Miranda Tools has agreed to sell its high-speed steel cuttin
MUMBAI, India, June 18, 2020 /PRNewswire/ -- Lincoln International is pleased to announce that its client Miranda Tools has entered into an agreement to sell its high-speed steel cutting tools business to Dormer Pramet, a division within Sandvik Machining Solutions.
Part of the Ashok Piramal Group, a large diversified Indian conglomerate, Miranda Tools has a significant market share in high-speed steel cutting tools business in India. The acquisition enhances Dormer Pramet's product offering and facilitates an improved presence in key markets such as India, China and Southeast Asia through an access to Miranda Tool's distribution network and manufacturing facilities.
"The acquisition is aligned with Sandvik Machining Solutions' focus on strengthening our round tools offer whilst also adding greater production capacity and flexibility to support long-term growth," says Lars Bergström, President of Sandvik Machining Solutions.
Nandan Piramal, Managing Director of Miranda Tools, commented on the transaction, "Miranda remains a very well recognized industrial products brand and has been a strong performer for the Ashok Piramal Group over the years. As we go about re-aligning the Group's businesses, we see a great fit for Miranda within Sandvik and this will help the Miranda management team further grow and strengthen the business. We appreciate Lincoln's efforts in putting together this transaction and assisting the shareholders to achieve the best possible outcome for the business."
Preet Singh, Managing Director and head of Industrials in India, commented, "Both parties' commitment to execute this transaction within the backdrop of the COVID-19 pandemic reflects strongly on the strategic fit between Sandvik and Miranda Tools' businesses and also the continued interest of global buyers looking at strong manufacturing businesses in India."
Lincoln International acted as the exclusive investment banking advisor to the shareholders of Miranda Tools preparing and managing a competitive M&A process securing not only a very attractive economic outcome for the sellers, but also identifying an ideal partner for management to implement its long-term vision for cutting tools business.
About Lincoln International
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SOURCE Lincoln International LLC