Nesma & Partners acquired Al Yusr Industrial Contracting Company (AYTB) for an undisclosed sum, the company said in a press release. The PIF-backed group says the move aims to cement its position as the leading integrated industrial services platform in the Kingdom.

Same structure, new boss: AYTB will continue to operate as an independent company within the Nesma & Partners group, retaining its brand, organizational structure and operational independence. Cristiano Tortelli — a veteran of the industrial services space bringing over 30 years of experience — was tapped as CEO of AYTB.

The pitch: “This acquisition enhances both companies’ capacity to deliver high-value project solutions across the whole asset lifecycle – from consulting, engineering, construction, and commissioning to operations, maintenance, and upgrades,” the release said.

Meet Al Yusr: AYTB is a multidisciplinary industrial contractor that has served clients across oil and gas, petrochemicals, power generation and other heavy industrial sectors in Saudi Arabia for over 40 years.

Nesma has some strong backers: The group is jointly owned by Nesma Contracting Limited, Alturki Holding, Rawabi Holding, and the Public Investment Fund, according to a statement (pdf) by EFG Hermes, the financial advisor to Nesma & Partners on the transaction.

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