Indian auto component manufacturer The Hi-Tech Gears has paid US$58 million to acquire Teutech Industries, a component manufacturer based in Guelph, Ontario. Teutech has three manufacturing plants in Canada and the US, which produce both automotive and non-automotive products.
Based in Gurgaon, The Hi-Tech Gears partners with global original equipment manufacturers and customers to provide powertrain solutions for their global platforms. It offers high-precision transmission gears and shafts, driveline components, engine gears and power take-off components for two wheelers, passenger vehicles, commercial vehicles, off-highway and construction equipment and non-automotive applications. The company is listed on the National Stock Exchange of India and the Bombay Stock Exchange.
Pawha told India Business Law Journal that the transaction was unique in that “it involved an Indian listed buyer of a group consisting of entities in the US – in Alabama and Delaware with assets in Pennsylvania – and Canada, with finance being arranged by Indian and Canadian lenders”.
Blank Rome was US counsel to The Hi-Tech Gears.
Diane Kennedy Squires, a partner at SmithValeriote in Guelph, advised Teutech.
Nora Osbaldeston, a partner at Miller Thompson in Toronto, advised Canadian lender Integrated Private Debt Fund V.
Thomas Subic, a partner at Gowling WLG in Toronto, advised Canadian lender CIBC.
Duane Morris was the US counsel to the Canadian lenders.