Nelson Peltz Son Invests in Intertek Amid Takeover Bid

Matt Peltz, the son of billionaire activist investor Nelson Peltz, has acquired a significant stake in Intertek, a leading FTSE 100 testing and assurance company. A recent public filing has revealed that Peltz’s investment through his new fund, Lost Coast Collective, is valued at approximately £88 million, representing over one per cent of Intertek’s share capital.

Peltz stepped down from his father’s firm, Trian Partners, in the previous year, where he served as co-chief investment officer for approximately 18 months. With more than a decade of experience at Trian, Peltz has since pivoted to manage Lost Coast, which currently oversees less than $1 billion, according to sources from the Financial Times.

His investment coincides with a turbulent period for Intertek, which is facing an attempted takeover from Swedish private equity firm EQT. On April 10, EQT submitted a £7.9 billion bid, which Intertek’s board swiftly rejected, stating the offer “fundamentally undervalued Intertek and its future prospects.” Lost Coast reportedly supported Intertek’s decision to dismiss the unsolicited bid.

On April 22, Intertek announced that it had received a revised offer from EQT, valuing the company at £9.7 billion. While the company confirmed that it would review the proposal, it also noted that there is “no certainty that any offer will be made.” Under UK takeover regulations, EQT must declare its intentions by May 14.

The takeover talks have prompted Intertek to announce a strategic review, especially after rejecting EQT’s initial offer. This review is likely to evaluate the potential split of its energy and infrastructure division from its consumer-facing operations. Notably, the energy division reported revenue of £1.6 billion, while its testing and assurance business, which includes consumer products and health and safety, generated £1.9 billion in revenue.

The broader testing and assurance industry is perceived as ripe for consolidation. Intertek previously attracted interest from the French testing firm Bureau Veritas in 2024, but talks collapsed as Bureau Veritas opted to pursue a merger with SGS, a Swiss company, instead. However, other successful acquisitions within the sector have been recorded, such as UL Solutions’ recent acquisition of the electrical and electronics division of Eurofins for €575 million.

Nelson Peltz is renowned for his aggressive activist strategies in high-profile companies, including Heinz, Disney and Unilever. Recently, Unilever confirmed the sale of its food business, which includes brands like Marmite and Hellmann’s mayonnaise, to American spice maker McCormick for $45 billion.