New Delhi, April 28 -- IPO-bound wiring harness maker Dhoot Transmission Ltd has made its second acquisition since filing its draft papers for a $250-million (around Rs 2,360 crore) issue.
The Bain Capital-backed company has acquired Multilink, which manufactures and supplies electrical and electronics products to two-wheeler and three-wheeler original equipment manufacturers (OEMs) in India.
Dhoot has executed the latest transaction through its Aurangabad, Maharashtra-based subsidiary Dhoot Automotive Systems Pvt Ltd, which specialises in automotive electrical and electronic components manufacturing.
With its previous acquisition, done earlier this year, Dhoot announced a merger between the Aurangabad-based subsidiary and FourFront, a supplier of customised electro-mechanical and electronic solutions to OEMs.
The Bengaluru-headquartered Multilink, which has a diversified product portfolio that includes chargers, sensors, relays and switches, operates three manufacturing facilities across Hosur, Mysore and Manesar.
Rahul Dhoot, managing director of Dhoot Transmission, said, "Multilink is a strategic fit for Dhoot, given the complementary product portfolio and longstanding customer relationships. This acquisition strengthens our position in the fast-evolving 2W and 3W segments, where electrification and increasing electronic content are driving structural growth."
Bain Capital partner Saahil Bhatia said, "We have been focused on supporting Dhoot's evolution into a scaled [up] and future-ready platform in the automotive components space. This acquisition is a continuation of that strategy to strengthen Dhoot's electronics capabilities and deepen its presence in high-growth segments."
Published by HT Digital Content Services with permission from VC Circle.