AMSTERDAM, THE NETHERLANDS—August 3, 2012—Element Materials Technology has secured $93.25 million of new financing to support its continued buy-and-build strategy to become the recognized leader for materials testing and inspection, product qualification testing and failure analysis—servicing primarily the Aerospace & Defense, Oil & Gas, Transportation and Power Generation industries—in the North America, Europe and Asia markets.“I’m pleased to see our growth strategy, hard work and sound financial performance validated and supported by these new funds,” said Charles Noall, President and CEO of Element. “We will remain agile in seeking new opportunities for increased capacity, innovation and capabilities for our growing list of world-class customers.”
“New financing commitments were significantly oversubscribed, indicating the quality of Element’s credit. All five syndicate banks currently lending to Element participated in the transaction with two new banks joining, as well,” said Banking Director, George Archer speaking on behalf of 3i, the international investment company overseeing the agreement. “The upsizing of debt facilities provides significant firepower for further acquisitions.”
The new financing has already been used for Element’s recently announced acquisition of MERL, a leading UK-based polymer testing facility, and is preceded by two additional high-profile acquisitions in the U.S.—MAR-TEST of Cincinnati, Ohio and DTL of Detroit, Michigan. Further to these acquisitions, very material capital investments in new capacity and technology have been made at its Charlotte, Cleveland, Huntington Beach and Wixom facilities.
“Our ability to make capital investments and implement new technology gives us more capacity to meet the needs of our diverse client base while keeping the highest standards of safety, quality, reliability, and turnaround,” said Noall.
Element is a global network of laboratories with experts specializing in materials testing, product qualification testing and failure analysis for the Aerospace & Defense, Oil & Gas, Power Generation, and Transportation sectors. Their team of 1000 scientists, engineers and technicians work in laboratories located throughout the U.S. and Europe. For complete Accreditations & Approvals and more information, please visit www.Element.com.
Alison Dwyer or Matthew Judge, Smith & Smith PR Ltd., tel: +44 161 927 9487, email: Element@smithandsmithpr.co.uk