By Emma-Victoria Farr
LONDON -Singaporean investor Temasek has acquired Element Materials Technology Group from Bridgepoint <BPTB.L> for an undisclosed amount, the private equity firm said on Tuesday.
Temasek has been a minority shareholder in Element, which offers testing, inspection, and certification (TIC) services, since 2019.
Sources value the deal at around $7 billion, as Temasek sees an opportunity to boost the company’s growth.
Element generates annual revenue of around 1 billion dollars and has grown at over 20% per year over the last decade.
The buyout will be a rare controlling-stake transaction by Temasek, which reported a 25% rise in its portfolio value to a record S$381 billion ($283 billion) in the year ended March 2021.
London-listed buyout firm Bridgepoint acquired Element from British buyout group 3i for an undisclosed sum in December 2015.
Based in London, Element has clients in sectors including aerospace, industrial, energy, and technology. Its 7,000 scientists, engineers and technologists work across more than 200 laboratories.
Element was advised by Bank of America Securities, Goldman Sachs and Rothschild & Co. The transaction remains subject to customary regulatory approvals.