US-based Southco, owned by Touchpoint Inc, has acquired Pune-based manufacturing company Darshana Industries Pvt. Ltd, the company said in a statement on Friday.
According to a person familiar, the deal was sized at $50 million and this is Southco's first investment in India.
Southco is a global designer and manufacturer of engineered access solutions.
The company added in the statement that over the last 75 years, it has grown to serve over 100,000 customers across 80 nations, with 17 manufacturing and warehousing locations in 9 countries.
Darshana, founded in 1982, manufactures access hardware and mechanical components like handles, locks, hinges and support arm systems, among others.
The company claims to have a strength of 260 employees, who designs and manufactures over 6,000 standard and custom products.
“We are excited to welcome Darshana to the Southco family and feel privileged to continue their heritage. We are committed to successfully growing the Darshana brand in India and beyond,” said Philip Kempson, managing director for Europe and India, Southco.
“With the support of our team, Darshana has grown to become a leading player in its segment in India. We are excited at the opportunity for Darshana to enter the next phase of growth with the help of Southco’s global footprint and expertise.
We appreciate Lincoln’s efforts in putting together this transaction and assisting the shareholders throughout the entire process to achieve the best possible outcome for the business and its employees,” said Nilesh Patil, principal shareholder and director of Darshana.
Lincoln International Advisors Private Limited was the exclusive financial advisor to Darshana in this deal.
“This transaction is a great testament to how niche, family-owned businesses in India continue to be very attractive for global companies. At the other end of the spectrum, such global partnerships offer a platform for the continued growth of family-owned businesses and their employees and other stakeholders.
The transaction demonstrates Lincoln’s ability to effectively leverage our global network in finding a right partner and successfully executing cross-border transactions,” said Preet Singh, Managing Director at Lincoln.
