Bangalore-based Dynamatic Technologies Ltd has acquired a UK-based aeronautic company for $16 million. The acquired company is involved in manufacturing highly engineered components and toolings. The name of the acquired company was not disclosed. VC Circle tried to reach officials at Dynamatics, but they were unavailable for comment. Dynamatic Technologies Limited produces engineering products for industries such as automation, aerospace, agricultural equipment and construction equipment.
This is not Dynamatics first acquisition in the UK. Last year it had acquired the Hydraulic Business Division (Swindon Unit) of Sauer Danfoss Limited, UK. Dynamatic has also acquired a 12 megawatt wind farm from Tamilnadu Petroproducts Ltd late last month. The wind farm has been acquired to reduce the monthly energy costs at its Chennai complex.
Dynamatics had raised Rs 75 crore from Fidelity Investments International, Amansa Capital Pte Ltd and New Vernon Capital in August this year, diluting an 11% stake. It is also planning to raise a debt of Rs 160 crore to fund its acquisitions.
The acquired company is based out of Bristol, UK and its clients include Airbus, Lockheed Martin, Boeing, GE Aviation Systems, Magellen Aerospace, GKN Aerospace and Agusta Westland. The acquisition would provide Dynamatics an access to a new set of clients and also an experienced management team. Also, Dynamatics is planning to capitalise on the expansion of the Indian Air Force, and hopes that this acquisition would increase its capabilities in that front.