Elgi Equipments Ltd (Elgi), a leading manufacturer of air compressors and automobile service station equipment, has acquired 100% stake in Patton’s Inc, a closely held company based in Charlotte, USA.
The company did not disclose the value of the acquisition.
The acquisition, advised by MAPE Advisory Group, has been done through Elgi’s wholly owned US subsidiary, Elgi Compressors USA Inc.
Patton's, a company founded in 1942, is primarily engaged in the business of distributing industrial compressors and air products.
Through a subsidiary, it is also engaged in the business of engineering and assembling of air products for medical use with distribution across the country. It has an annual turnover of $41 million, with significant presence in Southeastern United States.
With this acquisition, Elgi gets access to a ready and well entrenched distribution and service reach. Elgi can harness this network to build a larger sustainable business and add on the medical line of products, which can be leveraged in other markets in the future as well.
The existing management team of Patton's will continue to manage the operations, said the company.
