Mubasher: Investcorp said that its portfolio company NDT Corrosion Control Services Co (CCS) announced the acquisition of a majority stake in the Omani company Hi-Tech Inspection Services, according to a statement issued on Sunday.
With an estimated market share of over 35% in Oman, Hi-Tech offers a comprehensive range of non-destructive testing, post-weld heat treatment and specialised inspection services to clients in Oman that are engaged in the oil and gas, manufacturing, and construction sectors, the statement added.
In July 2015, Bahrain’s Investcorp Bank acquired a majority stake in the Saudi-based NDT CCS from the Al Shuwayer Group which founded the company 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,” according to the statement.
“This is the first major investment for Investcorp’s portfolio company in Oman and we are confident that Hi-Tech will be a natural fit for NDT CCS. Investcorp will lend its operational and financial expertise with the objective of helping the combined company create new growth opportunities in Oman, Saudi Arabia, and the rest of the GCC,” the managing director at Investcorp in Oman, Harsh Shethia, said.
