Birmingham corporate finance advisers, Clearwater Corporate Finance have played a key role in ensuring Amtek Auto Limited – a leading Indian-based automotive component manufacturer with operations in India, USA and Europe – strengthens its position within mainland Europe with the acquisition of one of the leading German auto machining companies – Zelter Gmbh.
This latest acquisition is a further move to bolster the Amtek Group’s manufacturing presence outside of India and will increase their global sales revenues to circa $700 million.
Zelter Zmbh is a specialist turbo charger machining company with revenues of excess of E100 million and was acquired for an undisclosed sum.
Amtek Group has already acquired three UK companies including Midlands-based LBH, Sigmacast and GWK, together with significant acquisitions in the USA.
Commenting on the acquisition, Amtek Group chairman, Arvind Dham said: “the group continues to grow and prosper as a global automotive component manufacturer and we are looking forward to welcoming the Zelter management team into the Amtek Group.”
John Flintham, CEO of Amtek International operations outside of India, added: “the acquisition of Zelter represents another key step in the strategy of focusing on synergistic opportunities that will complement the Group on a global basis.”
Zelter Gmbh, based near Frankfurt was founded in 1923 and is recognised as a full service supplier for the automotive industry. With more than 400 employees it has two major factories in Germany.
Clearwater Corporate Finance together with German firm M&A Consultants worked jointly to assist in negotiating the deal with the vendors.
Clearwater partner, Andy Moore added; “This deal is yet another example of the growing number of major players in low cost countries developing a strategy for Europe and America. It is also another example of the power of our international network and its ability to advise major corporate groups on cross-border transactions.”