The London office of Debevoise & Plimpton LLP has advised Clayton, Dubilier & Rice (“CD&R”) as majority shareholder in Exova Group (“Exova”), a global testing, calibration and advisory services provider, in the £620.3 million recommended cash acquisition of Exova by Element Materials Technology Group (“Element”).
Element is a leading global materials and product qualification testing provider with a strong focus on the aerospace, oil and gas and automotive end markets. It is majority owned by BEV, the latest fund of Bridgepoint.
CD&R has entered into an irrevocable undertaking to accept Element’s cash offer, which will be implemented by way of a scheme of arrangement. The offer was received following discussions with a number of interested parties.
Debevoise advised CD&R in relation to its acquisition of Exova in 2008, and its subsequent IPO on the London Stock Exchange in 2014, following which CD&R retained a c.54% stake in Exova.
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of more than $22 billion in 72 companies representing a broad range of industries with an aggregate transaction value of more than $100 billion.
The Debevoise team advising CD&R was led by partner Raman Bet-Mansour and included associates Tom Matthews and Dominic Blaxill.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.