3i-backed Element Materials Technology has completed a covenant-lite refinancing that it plans to use for acquisitions.
Besides acquisitions, the loan will be used to refinancing existing debt and return money to shareholders. Element, headquartered in owns a network of laboratories that specialize in materials testing, product-qualification testing and failure analysis for the aerospace, oil and gas and transportation and industrial sectors. The company has locations across the U.S. and Europe.
The $325 million loan was provided by new and existing lenders, and should help the company contribute to sector consolidation, Element says in a statement.
London private equity firm 3i bought a majority stake in Element in December 2010. Since then, the company's revenues have increased from about $100 million to $250 million. In July, the company bought Accutek Testing Laboratory.
3i's recent deals include the sale of a stake in jewelry company John Hardyto Catterton Partners in July, and sale of Hilite International to Avic Electromechanical Systems Co. Ltd. in May.
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