of helping the combined company create new growth opportunities in Oman, Saudi Arabia, and the rest of the GCC.
Haitham Al Fannah, CEO of Al Sulaimi Group Holding, said, “Over the past 20 years, we have built Hi-Tech into Oman’s leading NDT and inspection services company. It is the right time to bring on a strategic investor to provide the depth and market position to allow us to grow across the GCC. NDT CCS and its sponsor Investcorp offer regional growth opportunities that meet the ambitions and capabilities of Hi-Tech. We at Al Sulaimi Group Holding look forward to working with our new partners over the years ahead.”
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About NDT Corrosion Control Services (“NDT CCS”)
Established in 1975, NDT CCS is the largest non-destructive testing service provider in Saudi Arabia employing over 925 employees across Saudi Arabia, the United Arab Emirates and Kuwait. NDT is an essential service which involves the testing and evaluation of pipes, pressure vessels, oil platforms and other key industrial components to identify flaws or defects without causing damage. NDT CCS provides conventional and advanced NDT services as well as material testing laboratory services for a range of industrial sectors including oil and gas, petrochemicals, mining, nuclear and utilities.
About Investcorp
Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. Led by a new vision, Investcorp has embarked on an ambitious growth strategy to double assets under management (“AUM”) in the medium term. The Firm continues to focus on generating investor and shareholder value through a disciplined investment approach in three lines of business: corporate investment, real estate and alternative investment solutions (formerly known as hedge funds), together with the recently added credit management business.
As at December 31, 2016, the Investcorp Group had $10.4 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM $21.4 billion pro forma for the recently completed addition of the credit management business.
Since its inception in 1982, the Investcorp Group has made over 170 corporate investments in the U.S., Europe and the Middle East and North Africa region, including Turkey, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 400 commercial and residential real estate investments in the US, for in excess of $53 billion in transaction value.
The Investcorp Group employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. It is publicly traded on the Bahrain Bourse (INVCORP). For further information, including our most recent periodic financial statements, which details our assets under management, please visit: www.investcorp.com.
Media Contacts:
Investcorp
Firas El Amine
+973 3998 7838
felamine@investcorp.com
Brunswick Group
Joudi Issa
+971 4 446 6285
Investcorp@brunswickgroup.com
© Press Release 2017
