A Calderdale-based provider of industrial adhesives and sealants is now 95% owned by an Indian plumbing and drainage firm.
Astral Limited, which is based in Ahmedabad, Western India, has upped its previous 80% stake in the Elland business Seal It Services, which trades as Bond It. The undisclosed deal, advised by Hill Dickinson, sees the Asian firm increase its ownership of the £32.6m turnover outfit.
Bond It is a manufacturer of supplier of building chemicals to international clients including large scale construction and builders' merchants. Astral, which was set up in 1996 and is a household name in India, also provides adhesives and sealants.
In accounts published in July, Seal It Services posted operating profit of £3.6m and directors said it was well placed to capitalise on further growth in the construction sector. The firm said it had now reached a size which allowed it to access customers not normally available to smaller operators.
Astral Pipes’ chief financial officer Hiranand Savlani said: "The opportunity to buy an additional stake in Seal It Services is well aligned with our ambitions to grow our presence in the UK. We are grateful to Sandip Khroud and the team at Hill Dickinson in Leeds for taking excellent care of the legal aspects of the acquisition and are very much looking forward to further growth."
Hill Dickinson's Leeds-based corporate partner Sandip Khroud led on the deal, assisted by senior associate Rebecca Bennett, tax consultant Stephen Betts and paralegal Hamzah Mahmood.
Mr Khroud said: "The decision to expand Hill Dickinson’s Leeds office practice in 2021 to include a Corporate team has given us the opportunity to develop strong client relationships here on the ground with businesses in and around the city. The fact that we are an international law firm with local market knowledge and connections meant we were able to advise our Indian client, Astral, on acquiring a larger stake in a local business, which helped ensure the whole transaction was handled smoothly, end to end."
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