Close Brothers Private Equity (‘CBPE’) has completed the $55m buyout of RCG Moody International Ltd, a leading industrial inspection and ISO standards certification business.

With offices in over 50 countries and 100 years of history, Moody is a world leader in the provision of construction, project and industrial inspection services. It specialises in steel pipeline fabrication inspection and works with multinational clients such as Statoil, who are currently having one of the world’s largest sub-sea pipelines constructed at Europipe’s Dunkerque facility (pictured). Moody also supplies and manages personnel under contract to major oil and gas companies on infrastructure development projects.

Moody also has a fast-growing ISO standards accreditation division which is experiencing particularly rapid expansion in the emerging Chinese and Far Eastern territories.

In aggregate the group had sales of $159m in 2003. The business was acquired from RCG International Inc., a US holding company.

CBPE is backing the incumbent management team, led by Mike Lowe, CEO, supplemented by Brian Long who joins the board as non-executive chairman. Simon Wildig and Mark Perryman will represent CBPE on Moody’s board as Non-Executive Directors.

Commenting on the transaction, Simon Wildig, partner at CBPE said, ”The investment in Moody is typical of our focus on the support services sector. The business occupies a leading position in a specialised niche and has tremendous growth opportunities. Mike Lowe


and his team are fired-up to continue Moody’s impressive development!”

Mike Lowe, CEO of Moody commented. ”After a period of uncertainty under our previous ownership, we are delighted to have CBPE as our funding partner for the future. Both our inspection and certification divisions are growing strongly and we are keen to expand them further. We look forward to an exciting and successful relationship”.

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Contact:

Close Brothers Private Equity
Simon Wildig: +44 (0)20 7065 1122
Mark Perryman: +44 (0)20 7065 1124

This press release has been issued by Close Brothers Private Equity.