Home Finance Temasek buys Bridgepoint’s Element materials

Temasek buys Bridgepoint’s Element materials

Michael Buchanan, senior managing director of Portfolio and Strategy at Temasek Holdings Pte, from left, Png Chin Yee, senior managing director of China and head of Financial at Temasek Holdings Pte, Dilhan Pillay Sandrasegara, co-president and joint head of Enterprise Development Group at Temasek Holdings Pte, Chia Song Hwee, joint head of Investment at Temasek Holdings Pte, and Rohit Sipahimalani, head of Investment at Temasek Holdings Pte, attend a news conference for the company's annual review in Singapore, on Thursday, July 7, 2016. Temasek's portfolio declined for the first time in seven years as its holdings, a quarter of which are in Chinese equities, were battered by last year's market rout. Photographer: Sam Kang Li/Bloomberg

The London-listed private equity firm, Singaporean state-owned investor Temasek has acquired Element Materials Technology Group from Bridgepoint. The terms of the deal were not disclosed. But they valued Element, which tests and certifies industrial products and materials, which is at about $7 billion.

The transaction marks Temasek’s single biggest investment since it acquired a near 25% stake in health and beauty retailer AS Watson Holdings for $5.7 billion in early 2014. It also marks a rare controlling-stake transaction by Temasek. This had been a minority shareholder in Element since 2019. Element generates annual revenue of around 1 billion dollars. It has grown at over 20% per year over the last decade. Temasek reported a 25% rise in its portfolio value to a record S$381 billion ($283 billion) in the year ended March 2021.

Bridgepoint, acquired Element from British buyout group 3i for an undisclosed sum in December 2015. Based in London, Element has clients in sectors such as aerospace, industrial, energy, and technology. Its 7,000 scientists, engineers and technologists work across more than 200 laboratories. Element was advised by Bank of America Securities, Goldman Sachs and Rothschild & Co. The transaction remains subject to customary regulatory approvals.

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