Investcorp announced that it had acquired Moody in 2007 for $311 million. Intertek has agreed to acquire Moody for an enterprise value of approximately $730 million.
Moody provides technical inspection services, technical staffing services, consulting and training, and global management system certification to the energy industry. It has 2,500 employees in 60 countries. Together, Moody and Intertek will offer a complementary range of services to clients across the entire energy chain.
“We are pleased to have supported Moody’s management over the past four years and congratulate them on having grown the company so successfully. We believe it is now the right time for us to be handing on this outstanding company to a new parent who brings considerable synergy,” Khalid Al-Rumaihi, Managing Director at Investcorp and regional head for Qatar and Bahrain, said while commenting on the deal.
“This successful exit, our second in less than six months, is further demonstration that Investcorp’s value enhancement model drives growth and profitability. This is an excellent outcome for us and our clients,” Al-Rumaihi added.
Investcorp is a leading provider and manager of alternative investment products. It has offices in Kingdom of Bahrain, New York and London and is listed on the Bahrain Bourse (INVCORP). Investcorp has three business areas including corporate investment, real estate investment and hedge funds. As at December 31, 2010, Investcorp had $12.2 billion in assets under management.