The group bought Hi-Cad Technical Services from its management shareholders, Dave Penman and Ian Mackie, in a deal that could be worth more than £16.5 million.
On completion £12 million was paid with two deferred payments also due. Up to £2.5 million is due in September, with a final £2.1 million payment to be made 12 months later depending on financial performance.
Intertek chief executive Wolfhart Hauser said the deal strengthens its industrial services business and develops its asset integrity management services. “Hi-Cad’s dimensional control services complement our existing vendor assessment and quality inspection service business to create a cohesive and global offering that will have significant value and appeal to customers.”
London-based Intertek’s services cover auditing and inspection, testing, quality assurance and certification. It has 21,000 people working in a network of more than 1,000 laboratories and offices in some 110 countries.
Hi-Cad provides 3D laser scanning and dimensional control services to engineering, procurement and construction contractors, operators and industrial manufacturers. The company captures 3D laser scan data on site to minimise costs, improve efficiency and ensure that new installations meet design specifications.
The company serves the upstream and downstream oil and petroleum industry, but is moving into new infrastructure-based sectors, such as power generation and chemicals. It employs some 60 people in the US and UK, supporting regional and international projects.