Element Materials Technology, the fastest growing global testing company in the world, has today announced the closing of $125 million (USD) of additional debt facilities to support future growth via acquisitions.
The new facilities consist of a $75m capex facility and a $50m Term Loan B (USD). The Group, which is majority owned by Bridgepoint, was last in the market in May 2017 with a $1.15bn multicurrency cross border debt package to back the acquisition of Exova Group PLC and refinance its then existing facilities. The revised leverage is in line with the original leverage from the May 2017 deal.
Jo Wetz, Group CFO, commented: ‘’This is a fantastic example of our incredibly supportive investor base continuing to back the strong growth of the Element Group, which following the acquisition of Exova Group PLC in June 2017, has more than doubled in size.’’
In November 2017 Element announced the acquisition of the NDT Limited, one of the UK’s leading materials testing companies and today announces that it has entered into a binding agreement to purchase Metals Testing Company, a non-destructive testing service provider to the aerospace industry located in Connecticut, United States.