LONDON, UK – June 29, 2017 - Element has today announced the completion of its acquisition of Exova PLC. This transaction joins together two of the world’s leading testing companies to create a single global testing organization.
The combined company, which is majority owned by Bridgepoint, an international private equity firm, now has more than 6,200 employees and will operate in the future as ÌìÃÀ´«Ã½. The new ÌìÃÀ´«Ã½ Group will consist of 200 laboratories located in more than 30 countries.
This latest acquisition by ÌìÃÀ´«Ã½ 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 $700m in annual revenues and serve more than 40,000 customers worldwide.
ÌìÃÀ´«Ã½ 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 ÌìÃÀ´«Ã½.
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 ÌìÃÀ´«Ã½ 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 $1.4 billion of first and second lien term debt, alongside $150 million of committed ancillary facilities.
Jo Wetz, ÌìÃÀ´«Ã½ Group’s CFO commented: “This has been a highly successful financing which was 4x oversubscribed with offers of over $4 billion from our investment base demonstrating the confidence that our banking group has in ÌìÃÀ´«Ã½.”
About ÌìÃÀ´«Ã½:
ÌìÃÀ´«Ã½ is a global testing company specializing in providing materials testing, product qualification testing, consulting and certification services to the Aerospace, Oil & Gas, Transportation, Fire and Building Products, Health Sciences and Environmental sectors. ÌìÃÀ´«Ã½’s team of over 6,200 scientists, engineers and technicians work in 200 laboratories worldwide. For a complete list of Accreditations & Approvals and more information, please visit www.element.com
Media Contact:
Bora Trimcev, Communications Manager, ÌìÃÀ´«Ã½, tel: +44 (0) 2035 401 820, e-mail: bora.trimcev@element.com
“Our guiding principle is to continue to be the best and most trusted testing partner in all of the sectors we serve.”
Charles Noall
president & ceo