AZB & Partners and Kirkland & Ellis have guided Bain Capital’s investment into Indian automotive component maker Dhoot Transmission Group, which was represented by Trilegal.
While financial details remain undisclosed, the Economic Times reports that Bain acquired a 40-45 percent stake valuing the company at $1 billion – making the acquisition worth over $400 million.
Through an aligned partnership with founder and CEO Rahul Dhoot, Bain Capital plans to leverage its global automotive expertise and strong value-creation capabilities to support the company’s continued growth in high-demand segments, as well as support global expansion through strategic acquisitions and partnerships, Bain Capital said in a statement.
Dhoot Transmission employs over 10,000 people across 20 manufacturing facilities in India, the UK, Slovakia, and Thailand.
This marks Bain’s second investment in an Indian auto parts manufacturer in the past six months, following its investment in RSB Transmission in September of last year. Kirkland, Khaitan & Co and S&R advised on that deal.
The strategic pullout from China, owing to financial slowdown, global headwinds and faltering domestic markets, has brought stable emerging Asian alternatives like India and Vietnam into the radar of global equity firms in the last two years.
Among developed economies, Bain has been increasing its investments in developed economies, particularly Japan, where it made a $694 million majority acquisition of Red Baron Group in October. Bain continues to outpace its competitors despite global headwinds, and plans to invest an additional $31 billion into its Japanese portfolio over the next five years.
The AZB deal team was led by partners Nandish Vyas and Abhilash Chandran, and included senior associates Anish Patel and Vyoma Mehta, and associates Shivam Gupta and Avani Laad.
Other partners assisting on the deal included Anand Shah and Ishan Handa (financing), Kirthi Srinivas (antitrust), and Nishanth Ravindran, Nandan Pendsey and Ruchit Parikh (diligence).
The Trilegal deal team was led by partners Harsh Maggon and Pranav Atit, with senior associate Nehal Binani and associates Ritika Dhabaria, Meher Dhingra, Vaishnavi Patel, and Tanvi Godiwala contributing.
Trilegal’s competition team advising on the matter was led by partner Gauri Chhabra and comprised counsel Gargi Yadav and associate Ujwala Adikey.
