Morgan City, LA



Investment Status


Investment Date

Aug 2010

Realized Date

Oct 2013

Sold to

Intertek Group plc

Company Information

Investment Thesis

Platte River Value Add

Company Information

  • Founded in 1964, Global X-Ray is a leading 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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