*IVRCL Infrastructures and Projects Ltd*- through its subsidiary *Hindustan Dorr-Oliver Limited* has acquired *DavyMarkham Limited* from *Endless LLP*for an undisclosed sum.
The acquisiton has given IVRCL an entry into the heavy engineering sector. DavyMarkham is a 180 year old manufacturing company based in Sheffield, UK that is involved in design, manufacture and assembly of heavy equipment used in mining, power, oil, gas and nuclear sectors. DavyMarkham`s MD, Kevin Parkin, and financial director, Duncan Hay, would continue in their current roles, with the rest of the management team. HDO was advised on the transaction by James Bullock of law firm Irwin Mitchell whilst Martin Jenkins and Dan Renton of Deloitte and Ben Hendry of Nabarro advised on the sale side. In July 2007, Endless LLP, the Yorkshire-based buyout and turnaround fund, had backed a management buyout of DavyMarkham Ltd from T H Group Plc following a sustained period of heavy losses. At that time, the company had sales of £14 mn. Within a year of the acquisition, the company had returned to profitability. Endless has made 10.5 times return on its original investment in DavyMarkham. Hindustan Dorr Oliver Limited is an EPC company that works across the oil and gas, power and uranium sectors. Last month the company had announced its plans to enter into execution of nuclear power plants and allied activities. IVRCL is an infrastructure company with a group turnover of more than $1bn. Transaction Reference: BS <http://www.business-standard.com/india/news/hindustan-dorr-oliver-acquires-uk-company/387244/> -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
