US-based Southco, owned by Touchpoint Inc, has acquired Pune-based manufacturer Darshan Industries Pvt. Ltd., the company said on Friday.
According to a person familiar with the deal, the size of the acquisition was $50 million and is Southco’s first investment in India.
Southco is a global designer and manufacturer of engineered access solutions.
The company said that over the past 75 years, it has grown to serve more than 100,000 customers in 80 countries, with 17 manufacturing and warehousing locations in 9 countries.
Darshan, established in 1982, manufactures access hardware and mechanical components such as handles, locks, hinges and support arm systems.
The company boasts of a strength of 260 employees, who design and manufacture over 6,000 standard and custom products.
“We are excited to welcome Darshan to the Southco family and feel privileged to continue his legacy. We are committed to successfully growing the Darshan brand in India and beyond,” said Philip Kempson, Europe and India Managing Director, Southco.
“With the support of our team, Darshan has become a leading player in its segment in India. We are excited about the opportunity to enter the next phase of philosophy’s evolution with Southco’s global footprint and expertise.
Nilesh Patil, principal shareholder and director of Philosophy, said, “We appreciate Lincoln’s efforts to assist shareholders throughout the process to put this transaction together and achieve the best possible results for the business and its employees.” “
Lincoln International Advisors Pvt Ltd was Darshan’s exclusive financial advisor in this transaction.