Gambit Corporate Finance LLP has advised on the sale of Durmech International Limited to Magadh Precision Equipment Limited based in India.
Durmech is a specialist design and engineering business focussed on the metals industry. The Durmech brand has been in existence for over 35 years and is globally recognised within the steel processing sector. Magadh is one of India’s leading equipment manufacturers in the steel industry. Durmech’s management will remain with the company post transaction.
The purchaser was identified and sourced via Corporate Finance International, a global network of 13 M&A advisors, of which Gambit is the exclusive UK member. The transaction demonstrates Gambit’s credentials in being able to access acquirers in India’s high growth economy. The Gambit team was Simon Williams and Geraint Rowe.
Simon Williams, Director, commented, “India is increasingly becoming a significant source of M&A transactions across multiple sectors, with its economy growing at 9.7% in 2010. Many Indian companies view the UK as an attractive country in which to undertake business, in terms of language, economic stability, legal system and currency. Gambit’s close relationship with a highly respected Indian advisory firm provides a significant benefit in terms of identifying potential acquirers and addressing cultural issues. We anticipate that this is just the first of a number of UK-Indian transactions that we will advise on, with several already in the pipeline.”