Aurangabad-based die-casting company Endurance Technologies has acquired two European aluminium die-casting firms, Nuova Renopress in Italy and Amann Druckguss in Germany. The combined deal size of both the acquisitions is €40 mn (Rs. 230 crores). Endurance has also acquired a 40% stake in Italian auto component company Paioli Meccanica for €6 mn (Rs. 34.46 crores), with an option of hiking the stake further at a later stage.
Nuova Renopress has a turnover of €25 mn, has a good technology base and boasts of customers like Honda, Bosch and Siemens. Amann Druckguss has a turnover of around €40 mn and has customers like Daimler-Chrysler, Porsche, MAN, Behr, John Deere and Audi.
Endurance Technologies belongs to the Rs. 1500 crore-Endurance Group. The Endurance Group had recently raised Rs. 150 crores in August 2006 from Standard Chartered Private Equity Fund. The company plans to hit the market in the next 18-24 months. KPMG was the advisor for the acquisitions. The acquisitions have been funded through a mix of internal accruals, proceeds of the private equity sale and debt.
Read the articles in Hindustan Times, The Economic Times and The Financial Express.
Related Post: Endurance Group buys German auto ancillary company
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