MUMBAI: Private equity firm Everstone Capital has acquired Germany-based industrial equipment maker Qlar Group from Blackstone, the companies said in a statement on Thursday.
While the companies did not disclose financial details, the transaction is estimated to be worth $150-200 million, including equity and debt, according to a person familiar with the matter.
The acquisition underscores Singapore-based Everstone’s push to back global manufacturing and engineering businesses with significant operations in India and Asia. Qlar derives about 25% of its revenue from India, the person said.
“Qlar is a differentiated industrial technology platform with a strong global footprint and deep engineering capabilities,” said Avnish Mehra, vice chairman, private equity at , adding that the company’s operations in India and Asia position it to benefit from competitive manufacturing and proximity to high-growth markets.
“We see a clear opportunity to build on these strengths, supported by our cross-border experience and network, to drive disciplined and sustainable growth,” he added.
Growth strategy
Everstone said it will partner with Qlar’s management team to strengthen market access and commercial capabilities while expanding the company’s portfolio of lower-carbon and circular material-processing solutions. The firm also plans to grow Qlar’s aftermarket and services business, which supports customers across its installed base, according to the statement.
Founded in Germany, Qlar provides material handling and processing equipment for industries including mining, , metals and cement.
The company serves sectors including cement, steel, chemicals and performance materials, railways, mining and food, and operates production sites across India, China, Germany, the UK and the Czech Republic.
Qlar employs about 417 people in India and operates manufacturing facilities in Bengaluru and Gurugram. Under Everstone’s ownership, Qlar will continue to operate under its existing brand and organisational structure.
Everstone said Qlar would benefit from its experience in building global businesses that leverage Asia’s manufacturing base, engineering talent and operating efficiencies.
“We are confident that Everstone’s experience in supporting engineering-led, international businesses will help us execute our strategy and strengthen our purpose of driving sustainable transformation within our industries, while continuing to be a reliable partner to customers worldwide,” said Jörg Ulrich, chief executive, Qlar Group.
Unison Asia and were advisors to Everstone Capital on the transaction.