Element Materials Technology (“Element”), an operator of laboratories for materials testing and product qualification in the aerospace, defence and energy industries, has been sold to Bridgepoint by 3i Group (“3i”). Allen & Overy advised 3i, a leading international investment manager focused on mid-market private equity, infrastructure and debt management, on the proposed sale.

Following 3i’s investment in the Company in 2010 as part of a carve-out transaction from Stork, the Company was rebranded as Element Materials Technology and reorganised into sector-focused business lines to better serve its customers’ needs. Now a global market leader, Element supplies major blue chip customers such as Ford, GE, Rolls-Royce, Boeing and Airbus.

A&O private equity partner Stephen Lloyd commented; “This deal shows that there continues to be investor demand for high quality assets. Through its successful buy and build strategy, 3i has helped to develop Element into a global leader in the testing sector by completing and integrating 10 acquisitions through its international footprint and people relationships. This transaction continues the trend of sponsors executing buy and build strategies in an environment where high quality assets at the right price are difficult to source.”

The team was led by Stephen Lloyd with support from senior associate, Peter Banks.

Advisers included Rothschild and Baird (corporate finance) and Allen & Overy (legal) for 3i Group; Wyvern and DLA Piper (legal) and PwC (tax) for management; RBC Capital Markets and HSBC (corporate finance), PwC (debt advisory), Shearman & Sterling (legal), EY (financial due diligence), CSP and Calash (commercial due diligence) for Bridgepoint.