Investcorp subsidiary acquires Kuwaiti competitor Intrex
Bahraini company says integration with the Kuwaiti firm will accelerate growth at its unit NDT CCS
Investcorp, Bahrain's alternative investment vehicle, said its portfolio company NDT Corrosion Control Services acquired International Inspection Centre (Intrex), Kuwait’s largest provider of industrial non-destructive testing and inspection services.
The acquisition will accelerate NDT CCS’ growth and, post integration of Intrex, it will have the largest technician base with approximately 2,800 employees across the Arabian Gulf and more than 100 corporate clients including major asset owners and contractors, Investcorp said on Monday.
Investcorp, which bought a majority stake in NDT CCS in July 2015, did not give the value of the deal.
“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,” said Walid Majdalani, head of private equity for Mena and managing director of Investcorp.
“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,” he said.
Investcorp is on track to double its AUM to around $50 billion (Dh183.5bn) in three years through acquisitions and by growing its existing portfolio, its co-chief executive, Hazem Ben-Gacem told The National in February.
The Manama-listed company is launching new businesses, including a $1bn GCC infrastructure fund, which is a 50-50 joint venture with asset manager Aberdeen Standard Investments and its first foray into infrastructure. The company, in which Mubadala has a 20 per cent stake, is securing funds for its ambitious plans, with $2bn raised in the first half of its fiscal year that ends in June, Mr Ben-Gacem said.
Investcorp has been on a buying spree, acquiring various assets in the US and Europe, while venturing into new territories such as India and China. The company had $22.5bn in AUM at the end of December.
Updated: March 4, 2019 01:24 PM