London, UK – November 1, 2016 – Element Materials Technology, the leading independent global testing company, has successfully re-priced US$435 million of existing debt against improved terms in a process lead by ING and Goldman Sachs.
Alongside the re-pricing, Element has also secured a new US$95 million capex facility to fund future acquisitions, and further accelerate the delivery of its ambitious growth plans.
Charles Noall, President and CEO of Element, says: ‘’We are delighted to have secured this new acquisition facility and the re-pricing of our existing debt facilities, which will result in significant savings for the company. Securing this further investment is a major vote of confidence as we continue to strengthen our position in our targeted end markets and acquire businesses that are fully aligned with our growth strategy, firmly positioning Element as the global leader for both Material and Product Qualification Testing.’’
Jo Wetz, Element’s Chief Financial Officer, adds: ''The original $70 million facility raised in March of this year, has already been invested in two high quality acquisitions in just seven months. The additional $95 million of new acquisition capacity will allow Element to continue its consolidation of the highly attractive and fragmented materials testing sector. We expect to announce our first transaction into this new facility before the end of the year.
The refinancing has allowed Element to broaden our lender base with a number of new high quality institutional lenders joining the syndicate which will help to support future capital raises as Element continues its strong growth trajectory.’’
In July 2016, Element announced the acquisition of Northwest EMC, the leading independent EMC testing provider in the United States, and today announces the completion of its acquisition of the German Material Testing Laboratories of DNV GL.
In October, Element was recognized as one of Britain’s leading mid-market private companies in the Sunday Times Grant Thornton Top Track 250 league table and was awarded ‘2016 Exit of the Year’ at the annual British Private Equity awards.
Element 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. Element’s team of 2,000 scientists, engineers and technicians work in 61 laboratories located throughout the U.S., Europe and Asia. For a complete list of Accreditations & Approvals and more information, please visit www.element.com
Bora Trimcev, Communications Manager, Element Materials Technology, tel: +44 (0) 2035 401 820, e-mail: firstname.lastname@example.org
“The refinancing has allowed Element to broaden our lender base with a number of new high quality institutional lenders joining the syndicate which will help to support future capital raises as Element continues its strong growth trajectory.”
Chief financial officer