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Press Release: PWC has added a new member to its supply chain management services by acquiring Inspection and Control Services, Ltd.
Kuwait - Public Warehousing Company KSC (PWC) has added a new member to its supply chain management services by acquiring a 51% stake in Inspection and Control Services, Ltd. (ICS), a UK-based company. The total value of the management buy-out was approximately $US 25 Million. Citibank served as the exclusive financial advisors to PWC.
The ICS Group has 50 offices worldwide. The ICS Group assists governments in improving their collection of customs duties while improving the speed, efficiency, and transparency of customs-related processes for importers. ICS provides price-verification, inspection, auditing and other customs focused value-added services that produce substantial income for its clients. Historically, ICS has provided its services to governments that are interested in improving customs-related revenues and processes. ICS’s management believes that the prospects for broadening its services has been enhanced significantly by the fiscal difficulties currently faced by many developing and/or transitional economies throughout the world. In this regard, ICS estimates that the developing countries represent a market for its services that is well in excess of $300 million per year. Furthermore, as ICS broadens its product and service offering to developed countries and private industry, it would be addressing a market in excess of seven billion dollars per year.
ICS performs a variety of unique services designed to assist its government clients to increase their revenue from custom duties. These services are focused on the identification of under invoicing and under-declaration of quantity in a manner that is fair, transparent, and acceptable to importers. In order to achieve its objectives, ICS relies on in-country physical inspection as well as a proprietary real-time internet-based computer model/database to analyze a wide variety of variables including types of goods being shipped, identity of importer, size of shipments, frequency of shipments, value of shipments, country of origin, as well as other factors that tend to indicate a possibility of under-invoicing or under-declaration.
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