UHY Clients
Pidilite Industries
1st March, 2007
Pidilite Industries
Pidilite Industries is a leading manufacturer of adhesives, sealants, paints, art & craft materials and specialty chemicals. Established in Mumbai, India, in 1959, the company now has a presence in more than 50 countries.
With manufacturing bases and representative offices in Brazil, China, Egypt, Russia, Sri Lanka, UAE, the UK and the US, Pidilite Industries is an international leader in its field. The Pidilite range includes Fevicol, Dr Fixit and M-Seal brands.
Pidilite Industries is listed on the National Stock Exchange of India and the Mumbai Stock Exchange. Last year the group’s turnover reached 236m USD.
Rajiv Saxena, Managing Partner of UHY Saxena in Dubai, was approached by Pidilite Industries regarding the acquisition of a manufacturing facility in the United Arab Emirates. Pidilite wanted to hire a multidisciplinary team of lawyers and accountants to complete the purchase. For a previous acquisition Pidilite had engaged the services of one of the Big Four accountancy firms and a leading firm of solicitors.
UHY Saxena offered Pidilite a ‘one-stop shop’ for the acquisition of this manufacturing facility – a package of services which included due diligence, drafting legal agreements, acting as escrow agents and post-transaction advice.
Pidilite USA, a subsidiary of Pidilite Industries, has acquired business and assets relating to art products and car care products (pictured above). Pidilite USA aims to expand these product ranges and increase sales both in and outside the US.
Pidilite Industries awarded the contract to UHY Saxena because the company was impressed by the package of services and the comprehensive single-point service which would not only expedite the work for Pidilite but also result in considerable cost savings. After completion of the acquisition management services contract, UHY Saxena gave a presentation to the Chairman of Pidilite Industries in which UHY Saxena demonstrated UHY’s global capabilities. UHY Saxena now acts as auditors for the Pidilite Industries’ subsidiary in the UAE.
While this assignment did not require input from any other UHY firms it provided the opportunity for member firms to seek possible acquisition targets for Pidilite in their client base or region.
Sohail Badar, Pidilite’s Managing Director of Middle East Operations, says: “UHY Saxena basically provided an end-to-end acquisition management service from advising on valuations, deal structuring and negotiations and assisting in post-closing events. This was Pidilite’s maiden cross-border acquisition in the UAE and its timely successful closing was largely a result of the single-point solution from UHY".
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