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 triple its profitability, more than double its revenue and increase employee headcount by over 50%
