Investcorp has made its fifth acquisition in Saudi Arabia in a deal for an industrial testing services company, the Bahrain-listed alternative investment firm said yesterday.
Investcorp did not disclose the value of its majority stake in NDT Corrosion Control Services (NDT CCS). The stake was acquired from Al Shuwayer Group, which founded NDT CCS in 1975 and will retain a minority holding in the testing services firm.
This is Investcorp’s second acquisition in the testing inspection and certification sector, having acquired Moody International in 2007, then selling it in 2011.
“Investcorp will support the company to grow its existing business in the UAE as well as expand into Kuwait and Qatar,” said Mohammed Al Shroogi, Investcorp’s co-chief executive. “Investcorp will seek to leverage its previously successful experience with Moody International, a global provider of inspection services and international certifications.”
NDT CCS, which has operations in the UAE and licences to operate in Kuwait and Qatar, has the state-owned energy firm Saudi Aramco and Saudi petrochemical producer Sabic among its customers.
In Saudi Arabia, Investcorp already has stakes in Leejam –which owns and operates the fitness chain Fitness Time, car rental firm Theeb, Al Yusr Industrial Contracting – a provider of industrial services outsourcing solutions – and L’azurde, a designer, manufacturer and distributor of gold jewellery.
dalsaadi@thenational.ae
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