Third-party logistics service provider TVS Logistics Services Ltd has acquired US-based Wainwright Industries Inc, a firm which provides metal stamping, machining and logistics services, for $8.87 million (Rs 50 crore).
TVS Logistics has paid half the amount and the rest will be paid over two years, based on certain financial milestones to be achieved by the US firm.
EdgePoint Capital initiated the transaction and served as the exclusive financial advisor to Wainwright for the deal.
Founded in 1947, Wainwright provides manufactured products and inventory management services including sequencing, third-party logistics, deconsolidation, subassembly, quality containment and rework services to leading automotive, aerospace and consumer products manufacturers and their key suppliers. It is headquartered in St. Peters, Missouri, with additional facilities in Wentzville (Missouri) and Charlotte (North Carolina).
TVS Logistics, a subsidiary of TV Sundaram Iyengar and Sons Ltd, provides supply chain management, inbound & outbound logistics and warehousing services. Last year, it raised around $51 million from Goldman Sachs and KKR.
This is the second overseas acquisition by TVS Logistics this year. In February, it acquired 85 per cent stake in UK-based Rico Logistics Ltd for $18.48 million. The company made overseas acquisition in the past as well.
(Edited by Sanghamitra Mandal)
