in Aerospace

Exova's acquisition by Element Materials Technology completed

Posted 3 July 2017 · Add Comment

Exova - which has its headquarters in Edinburgh - has became part of testing and product qualification business, the Element Materials Technology Group.



The combined company, which is majority owned by Bridgepoint, an international private equity firm, now has more than 6,200 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 to introduce beneficial processes and procedures across the group as the Exova team becomes part of the Element community.

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, helping it to become the fastest growing independent materials testing and product qualification company in the world.

It is expected that the combined group will deliver in excess of $700m in annual revenues and serve more than 40,000 customers worldwide.
Commenting on the acquisition, Charles Noall said: “We have a clear strategy for growth and this acquisition is a major milestone for Element.

"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.

“Having already acquired a total of 17 businesses in recent years, we are very experienced in implementing procedures and processes in bringing businesses and people together. A programme of integration and strategic brand alignment is already underway with the aim of continuing to deliver best practice while introducing our new colleagues into the Element community.

"Our guiding principle is to continue to be the best and most trusted testing partner in all of the sectors we serve.

"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."

Jo Wetz, Element Group’s CFO commented: “This has been a highly successful financing which was four times oversubscribed with offers of over $4 billion from our investment base demonstrating the confidence that our banking group has in Element.”

* required field

Post a comment

Other Stories
Advertisement
Latest News

MoD awards £120m air power support contracts

The UK Defence Secretary Sir Michael Fallon has announced two contracts worth almost £120 million, to improve RAF training for fast jet pilots and make sure the Hercules C-130J aircraft can continue supporting UK Armed Forces

Parliamentarians celebrate UK apprentices at House of Commons reception

A hundred apprentices from some of Britain's leading aerospace, defence, security and space companies attended the ADS Parliamentary Reception in the House of Commons on Tuesday.

SNC-Lavalin completes Atkins acquisition

SNC-Lavalin Group Inc. has completed its acquisition of WS Atkins plc (Atkins), which is the UK's largest engineering and design consultancy with a wealth of expertise in various sectors, including aerospace, aviation, defence and

PhD brings new ideas to safety critical aviation research

A development chemist who has worked with innovators in the field of safety critical aviation fluids for more than six years, is bringing new ideas to Kilfrost, after being awarded a PhD in the study of supramolecular material science.

SA Airlink to provide scheduled services to St Helena

The St Helena Government and SA Airlink (Airlink) have today signed an agreement for Airlink to provide scheduled commercial air services to St Helena Island.

Italy selects Marshall CT Scanner

Italy has become the fourth NATO nation to select the Marshall Aerospace and Defence Group CT Scanner to provide deployed medical diagnostic facilities.

Aviation Africa SK18418
See us at
SMI AirMissBT0305251017DSEI LB0911150917Advanced Engineering BT1007021117SMI12DE BT203280917SMIUAV BT1005280917SMI FAV BT1007161117SMI MilSat BT2907101117Aviation Africa BT18418