3i’s EMT completes $325m refinancing

3i reaped around £28m in cash through the repayment of existing shareholder debt and accrued interest, while total cash returned to 3i and its managed funds reached £51m. The firm's in-house banking team supported the transaction.

Both new and existing lenders took part in the refinancing, replacing EMT's previous syndicate of seven banks.

This marks the third refinancing EMT has completed under 3i's ownership. In August last year, the company secured additional financing from its existing syndicate of seven lenders, designed to aid EMT's acquisitive growth strategy.

In August 2012, EMT secured a $93.25m refinancing with its five existing lenders and two new ones.

3i acquired EMT (then Stork Materials Technology) in November 2010, in a deal valuing the company at €150m, according to unquote" data. At the time of the acquisition, 3i underwrote a debt package to allow for a quick transaction.

Under 3i's ownership, EMT has completed seven bolt-ons, including Hitchin-based Materials Engineering Research Laboratory in August 2012 and its most recent acquisition of US-based Accutek Testing Laboratory at the beginning of July this year. According to the company, it is now 2.5x bigger than it was when 3i acquired it due to acquisitions.

Company
Amsterdam-headquartered EMT operates a network of 43 laboratories across Europe and the US, which provide materials testing, product qualification testing and failure analysis for the aerospace, oil and gas, transportation and industrials sectors.

The company employs 1,540 staff. Its turnover has increased from around $100m at the time of 3i's acquisition to $250m.

People
Charles Noall is the CEO of EMT. 3i managing partner and private equity co-head Alan Giddins, director Jonathan Crane and principal Andrew Olinick sit on the company's board of directors.

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• Topics
• Benelux
• Restructuring
• Support services
• Netherlands
• 3i
• Refinancing