04 July 2017
04 July 2017
Exova has become part of testing and product qualification business Element Materials Technology.
The combined company, which is majority owned by private equity firm Bridgepoint, now has more than 6200 employees and will operate in the future as Element Materials Technology. The new Element group will consist of 200 laboratories located in more than 30 countries.
Exova will continue to operate ‘business as usual’ under its new ownership and name, and a full programme of organisational integration is underway.
Ian El-Mokadem, the former CEO of Exova, has moved on from the business to pursue other opportunities while Element’s CEO Charles Noall takes responsibility for the combined company, alongside a new Executive Team made up of senior management from both companies.
This latest acquisition by Element follows a period of significant growth for the business. It is expected that the combined group will deliver in excess of $700 million in annual revenues and serve more than 40,000 customers worldwide.
“We have a clear strategy for growth and this acquisition is a major milestone for Element," says Noall. "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.”
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.
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