12 Mar 2017
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 Al-Shroogi, Co-CEO at Investcorp, commented, “These are two great companies, which are leaders in their respective markets. Combined, they have the largest pool of specialized NDT and inspection technicians in the region, which provides instant synergies and will see them both benefit from greater capacity. We are looking forward to working with the management of the combined NDT CCS and Hi-Tech to help the group accelerate its growth trajectory.”
Fahad Murad, Managing Director at Investcorp in Bahrain, said, “This is an exciting moment for Investcorp and NDT CCS as it marks the first acquisition made during our partnership. We are excited to be part of NDT CCS’s future.”
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.”