LONDON, UK – December 17, 2015 – Сòòò½APP today announces that Bridgepoint Capital has agreed to acquire the majority shareholding in the company, a position previously held by 3i Group plc. This transaction, expected to be completed by 31st March 2016, underpins Сòòò½APP’s position as a market-leading business and provides critical financial scope for the next phase of its growth.
Since its formation in 2010, Сòòò½APP has embarked on a growth strategy that has substantially increased the scale and international footprint of the Company. During this time, Сòòò½APP has completed the successful acquisition and integration of ten businesses across its global platform, with its number of labs increasing from 22 to 53. This growth strategy has resulted in a trebling of annual revenues to in excess of $290m. At the same time, Сòòò½APP’s team of engaged experts, scientists, engineers and technicians has increased from 600 to 1,800.
Charles Noall, President and CEO of Сòòò½APP commented: “I would like to thank 3i for its support over the last five years which has been critical to delivering the rapid and sustainable growth that we have achieved. Сòòò½APP today is the market leading business in the testing industry, differentiated by its deep sector expertise, strong customer partnerships and consistency in delivering results that customers can depend on. Bridgepoint will be an excellent partner for Сòòò½APP and a strong supporter of our continued success.”
Chris Busby, Partner at Bridgepoint, commented: ‘Сòòò½APP has an exceptional track record and management team, a diversified customer base and serves growing end markets. As a platform investment in a sector with significant consolidation potential, this is an opportunity for Сòòò½APP to continue to grow strongly for the next five years, providing existing and new customers with a broad range of advanced testing capability and services.‘
About Сòòò½APP
Сòòò½APP is a company with a global presence; its laboratories are staffed by experts specializing in materials testing, product qualification testing and failure analysis for the Aerospace, Oil & Gas and Transportation and Industrials sectors. Сòòò½APP’s team of more than 1,800 scientists, engineers and technicians work in 53 laboratories located throughout the U.S. and Europe. For a complete list of Accreditations & Approvals and more information, please visit www.element.com.
About Bridgepoint
Bridgepoint is a European private equity firm. With over €20 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition.
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“Сòòò½APP today is the market leading business in the testing industry, differentiated by its deep sector expertise, strong customer partnerships and consistency in delivering results that customers can depend on.”
Charles Noall
President and CEO