Investcorp, a Bahrain-quoted alternatives group, will buy Moody International, an inspection services provider, from Close Brothers Private Equity for $311 million (€234 million), including debt.
Moody is Investcorp’s first investment in the energy sector.
Moody, which has its headquarters in the UK, provides inspection services and outsourced personnel supply to the oil and gas, mining and construction sectors. The company also provides certification services and its clients include BP, a fuel company; Statoil, an oil and gas company, and Dow Chemicals, a provider of chemical, plastic and agricultural products.
Last month Investcorp bought Armacell International, an insulation manufacturer, from private equity firms Gilde Buy-Out Partners, and CVC Capital Partners, for an undisclosed amount.
Earlier in December Investcorp completed its placing of $240 million global depository receipts on the London Stock Exchange at an offer price of $29 per receipt. The placing gave Investcorp a market capitalisation of about $2.1 billion.
Founded in 1982, Investcorp has more than $10 billion in invested assets under management.