4 Mar 2019
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.