Bahrain-based Investcorp has announced that it has completed the acquisition of a majority stake in NDT Corrosion Control Services Co, the largest testing services company for the industrial sector in Saudi Arabia.

Investcorp acquired the stake in NDT CCS from the Al Shuwayer Group, which founded the Company in 1975 and retains a minority stake alongside Investcorp.

NDT CCS, which also has operations in the UAE and licences to operate in Kuwait and Qatar, provides non-destructive testing services for a range of industrial sectors including oil and gas, petrochemicals, mining, nuclear and utilities, Investcorp said in a statement.

NDT involves the evaluation and testing of pipes, valves, oil platforms and other key industrial components and identifying faults, cracks or defects without causing damage.

Mohammed Al-Shroogi, Investcorp’s co-CEO, said: “NDT CCS has firmly established itself as Saudi Arabia’s market leader in the NDT industry. We believe that the company is well-positioned to solidify its leading position and gain a greater market share in a sizable, growing and fragmented industry.

“Investcorp will support the company to grow its existing business in the UAE as well as expand into Kuwait and Qatar… Investcorp is the first institutional owner of NDT CCS and we believe we are well positioned to unlock the company’s potential, optimize its operations and drive its next phase of growth.”

This is Investcorp’s fifth acquisition in Saudi Arabia after Leejam, the owner and operator of the fitness chain Fitness Time, car rental business Theeb, Al Yusr Industrial Contracting Company, and L’azurde, a designer, manufacturer and distributor of gold jewellery.