14 Oct 2009
Investcorp portfolio company, Moody International, the global provider of technical inspection and related services to the oil and gas industry, today announced that it has acquired PetroSpect Inspection Services, Ltd. PetroSpect, based in Texas, is a highly regarded technical inspection and engineering support services provider to the US refining and chemical processing industry.
Mohammed Al-Shroogi, President of Investcorp’s Gulf business, said: “Moody is a perfect example of how we are able to find ways, even in a challenging market environment, to add value to our portfolio companies. Our private equity team is working hard to support our investments and to identify opportunities for growth, either organic or by acquisition. The private equity sector still offers the opportunity for companies such as Investcorp to use their experience and financial and operational expertise to support and develop their investments.”
Moody International was established in 1911 and has its headquarters in the UK. Investcorp acquired Moody in January 2007. Moody has an international network of over 80 offices in 60 countries, and has over 4000 employees and contractors worldwide. It is a leading global provider of technical inspection, technical staffing, consulting and training services to the oil and gas, construction, mining and power generation industries and provides various certification services to all sectors. Its extensive blue chip client base includes ExxonMobil, Shell, Chevron, Conoco, Phillips, BP, Total, Saudi Aramco, Bechtel and Dow Chemical.
Brendan Connolly, CEO of Moody, said: “This acquisition aligns perfectly with our strategic decision to grow our Asset Integrity Services within our Technical Inspection Services business unit in the United States, and to expand this to other international locations. Moody will continue to grow its core Technical Inspection Services business both organically and with selective acquisitions.”
James Cesarini, General Manager of PetroSpect, said: “PetroSpect prides itself on a 20-year history of providing quality visual in-service inspection services. We are excited to leverage Moody’s global presence to expand the reach of PetroSpect.”
Both James Cesarini and Tom Elkins, founder of PetroSpect, will continue with the company post acquisition.