Investcorp acquires Saudi NDT Corrosion Control Services

Investcorp, a Bahrain-based alternative investment manager, said it has bought a majority stake in Saudi Arabia’s NDT Corrosion Control Services Company from Al Shuwayer Group.

In a statement Tuesday Investcorp didn’t disclose the value of the deal. 

NDT Corrosion Control Services Co. is an industrial testing services company, whose clients include Saudi Aramco, SABIC and Maaden, and also operates in the United Arab Emirates.

Al Shuwayer, which founded NDT in 1975, will retain a minority stake in it.

This is Investcorp’s second acquisition in the testing inspection and certification sector; it acquired Moody International in 2007 and sold it in 2011.

Investcorp has previously acquired four firms in Saudi Arabia--Leejam, the owner and operator of “Fitness Time”; Theeb, a car rental business; Al Yusr Industrial Contracting; and L’azurde, a designer, maker and distributor of gold jewelry.