Fisheries certification company acquired by Intertek –

Fisheries certification company acquired by Intertek Published:  31 March, 2011

INTERTEK Group plc, a leading international provider of quality and safety services, has announced that it has entered into a conditional agreement to acquire Moody International, parent company of the leading fisheries certification company, Moody Marine.

Moody is headquartered in Haywards Heath, UK, and employs approximately 2,500 people in over 80 offices and 60 countries. Moody is currently owned by companies controlled by Investcorp Securities Limited, and the management of Moody.  Intertek is funding the Acquisition entirely in cash from new and available debt facilities.

(“Moody”) for a consideration of US$730 million (GBP450 million) on a cash-free and debt-free basis (the “Acquisition”).

Moody is a leading worldwide provider of quality and safety services to the global energy industry. It also provides systems certification services to the manufacturing, construction and service markets.

The Acquisition for £450 million is conditional upon competition clearances in certain countries. It is anticipated that the necessary clearances will be obtained by the end of April and the transaction will complete immediately after.

Brendan Connolly, Moody’s Chief Executive Officer, will remain as part of the management team going forward.

Wolfhart Hauser, Chief Executive Officer of Intertek, commented:  “This announcement marks an important stage in the ongoing development of Intertek.  Moody operates in one of our core industries, the global energy market, which is set for strong long term growth. Moody is a successful company with a well regarded management team.

“The combination of Moody and Intertek provides a platform for the enlarged group to further develop its service offerings and network within the oil and gas industries specifically, but also to the wider energy and industrial markets. Intertek will now have a leading position in providing quality and safety services to the assets, processes and products for the energy market.  The good match between the geographic exposure of the two businesses gives Intertek scale in new countries and the enlarged group a greater presence in the fastest growing regions of the world.  We are also pleased to be merging our systems certification business with that of Moody.  The businesses are strongly complementary with good geographic and customer fit and this will make Intertek a significant player in this industry.”

Brendan Connolly, Chief Executive Officer of Moody, commented:  “Moody and Intertek are a perfect fit. We can offer our world class technical inspection, consultancy and training services to Intertek’s clients and we will benefit from the Intertek expertise in providing quality and safety services to existing, and often ageing, energy assets. By combining these two businesses, we will ensure that the enlarged group takes a leading position in the global energy market. The fit of our businesses also applies to the merger of our two strong systems certification platforms. Overall, this is a compelling combination.”