3i's Element Materials buys Accutek

The bolt-on extends Element's reach in the aerospace and medical devices markets, the target sectors of Accutek's material testing operations.

Following the purchase, Element now has 44 facilities worldwide. The company has grown acquisitively since 3i's original investment, bolting on seven companies globally.  Acquisitions include Detroit Testing Laboratory and Materials Engineering Research Laboratory,

3i bought the company (then named Stork Materials Technology) in 2010 in a deal that valued the firm at €150m. In August 2012, the company secured a $93.25m refinancing package from its existing banking syndicate and two new lenders. The debt package was designed to support its acquisition strategy.

In 2013, the firm secured additional financing to boost its buy-and-build strategy. At the time, 3i banking director George Archer said the additional financing commitments were heavily oversubscribed by the seven banks that form the existing lending syndicate.

Company
Founded more than 20 years ago and based in Cincinnati, Accutek provides mechnical and metallurgical tests, weld services and consultation. The company is based in a 5,000 sq m laboratory.

People
John McCloy is president of Accutek.

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