Germany’s NORMA Group SE, which manufactures machine joining components has planned to acquire Indian water management firm Kimplas Piping Systems Ltd for an undisclosed amount. The deal is expected to close by the middle of this year.

Kimplas manufactures electrofusion and compression fittings valves and proprietary equipment for the micro-irrigation industry.

In a joint statement, the companies said they had agreed on the transaction on April 6.

Trans-Continental Capital Advisors acted as the financial advisor, while Khaitan and Co served as Kimplas’ legal advisor.

Kimplas Piping Systems was founded in 1996 in Nashik, Maharashtra and earned revenues of Rs 175 crore in the financial year 2017-18. Its customers in India and abroad include water supply boards, gas distribution companies, micro-irrigation companies, and building and construction firms.

Headquartered in Maintal, NORMA Group is listed on the Frankfurt Stock Exchange and has around 7,700 employees.

Established in 2006 following the merger between Sweden’s ABA Group and NORMA, the firm makes joining, connecting and fluid handling technology solutions for transportation, trains, ships, aircraft, buildings, water management and the pharmaceutical and biotechnology industry.

It claims to have around 10,000 customers in 100 countries. With more than 40,000 products in its portfolio, NORMA Group reported sales of 1.02 billion euros last year.

Last month, Norma acquired an 80% stake in Chinese joining products company Fengfan Fastener (Shaoxing) Co Ltd. In 2016, it acquired all assets of the Autoline business from Parker’s Fluid Systems Connectors Division in France.

Source: Franchise India Bureau