Tuesday 23 November 2021 4:06 pm | Updated: Tuesday 23 November 2021 5:19 pm

Investment giant duo plot takeover of Bridgepoint-owned Element Materials

Photo issued by Airbus of its Zephyr plane. The Aerospace giant has tested the solar-powered aircraft that it hopes can bring the internet to some of the billions of unconnected people around the world. The company said that its Zephyr, which resembles an unmanned glider but with two small propellers, could soon be spending around six months in the air at a time. Issue date: Monday October 11, 2021.

Private equity firm Cinven and a Canadian pension giant are reportedly in talks for a joint bid for Bridgepoint-owned Element Materials Technology.

The discussions between the private equity firm and Canada Pension Plan Investment Board (CPPIB) are still in the preliminary stages, Sky News’ Mark Kleinman first reported.

Element, which offers testing services for materials used in aerospace and a mass of other sectors, is set to be valued at around £4bn if the deal goes ahead.

After buying Element in 2015, Bridgepoint has appointed bankers to partake in a strategic review, which will likely be followed by an auction, according to the report.

The materials tester, which is chaired by Co-op Group, Wagamama and Brewdog chair Allan Leighton, is also part-owned by Singapore’s state investment fund Temasek Holdings.

Cinven declined to comment.