3i’s Element picks up Trac

The deal marks Element's ninth bolt-on since 3i's initial investment. Most recently, the company purchased Environ Laboratories in January. The deal brings Element's headcount up to 1,800.

Company
Malvern-headquartered Trac is a specialised testing company. Established in the 1950s, today the company employs 193 people and operates from six laboratories across the UK, as well as facilities in the US and China. The majority of its testing activities focus on product development, instead of manufactured output or 'end-of-line' testing.

Trac's two core activities are electromagnetic compatibility testing and environmental testing, which largely relates to dynamic vibration. The majority of Trac's clients hail from the aerospace and defence sector. It also serves clients in the telecoms, healthcare and other industrial sectors.

The business generated unaudited revenues of £18m in 2014, up from £16.8m the year before. The company posted a £3.4m profit in 2013.

Element is a network of laboratories focused on materials testing, product qualification testing and failure analysis for the aerospace, oil & gas, transportation and industrial sectors.

People
Alan Giddins is managing partner and co-head of private equity at 3i. Charles Noall is president and CEO of Element.

Advisers
Equity - Rothschild (Corporate finance); Bates Wells Braithwaite (Legal); Deloitte (Financial due diligence, tax).

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