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Bahrain: Investcorp‘s portfolio company NDT Corrosion Control Services Co. (“NDT CCS”) or (the “Company”), today announced the acquisition of International Inspection Center Co. (“Intrex”), Kuwait’s largest provider of industrial non-destructive testing (“NDT”) and inspection services.
Investcorp acquired a majority stake in NDT CCS in July 2015 from the Al Shuwayer Group. NDT CCS is an essential testing and inspection service provider for the industrial sector namely oil and gas and petrochemical industry. Under Investcorp’s ownership, NDT CCS has become a leading pan-GCC player through implementation of organic and inorganic growth strategy.
The acquisition of Intrex further boosts NDT CCS’s growth in Kuwait. Following integration of Intrex, NDT CCS will have the largest technician base with approximately 2,800 employees across the GCC and over 100 corporate clients including major asset owners and contractors.
Walid Majdalani, Head of Private Equity MENA and Managing Director at Investcorp, said, “We are very pleased to add Intrex to the NDT CCS portfolio as it will allow our portfolio company to become by far the biggest player in the region for servicing core sectors such as oil and gas. Kuwait is a very promising market for us as we see strong growth potential in the industrial servicing sector. This acquisition is part of Investcorp’s wider strategy in the region of continuously looking for attractive investment opportunities as part of expanding its assets under management and to target companies that are set to outperform in industries underpinned by solid growth drivers.”
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About Investcorp
Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.
As at December 31, 2018, the Investcorp Group had US$ 22.5 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.
Since its inception in 1982, Investcorp has made over 185 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $59 billion in transaction value.
Investcorp employs approximately 400 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please visit: www.investcorp.com
About NDT Corrosion Control Services (“NDT CCS”)
Established in 1975, NDT CCS is the largest non-destructive testing and inspection company in the GCC with approximately 2,800 employees operating across Saudi Arabia, Oman, Kuwait, the United Arab Emirates and Bahrain. 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.
Media Contacts:
Investcorp
Firas El Amine
+973 3998 7838
felamine@investcorp.com
Brunswick Group
Celine Aswad
+971 (4) 560 9600
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