PAI bidding to acquire CD&R's Exova

At the time of publication, the company's shares were priced at around the 250 pence mark, a new 52-week high, giving it a market cap of around £626m.

Other investors involved in the bidding process include trade investor Element Materials Technology and investment firm Jacobs Holding.

Exova said in a statement it was yet to receive any firm offers, though bidders have until 24 April to make their offers.

Exova operates 135 laboratories across 33 countries, up from the 117 it operated at the time of its 2014 IPO.

According to publicly available records, the company generated revenues of £328m in 2016, up 11% on the previous year, with EBITDA of £50.3m, up 8%.

Exova listed on the London Stock Exchange with a market cap of £550m in April 2014, with CD&R retaining a majority stake following the IPO. The flotation raised £220m from 100 million shares priced at 220 pence apiece, with the company receiving proceeds of £110m.

CD&R acquired Exova – then Bodycote Testing Group – in August 2008, according to unquote" data. The initial deal valued the company at approximately £417m, with capital drawn from CD&R Fund VII.

The company has undertaken an acquisitive strategy under the GP's tenure. In 2013, it acquired US vehicle testing company Defiance and Czech-based calibration services provider GSMobile. In January 2014, it added UK-based stack emissions testing specialist Catalyst.

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