3i-backed Element Materials buys MERL

The acquisition was funded through fresh capital provided by a banking syndicate as part of a $93.25m refinancing package.

The bolt-on extends Element Material Technology's services offering to match the growing implementation of non-metallic elements.

3i acquired Element Materials Technology in November 2010.

Company
Founded in 1986 and based in Hitchin, MERL provides research and development, laboratory testing and consultancy services on polymer materials for engineering systems and structures.

The company's primary clients are in the oil and gas, aerospace and land transportation sectors. Projects include the safe provision of materials in offshore oil and gas, the development of new polymer material for heart valves and composite materials for aircrafts.

MERL employs 35 members of staff.

People
George Archer is banking director at 3i. Rod Martin is CEO of MERL.

Advisers
Acquirer – Deloitte (Financial due diligence); Bates Wells & Braithwaite (Legal).

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