3i-backed Element Materials secures financing from lenders

The transaction marks the second such refinancing in the past 12 months, following the $93.25m refinancing package secured in August 2012 that saw two new lenders join the banking syndicate.

George Archer, 3i banking director, said the additional financing commitments were heavily oversubscribed by the seven banks that form the existing lending syndicate.

3i acquired Element Materials Technology (then Stork Materials Technology) in 2010 via an auction process run by KPMG, in a deal that valued the firm at €150m. The company has grown acquisitively, bolting on Materials Engineering Research Laboratory and Detroit Testing Laboratory. 

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