This transaction joins together two of the world’s leading testing companies to create a single global testing organisation. The combined company, which is majority owned by Bridgepoint, an international private equity firm, now has more than 6200 employees and will operate in the future as Element Materials Technology.
To read the full article
"Element acquires Exova"
Please sign in or become a member for FREE
The new Element Group will consist of 200 laboratories located in more than 30 countries.
This latest acquisition by Element follows a period of significant growth for the business, helping it to become the fastest growing independent materials testing and product qualification company in the world.
It is expected that the combined group will deliver in excess of US$ 700 million in annual revenues and serve more than 40 000 customers worldwide.
Element will continue under the leadership of CEO and President Charles Noall, alongside an Executive Team formed from senior management from both companies.
Commenting on the acquisition, Charles Noall said: “We have a clear strategy for growth and this acquisition is a major milestone for Element.
Our ambition is to enhance our ability to support customers across their worldwide programmes. With more laboratories and even greater technical strength, our combined company has the scale, capacity and expertise to service the increasingly diverse needs of our clients.
The combined group is the leading testing provider in the global aerospace and oil and gas sectors, a market leader in European fire and building safety and the US transportation and automotive testing market. Our focus will be to maintain these positions as well as explore the many new market opportunities now open to us.”
Charles added: “Having already acquired a total of 17 businesses in recent years, we are very experienced in implementing procedures and processes in bringing businesses and people together. A programme of integration and strategic brand alignment is already underway with the aim of continuing to deliver best practice while introducing our new colleagues into the Element community.
Our guiding principle is to continue to be the best and most trusted testing partner in all of the sectors we serve”.
To support the acquisition, Element has fully refinanced its existing banking facilities and raised US$1.4 billion of first and second lien term debt, alongside US$150 million of committed ancillary facilities.
Jo Wetz, Element Group’s CFO commented: “This has been a highly successful financing which was 4x oversubscribed with offers of over US$4 billion from our investment base demonstrating the confidence that our banking group has in Element.”
Read the article online at: https://www.worldpipelines.com/business-news/30062017/element-acquires-exova/