Element Materials Technology
{{Short description|Auditing and inspection company in London}}
{{Infobox company
| name = Element Materials Technology Group Limited
| logo = Element_Materal_Testing_Group_logo.jpg
| type = Limited company
| industry = Testing Inspection and Certification
| predecessor = Exova, Cobham Technical Services Lightning
| foundation = {{Start date and age |2010 }}
| defunct =
| fate =
| hq_location_city = London
| hq_location_country = United Kingdom
| area_served = Worldwide
| key_people = Allan Leighton (Chair){{cite web |title=Element Materials Technology acquired by Temasek |url=https://www.bindt.org/News/march-2022/element-materials-technology-acquired-by-temasek/ |publisher=British Institute of Non-Destructive Testing |access-date=13 February 2023}}
Jo Wetz (CEO){{cite news|url=https://www.automotivetestingtechnologyinternational.com/news/appointments-partnerships-investments-acquisitions/element-names-current-cfo-jo-wetz-as-new-ceo.html|title=Element names current CFO Jo Wetz as new CEO|date=9 October 2019|newspaper=Automotive Testing Technology International |access-date=23 July 2023}}
| products =
| revenue = {{increase}} £913.0 million (2021){{cite web|url=https://find-and-update.company-information.service.gov.uk/company/09915743/filing-history|title=Annual Report 2021|publisher=Element Materials Technology|access-date=23 July 2023}}
| operating_income = {{increase}} £43.4 million (2021)
| net_income = {{increase}} £(212.9) million (2021)
| num_employees_year = 2022
| services = materials testing and provision of certification schemes in building material, aerospace, transportation, health sciences, oil and gas, and fire protection
| owner = Temasek Holdings
| homepage = {{URL |https://www.element.com/ }}
}}
Element is a British testing, inspection and certification (TIC) company headquartered in London providing services worldwide. It specialises in materials testing and provision of certification schemes in building material, aerospace, transportation, health sciences, oil and gas, and fire protection.
In 2020, the company was ranked as number 15 in the Sunday Times Top Track 250, i.e one of top fifteen private mid-market growth companies in the UK.{{cite web|url=https://www.pwc.co.uk/private-business-private-clients/insights/pwc-top-track-250-league-table-announced.html|title=PwC Top Track 250 league table announced|publisher=PwC|date=27 September 2020|access-date=23 July 2023}} It has been described by its former investor, Bridgepoint Group as the "undisputed heavyweight in testing, inspection and certification" in the UK.
History
Element was founded in November 2010 after the 3i-backed management buyout of the Materials and Testing group of Stork B.V.{{cite news|url=https://www.penews.com/articles/3i-sells-element-materials-technology-for-900m-20151218|title=3i sells Element Materials Technology for €900m|date=18 December 2015|newspaper=Private Equity News| access-date=23 July 2023}}
Bridgepoint Group bought Element from 3i in 2015 and went on to acquire various companies.{{cite news |last1=Espinoza |first1=Javier |title=Element Materials agrees £620m deal for lab tester Exova |url=https://www.ft.com/content/438a5f81-90d3-3cbe-8090-6ff07e36a7f6 |access-date=13 February 2023 |work=Financial Times |publisher=Nikkei |date=19 April 2017}} Its most notable acquisition was Exova Group plc - which had itself acquired several firms - from a collection of shareholders led by Clayton, Dubilier & Rice, for £620m in cash in April 2017. Allan Leighton was appointed chairman at that time.{{cite news|url=https://www.heraldscotland.com/business_hq/15621289.former-asda-chief-leighton-takes-element-chair/|title=Former Asda chief Leighton takes Element chair|date=26 October 2017|newspaper=Herald Scotland|access-date=23 July 2023}}
The company went on to acquire Impact Analytical Inc., a provider of analytical services in North America, in February 2021,{{cite news|url=https://www.contractpharma.com/contents/view_breaking-news/2021-09-02/element-materials-technology-acquires-impact-analytical/|title=Element Materials Technology Acquires Impact Analytical|date=9 February 2021|newspaper=Contract Pharma| access-date=23 July 2023}} Arch Sciences Group, a provider of analytical services
based in Manchester, in July 2021,{{cite news|url=https://www.pharmoutsourcing.com/1315-News/577811-Element-acquires-Arch-Sciences-Group/|title=Element acquires Arch Sciences Group|newspaper=Pharmaceutical Outsourcing|date=22 July 2021|access-date=23 July 2023}} and JMI Laboratories, a provider of antimicrobial resistance monitoring services in North America, in January 2022.{{cite news|url=https://pharmaceuticalmanufacturer.media/pharma-manufacturing-news/pharma-finance-and-investment-news/element-acquires-JMI/|title=Element acquires JMI Laboratories further expanding life sciences capabilities|date=17 January 2022|newspaper=European Pharmaceutical Manufacturer| access-date=23 July 2023}}
Element was acquired by Temasek Holdings in January 2022, when Bridgepoint agreed to an offer that valued the business at $7bn.{{cite news |last1=Wiggins |first1=Kaye |title=Temasek buys UK testing group Element in $7bn deal |url=https://www.ft.com/content/cb193ec1-fc47-46c6-87bf-8917194670c2 |access-date=13 February 2023 |work=Financial Times |publisher=Nikkei |date=25 January 2022}}{{cite news |last1=Farr |first1=Emma-Victoria |title=Temasek buys Bridgepoint's Element Materials in $7 bln deal |url=https://www.reuters.com/business/bridgepoint-sells-element-materials-technology-temasek-2022-01-25/ |access-date=13 February 2023 |work=Reuters |date=25 January 2022}}{{cite news |last1=Kirchfeld |first1=Aaron |last2=Baigorri |first2=Manuel |title=Temasek Buys Bridgepoint's Element Materials in $7 Billion Deal |url=https://www.bloomberg.com/news/articles/2022-01-25/singapore-s-temasek-acquires-bridgepoint-testing-business |access-date=13 February 2023 |agency=Bloomberg |date=25 January 2022}} Cinven and CPP Investment Board had also been considering making bids valued at circa $4bn.{{cite news |last1=Kleinman |first1=Mark |title=Cinven and Canadian pension giant CPPIB in talks about £4bn bid for Element Materials |url=https://news.sky.com/story/cinven-and-canadian-pension-giant-cppib-in-talks-about-4bn-bid-for-element-materials-12476263 |access-date=13 February 2023 |work=Sky News |date=23 November 2021}}
Operations
The company provide specialist testing services for the building material, aerospace, transportation, health sciences, oil and gas, and fire protection industries.{{cite web|url=https://www.cambridgesciencepark.co.uk/news/element-materials-technology-deploys-plastometrexs-metal-testing-innovation-1281/|title=Element Materials Technology Deploys Plastometrex's Metal Testing Innovation|publisher=Cambridge Science Park|access-date=23 July 2023}} Sector competitors include Intertek, Bureau Veritas, NPL and SGS.{{cite web|url=https://www.businesswire.com/news/home/20210621005523/en/Insights-on-the-Fire-Testing-Global-Market-to-2027---Featuring-Bureau-Veritas-Element-Materials-Technology-and-Kiwa-Among-Others---ResearchAndMarkets.com|title=Insights on the Fire Testing Global Market to 2027 - Featuring Bureau Veritas, Element Materials Technology and Kiwa Among Others|publisher=Business Wire| access-date=23 July 2023}}
References
{{reflist}}
External links
- [https://www.element.com/ element.com - official site]