Bureau Veritas completes two acquisitions strengthening its position in Asia
Bureau Veritas is pleased to announce it has completed two acquisitions in Asia totaling around EUR 40 million in annual revenue:
- Sievert, a group specialized in industrial inspection services, based in India, South East Asia and the Middle East.
- Kanagawa Building Inspection (KBI), a Japanese company providing building Inspection and certification services.
Didier Michaud-Daniel, Bureau Veritas’ Chief Executive Officer, stated:
"We look forward to integrating these two companies and their employees into the Bureau Veritas Group. Both help us to further expand our footprint in Asia as part of our strategy to increase our geographical presence worldwide, notably in fast-growing economies, and to strengthen our position on promising market segments. Sievert brings Bureau Veritas strong expertise and additional technical capabilities to meet an increasing demand in industrial inspections. KBI is an opportunity to develop our construction business in Japan."
Sievert
Following the agreement signed on March 14, 2013, Bureau Veritas completed the acquisition of the Sievert group at the beginning of Q3 2013.
Sievert is a leading provider of industrial inspection services and non-destructive testing of industrial equipment. It has developed a comprehensive suite of conventional and advanced services, primarily addressed to the oil & gas industry, for the inspection of onshore and offshore pipelines.
Sievert has around 1,600 qualified employees and a strong presence in India, South East Asia and the Middle East. It reported a revenue of USD 42 million in 2012-2013 fiscal year (at end March 2013), up 28% year-on-year.
Non-destructive testing of industrial equipment is an attractive global market, estimated at USD 3.5 billion, with a growth rate of around 9% per year. Demand is driven by growing needs, both in mature economies that are facing challenges related to ageing infrastructure and in new economies investing in the construction of industrial facilities.
The acquisition of Sievert expands Bureau Veritas’ footprint in the industrial testing market, making it one of the world leaders in non-destructive testing. Sievert’s technical expertise will be leveraged throughout the Bureau Veritas geographical network and offered to industrial sectors other than Oil & Gas.
Kanagawa Building Inspection (KBI)
Founded in 2001, KBI is a Japanese company specializing in building Inspection and certification services. The company has a broad customer base of house builders. It primarily provides conformity assessment of buildings, ranging from design review to construction inspection. Other services cover housing quality assurance and structural assessment calculation. KBI is an accredited body to provide these services that are designed to verify the quality and conformity of buildings to national regulations.
KBI has 146 employees located in five different offices in the Greater Tokyo Area. In 2012-2013 fiscal year (at end March 2013), it generated revenue of around EUR 7.5 million (JPY 913 million).
In Japan, Bureau Veritas already has a significant presence in the construction business to assess plan compliance with zoning and building regulations. The acquisition of KBI enables Bureau Veritas to extend its geographic presence in the country, to strengthen its client base and to increase its market share in Building Conformity Assessment services.