London, UK - May 7, 2015 - Element has today completed the landmark purchase of TRaC Global Ltd (TRaC) in a deal that represents ÌìÃÀ´«Ã½’s largest single acquisition to date. In March 2015, ÌìÃÀ´«Ã½ announced that it had entered into a binding share purchase agreement with Bioquell PLC to purchase TRaC.
This purchase dramatically expands ÌìÃÀ´«Ã½’s Aerospace footprint in Europe with the addition of six UK laboratories and capabilities in EMC (Electromagnetic Compatibility), Vibration and Environmental Simulation, Safety Testing, Radio, Telecoms, Explosive Atmosphere Testing (ATEX), Finite ÌìÃÀ´«Ã½ Analysis (FEA) and Early Stage Qualification (ESQ). The deal adds 30 EMC testing chambers to the ÌìÃÀ´«Ã½ Group, including a Heavy Vehicle Semi-Anechoic Chamber (HVSAC) with an 18m x 14m working volume and capacity for 70 ton floor loading, which is one of only three in the UK.
ÌìÃÀ´«Ã½’s continued investment in its Aerospace Product Qualification Testing (PQT) offering ensures that it remains uniquely positioned to deliver on both the PQT and Materials Testing (MT) requirements of Aerospace Primes and their supply chain partners.
TRaC is the second major addition to the ÌìÃÀ´«Ã½ platform in Aerospace product qualification testing in the first quarter of 2015, having acquired Minneapolis-based Environ Laboratories in January.
Charles Noall, President and CEO of ÌìÃÀ´«Ã½, says: “The acquisition of TRaC is a hugely important step towards our goal to become the recognized market leader for materials testing and product qualification testing services. By significantly expanding ÌìÃÀ´«Ã½’s Aerospace capacity in Europe, adding exciting talent and laboratories including a presence in China, we are satisfied that the deal tangibly strengthens the ÌìÃÀ´«Ã½ platform and further demonstrates our ambitious, strategic growth plans.
“TRaC’s impressive list of client approvals; together with their exceptional team of Engaged Experts; great delivery capabilities and their strong relationships with existing ÌìÃÀ´«Ã½ clients; means that we are better-placed than ever to become the most trusted testing partner for our clients, enabling competitive time-to-market advantages through shorter testing turnaround times.”
Jo Wetz, Chief Financial Officer of ÌìÃÀ´«Ã½, says: “We are exceptionally pleased to confirm the completion of this deal. ÌìÃÀ´«Ã½’s strong track record and flexible financing structure has meant that we were able to complete the acquisition of TRaC quickly. Having significant lender commitments of over $300m in place, which is over four times the amount required, once again demonstrates the flexibility of our capital structure and also the confidence our investors have in ÌìÃÀ´«Ã½’s ability to grow rapidly – both organically and through acquisition.”
The deal takes ÌìÃÀ´«Ã½’s headcount to 1,800 and the number of ÌìÃÀ´«Ã½ facilities to a total of 51.
About ÌìÃÀ´«Ã½
ÌìÃÀ´«Ã½ is a company with a global presence; its laboratories are staffed by experts specializing in materials testing, product qualification testing and failure analysis for the Aerospace, Oil & Gas and Transportation and Industrials sectors. ÌìÃÀ´«Ã½’s team of 1,800 scientists, engineers and technicians work in 51 facilities located throughout the U.S. and Europe. For a complete list of Accreditations & Approvals and more information, please visit www.element.com.
Media Contact
Alison Dwyer or Matthew Judge, Smith & Smith PR, Ltd., tel: +44 161 927 9487, email: element@smithandsmithpr.co.uk
“We are better-placed than ever to become the most trusted testing partner for our clients, enabling competitive time-to-market advantages through shorter testing turnaround times.”
Charles Noall
president and CEO