Cyient Ltd has signed an agreement to buy the US-based B&F Design Inc for $5.5 million.
Cyient’s stepdown subsidiary Cyient Defense Services Inc signed the deal to acquire complete equity ownership in the US firm. The 52-year-old US firm has expertise in design and manufacturing of precision engine assembly equipment, repair tooling, and engine factory modernisation services. The acquisition is likely to be completed in 90 days. B&F Design has a revenue of over $8 million, with low double-digit EBITDA margins.
“The acquisition brings complimentary skills to strengthen design, build and maintain capabilities in tooling and precision engineering,” a company spokesperson said.
This is Cyient’s sixth acquisition in the last three years as part of its ‘Design-Build-Maintain’ strategy. “We have a cash position of $155 million and will continue to look for acquisitions that will enable the company to realise its strategy and the goal of industry-leading growth,” he said.