Bridgepoint sells off Element Materials to Singaporean Temasek for $7bn
Element Materials Technology has been snapped up by Singapore-based Temasek from British investment giant Bridgepoint today.
A deal has been on the horizon for some time, with Element rumoured to be in the sights of investment duo Cinven and Canada Pension Plan Investment Board in November.
London-based Element, which offers testing services for materials used in aerospace and other sectors, was expected to valued at around £4bn at the time, Sky News reported. However, a figure for the Temasek deal has not yet been disclosed.
Bloomberg reports the deal was worth some $7bn.
The state-owned Temasek takeover comes with Element poised to accelerate its growth in life sciences and connected technologies, markets which have boomed over the pandemic.
The Singaporean firm, which has been a minority shareholder in Element since 2019, is set to take over Element’s team of more than 7,000 scientists, engineers and technologists.
Element, acquired by Bridgepoint in 2015, generates around $1bn in revenue a year, a figure that has swelled around 20 per cent each year over the past decade.
“I am extremely proud of what Element and its outstanding team have delivered. The business has been bold in its ambition, delivered impressive organic growth, and has been clinical in its acquisition strategy – allowing it to significantly expand its expertise for over 50,000 customers worldwide,” Bridgepoint partner Chris Busby said.
“It is now an undisputed heavyweight in Testing, Inspection and Certification, and we wish the team of 7,000 people continued success in the future”.
Bank of America Securities, Goldman Sachs and Rothschild & Co advised on the deal, alongside PwC and EY.