Singapore state-owned investment firm Temasek has bought testing, inspection and certification services provider Element from its private equity owners, UK-based Bridgepoint for US$7 billion (£5 billion.
Element, which provides testing, inspection and certification (TIC) services to several sectors, including aerospace employs 7,000 engineers and scientists at more than 200 sites around the world. The company can trace its history back 190 years and was acquired by Bridgepoint in 2015 from a different UK private equity firm called 3i.
Element has grown significantly over the last ten years mainly by acquiring a long list of testing laboratories.
Jo Wetz, CEO of Element said, “The acquisition of Element by Temasek is a landmark transaction in the TIC sector, and a critical step in the development of the Group.
“Bridgepoint has been an exceptional partner, helping to support a ten-fold increase in our turnover over the past decade. We are delighted to expand our relationship with Temasek – their intimate understanding of the Group and their track record of enabling businesses with sustainability at their core will help to accelerate the growth of our business in the years ahead.”
Singapore-based state investment company Temasek has been a shareholder in Element since 2019.
Uwe Krueger, Temasek’s head of industrials, business services, energy and resources and head of Europe, Middle East and Africa said, “We are pleased to continue our relationship with Element as it works with its customers and explores greater opportunities to be part of their decarbonisation and sustainability journeys.
“As a leading TIC business, Element is at the forefront of enabling innovative solutions across various industries.”