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Business-to-business construction material company, Infra.Market, through its parent company, Hella Infra Market Private Limited, has entered into a definitive agreement to acquire majority ownership in Strata Geosystems India for an enterprise value of ₹910 crore from US-based Glen Raven Technical Fabrics LLC, a global technical and performance textiles company, and a group of other Indian shareholders.
Additionally, the transaction also involves Strata India purchasing the entire 100 per cent stake in the geosynthetics business of Glen Raven in the US, the company said in a press release.
Furthermore, a portion of the recently raised $150 million will be allocated toward the acquisition, while the remaining funds will be utilised to fuel the overall growth and expansion of the company, said Infra.Market. It had raised the funding from Varde Partners through the issuance of convertible instruments.
“We are attempting to build the largest multi-product construction material offering not only in the country but globally. The acquisition of Strata further enhances our capabilities in offering solutions across geosynthetics and related engineering and emboldens our vision to revolutionise the construction ecosystem across all product lines and services,” said Aaditya Sharda, Co-Founder of Infra.Market.
The current operating shareholders of the company, Narendra Dalmia (Chief Executive Officer) and Gautam Dalmia (Chief Development Officer), will continue to remain invested and lead the global operations at Strata.
Strata is an early entrant in the technical textile industry and aims to be a global leader in geosynthetic manufacturing, specialising in soil reinforcement technology. Geosynthetics are new-age construction products that offer carbon savings and aid in sustainable construction goals.
“We have built a world-class manufacturing platform to cater to global customers with a broad spectrum of innovative products and solutions for an array of site development challenges worldwide,” said Narendra Dalmia, CEO of Strata.
“While what we have built till now is industry-defining, Infra.Market will further aid and accelerate our vision of taking geosynthetics to every construction project and build a global category leader,” he added.
Avendus Capital was the exclusive sell-side Transaction Advisor to the shareholders of Strata.
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