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News

Additional growth financing for materials testing and inspection company

Element Materials Technology : 12 August, 2013  (Company News)
Element Materials Technology has secured additional financing to support its continuing buy-and-build strategy to become the recognized leader for materials testing and inspection, product qualification testing and failure analysis in the North American, European and Asian markets.

The additional capital is the second time in the last 12 months that Element’s syndicate of banks has increased the company’s facilities to support its acquisition strategy. The company has recently become the USA’s largest independent materials testing company following its acquisition of Sherry Laboratories.
 
Charles Noall, President and CEO of Element, says: “I am pleased to see our growth strategy, the hard work of our staff and our sound financial performance validated and supported by these new funds. We will remain agile in seeking new opportunities for increased capacity, innovation and capabilities for our growing list of world-class customers.”

3i, Element’s majority shareholder, worked closely with the company on the financing.  George Archer, 3i Banking Director commented: “The additional financing commitments were heavily oversubscribed, indicating the quality of Element’s credit. We saw strong support from Element’s existing lending syndicate of seven banks. The transaction was structured on a prudent basis to support Element’s continuing growth and investment strategy.”

The additional financing will enable Element, which primarily services the Aerospace & Defense, Oil & Gas, Transportation and Power Generation industries, to continue its successful growth strategy. The materials testing organisation recently acquired Sherry Laboratories, adding ten facilities to bring its international platform to 40 laboratories and 1400 scientists, engineers and technicians, as well as the highly regarded Delsen Laboratories, which significantly expanded its global composite testing capabilities.

“Element’s ability to make capital investments and implement new technology gives us more capacity to meet the growing needs of our diverse client base while keeping the highest standards of safety, quality, reliability, and turnaround,” concludes Noall.

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