Investcorp’s portfolio company NDT Corrosion Control Services Co. (NDT CCS) (Dammam, Saudi Arabia) announced the acquisition of a majority stake in Hi-Tech Inspection Services LLC (Hi-Tech) (Ruwi, Oman), Oman’s largest provider of industrial non-destructive testing (NDT) and inspection services.
Hi-Tech’s founders—Al Sulaimi Group Holding (Ruwi, Oman)—established the company in 1996.
“Over the past 20 years, we have built Hi-Tech into Oman’s leading NDT and inspection services company,” says Haitham Al Fannah, CEO of Al Sulaimi Group Holding. “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 [Gulf Cooperation Council].”
Investcorp (Manama, Bahrain) 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. Under new ownership, company officials say NDT CCS has solidified its market position and expanded its operations—both organically in core markets, and inorganically through the acquisition of Hi-Tech.
Hi-Tech offers a complete range of NDT, 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 the country.
“These are two great companies, which are leaders in their respective markets,” says Mohammed Al-Shroogi, co-CEO at Investcorp. “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.”
Source: Investcorp, investcorp.com.