Morgan City, LA



Investment Status


Investment Date

Aug 2010

Realized Date

Oct 2013

Sold to

Intertek Group plc

Company Information (At Exit)

Investment Thesis

Platte River Value Add

Company Information (At Exit)

  • Founded in 1964, Global X-Ray is a provider of non-destructive testing and evaluation solutions for major oil and gas companies in the Gulf of Mexico and other key domestic energy markets
  • Family-owned business looking for a partner to accelerate growth and provide partial liquidity to estate
  • Platte River invested as part of a majority recapitalization of Global X-Ray in 2010 and sold the company to Intertek Group plc (LSE: ITRK) in October 2013

Investment Thesis

  • Industry: Increasing demand for testing and evaluation services due to a tightening regulatory environment as well as growth in deepwater offshore development and onshore pipeline infrastructure
  • Opportunity: Invest in a leading family-owned company which had not invested in new capital, IT systems, expanding locations or additional service offerings
  • Strategy: Partner with incumbent management team to provide capital, experience and guidance to meaningfully expand the company’s revenues and diversify end market exposure

Platte River Value Add

  • Actively assisted management team in opening two new locations, adding service lines, introducing new information systems, recruiting a CFO and developing more robust operating and financial controls
  • In three years, Global X-Ray was able to more than double its revenue and employment and triple its profitability

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