Exxelia, a French manufacturer of high-performance passive components and sub-systems, has acquired a majority stake in Nashik-based Alcon Electronics, the companies said in a statement.
The deal size is around $70-75 million, a person familiar with the development told VCCircle.
Alcon makes custom-designed film and aluminum electrolytic capacitors for companies in the renewable energy, induction heating equipment, medical imaging, and power generation markets.
“ Thanks to Alcon, we significantly strengthen our film and electrolytic product portfolio, and we gain a foothold in India which will allow us to better seize opportunities in this booming region and support our French customers with regards to their offset obligations”, Paul Maisonnier, Chief Executive Officer of Exxelia, said. Exxelia is backed by European private equity firm IK Investment Partners.
“We believe that this combination enhances the capabilities of both groups to serve our combined customer base in film and aluminum electrolytic capacitors both in India and globally,” Siddharth Sachdev, managing director and chief executive officer of Alcon Electronics said.
Lincoln International acted as the exclusive financial advisor to Exxelia, while KPMG India acted as the exclusive financial advisor to the shareholders of Alcon Electronics. Pioneer Legal, India acted as the legal advisors to Alcon Electronics, and BTG Legal, India acted as the legal advisors to Exxelia.
