Röntgen Technische Dienst

Non-destructive testing services

Business activity and description

Röntgen Technische Dienst (RTD) is a market leader in non-destructive testing and inspection services to the oil, gas and petrochemical industries. Using special techniques such as ultrasound, radiography and other cutting-edge technology, RTD is able to test installations while maintaining their structural integrity. RTD has offices in 11 countries.

Deal Information

• Deal size: €193 million
• Deal size at exit: Undisclosed
• Deal type: Trade sale
• IRR: 96%
• MoneyMultiple: 9.5x
• Date of investment: December 2002
• Date of exit: May 2006
• Sold to: Applus Servicios Tecnologicos

Investment rationale

Working in partnership with RTD's management team, AAC Capital Partners turned the company into a major market player with an attractive growth profile. By providing strategic advice and additional capital, AAC Capital Partners was integral in executing a buy-and-build strategy, resulting in a strong compounded annual sales growth of 10%. In addition, under our ownership an 'Operational Excellence' programme was executed. Together, the value enhancing strategies resulted in an annual EBITDA growth of 20% during the investment period.