Rossari Biotech Ltd, a speciality chemicals manufacturer, on Sunday announced the acquisition of Tristar Intermediates at an enterprise value of Rs 120 crore. The board of the corporate has approved the acquisition of Tristar Intermediates, a move which can help Rossari Biotech expand its product portfolio, primarily within the care segment, a joint statement said.
As per the agreement and subject to customary closing conditions, Rossari are going to be acquiring 100 per cent equity share capital of Tristar Intermediates, it added. “76 per cent of the equity share capital are going to be acquired upon closure of the transaction, and therefore the balance 24% over subsequent three years. the entire enterprise value of the transaction is Rs 120 crore,” it said.
Rossari plans to fund the investment through cash on the record and doesn’t shall raise any debt for this acquisition. Established in 1998, Tristar Intermediates operates within the field of Preservatives, Aroma Chemicals, and residential & care Additives. it’s a producing facility at Sarigam, Gujarat, India with a complete capacity of 15,000 MTPA and had a turnover of Rs 110.5 crore.
While commenting on the event , Rossari Biotech Promoter & Executive Chairman Edward Menezes and Promoter & director Sunil Chari during a joint statement said:” The combined capabilities will provide a robust growth momentum and can enable us to expand further into the high-potential product categories of private care and residential care, among others. Rossari Biotech, a BSE listed firm, may be a Speciality-Chemicals manufacturer offers solutions for home, care and performance chemicals (HPPC), Textile speciality chemicals and animal health and nutrition (AHN).