A pair of investment giants are in talks about a joint bid for Element Materials Technology, a testing and inspection group which works across a broad array of industries.

Sky News understands that Cinven and the Canada Pension Plan Investment Board (CPPIB) are in preliminary discussions about submitting a joint offer for Element Materials.

Bridgepoint, the company’s current owner, has appointed bankers to undertake a strategic review that is expected to result in an auction next year.

Any deal is expected to value the business, which Bridgepoint acquired in 2016, at about £4bn.

Element Materials tests and certifies a range of products and materials used for industrial purposes in sectors including aerospace and oil.

The company traces its origins to 1827, and has helped test the materials that “put Concorde into the skies and has helped keep Venice afloat”, according to its website.

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It is part-owned by Temasek Holdings, the Singaporean state investment fund.

Element Materials is chaired by Allan Leighton, one of the UK’s most prolific boardroom figures.

Mr Leighton also chairs the Co-op Group, Wagamama and Brewdog, among his existing portfolio of jobs.

Cinven declined to comment.

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