M&A Deal Summary

Imerys Acquires ACE Refractories

On September 1, 2007, Imerys acquired manufacturer ACE Refractories from ICICI Venture for 550M INR

Acquisition Highlights
  • This is Imerys’ 1st transaction in the Manufacturing sector.
  • This is Imerys’ 2nd largest (disclosed) transaction.
  • This is Imerys’ 1st transaction in India.

M&A Deal Summary
Date 2007-09-01
Target ACE Refractories
Sector Manufacturing
Buyer(s) Imerys
Sellers(s) ICICI Venture
Deal Type Add-on Acquisition
Deal Value 550M INR

Target

ACE Refractories

Nagpur, India
ICICI Venture bought out the Refractories division of the Associated Cement Companies Ltd. (ACC) on a slump sale basis and renamed it as Ace Refractories. Ace is the second largest player in the industry in terms of revenues and profits supplying to a diverse set of industries. It is a leader in monolithics commanding over 50% market share and is a leading manufacturer of binders. It supplies a wide spectrum of refractory products to steel, cement, petrochemicals, fertilizers, power, sponge iron and non ferrous metal industries.

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Buyer(S) 1

Buyer

Imerys

Paris, France
Category Company
Founded 1880
Sector Packaging
Employees13,700
Revenue 3.8B EUR (2023)
DESCRIPTION

Imerys manufactures paper and paper packaging products. Imerys was founded in 1880 and is headquartered in Paris, France.

DEAL STATS #
Overall 1 of 11
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 1 of 10
Country (India) 1 of 2
Year (2007) 1 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-23 American Minerals

United States

American Minerals, Inc. is a processes and trades a range of industrial minerals, including chrome, zircon, magnesite and iron pyrites from four locations. Primary applications include the foundry, glass, abrasives and refractory markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-11 The Feldspar

Atlanta, Georgia, United States

The Feldspar Corp. produces feldspar.

Buy -

Seller(S) 1

SELLER

ICICI Venture

Mumbai, India

Investor Investor Investor Investor Investor

Category Corporate Investor
Founded 1988
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ICICI Venture is an India-focused investment firm that targets opportunities in private equity, real estate, and mezzanine finance with funds covering each investment strategy. ICICI's private equity practice looks for buyout and growth capital opportunities across sectors such as retail, media, information technology, consumer services, consumer goods, textiles, pharmaceuticals, biotech, oil, and non-consumer goods. ICICI Venture is a subsidiary of ICICI Bank and has offices in Mumbai and Bangalore.

DEAL STATS #
Overall 4 of 16
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 1 of 7
Country (India) 4 of 15
Year (2007) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-17 Tops Security

Mumbai, India

Tops Security is a security services provider, predominantly providing guarding services. It also specializes in emergency response, electronic security systems, and other ancillary services. Tops Security was established in 1970 and is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-16 Karvy Stock Broking

Hyderabad, India

Karvy Stock Broking (KSBL) is a member of the National Stock Exchange and Bombay Stock Exchange. It has over 580 offices covering over 350 cities/towns, including offices at Dubai and New York. KSBL, besides offering broking services to over 350,000 retail investors, also has a Private Client desk to cater to HNIs and Corporates and an Institutional desk to service various financial institutions both domestic and foreign. It offers trading both on the cash and derivatives segment and does an average daily turnover of approx. Rs. 1500 crores, positioning the company amongst the top brokers in the country. KSBL also has a well-qualified research team based out of Mumbai and Hyderabad. It is a key player in the Wholesale Debt Market Segment of the NSE. Karvy Stock Broking was founded in 1990 and is based in Hyderabad, India.

Buy -
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