Global testing provider has acquired four materials testing laboratories from DNV GL in Germany.
Element Materials Technology has completed the acquisition of DNV GL’s German materials testing laboratories, further strengthening its European materials testing presence. In September 2016, Element announced that it had entered into a binding agreement with DNV GL subject to obtaining German regulatory approvals which have now been secured.
The DNV GL Laboratories in Germany comprise four ISO:17025/OHSAS:18001-accredited laboratories in Hamburg, Muelheim a.d.R., Herne and Stuttgart/Esslingen, employing over seventy engineers specialised in materials testing, metallurgy and failure analysis.
Charles Noall, President and CEO of Element, says: “The acquisition of DNV GL’s four German testing laboratories is a hugely important step towards our goal to become the recognised global market leader for materials testing and product qualification testing services. As our recent performance has shown, we have the financial and operational strength to make acquisitions of this scale, as well as a strong track record of integrating and immediately growing these types of business.”
This is Element’s second acquisition of the year and it follows the Group’s successful $435 million debt restructure and the securing of a new US$95 million capex facility to fund future acquisitions. Also in October, Element was recognised as one of Britain’s leading mid-market private companies in the Sunday Times Grant Thornton Top Track 250 league table and was awarded “2016 Exit of the Year”, together with its previous investor 3i, at the annual British Private Equity awards.
This latest acquisition significantly expands Element’s current European footprint to 16 laboratories, adding to the company’s existing German laboratories located in Herne and Berlin and takes the group’s number of Engaged Experts to over 2,000.