Element Materials Technology has secured a new $325 million funding package to refinance existing group borrowings and provide additional facilities in support of future acquisitions.
The refinancing has been secured with the support of new and existing lenders replacing the previous syndicate of banks.
Charles Noall, President and CEO of Element, said: “We are delighted to close this hugely over-subscribed refinancing process. It is a major vote of confidence in the company and our strategy to invest alongside clients to provide them with the requisite technical capabilities to deliver exceptional results.”
Element’s CFO Jo Wetz added: “We believe that there is a compelling case for further consolidation in the materials testing space. The refinancing provides us with the flexibility and capacity to make further acquisitions when they align with our overall strategic goals. The success of the refinancing was delivered with the same strong support from 3i that the business has enjoyed over the last three years and some excellent execution from our lead banking relationships.”
Element gains new funding options for refinancing initiative
