SJS to acquire 90.1% stake in Walter Pack India
First look – Seems like a good acquisition.
Acquired entity has margins of close to 30%.
Business is complementary to SJS existing products.
Acquired entity is stronger in PV and consumer durables where SJS was relatively weaker.
Valuations seem very reasonable at EV/EBITDA of ~7x.
Plant locations in Pune and Manesar.
Deal structuring – Looks good. 30cr preferential allotment to promoter.
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