Element Materials Technology, a specialist in materials and product qualification testing in the aerospace, oil & gas and transportation markets, has been acquired by Bridgepoint from 3i Group for an undisclosed sum.
Element, which can trace its origins back almost 200 years, operates in the global outsourced materials testing market with 34 laboratories in the US and 19 across Europe. It serves a longstanding customer base of over 10,000 aerospace, oil & gas and transportation companies worldwide. The business generates annual revenues of circa USD290 million.
Element works with its customers to ensure that the materials systems and products that are in use in some of the world's most advanced industrial applications are safe, comply with relevant industry standards and are fit for purpose. This involves testing a material, part, product or weld from a production line to destruction.
Element services a global customer base of OEMs' tier 2 and 3 suppliers and holds a broad portfolio of accreditations and customer approvals governed by the OEM. Element also carries out the product qualification testing of components and systems before they go into production in order to certify that they have passed appropriate quality and assurance tests.
Charles Noall, President and CEO of Element, says: 'With the arrival of a new shareholder, we are confident that we will be able to accelerate the execution of our strategic growth plans and high successful buy and build strategy. Bridgepoint has substantial knowledge of the testing sector and with them we will be working to ensure that we meet our ambitious growth targets for the future.'
Chris Busby, partner responsible for Bridgepoint's investment activities in the UK, says: 'Element has an exceptional track record and management team, a diversified customer base and serves growing end markets. As a platform investment in a sector with significant consolidation potential, this is an opportunity for Element to continue to grow strongly for the next five years, providing existing and new customers with a broad range of advanced testing capability and services.'
