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Third-party logistics services provider, TVS Logistics Services Ltd, acquired US-based Wainwright Industries Inc, a company that offers $ 8.87 million (Rs 50 crore) stamping, machining and metal logistics services.
TVS Logistics has paid half of the amount and the rest will be paid in two years, based on certain financial milestones that must reach the US firm.
EdgePoint Capital began the transaction and served as Wainwright's exclusive financial advisor for the agreement.
Founded in 1947, Wainwright offers manufactured products and inventory management services including sequencing, third party logistics, deconsolidation, subassembly, quality containment and rework services to leading automotive, aerospace and consumer products manufacturers and their major suppliers. It is based in St. Peters, Missouri, with additional facilities in Wentzville (Missouri) and Charlotte (North Carolina).
TVS Logistics, a subsidiary of TV Sundaram Iyengar and Sons Ltd, provides supply chain management, logistics inbound and outbound and storage services. Last year, it raised about $ 51 million from Goldman Sachs and KKR.
This is the second acquisition abroad by TVS Logistics this year. In February, it acquired an 85 percent stake in Rico Logistics Ltd, based in the United Kingdom, for $ 18.48 million. The company made acquisitions abroad in the past as well.