Case Studies

Energy Sector Company Finds Small Acquisition Targets

Client gains a significantly better unexpected benefit.

Client Challenge

Several India-based privately held partners of value under $10 million were desired as distribution partners in a specific area of non-fossil energy. The client wanted the investigation to be completely under-the-radar of Indian and foreign players.

Amritt-Client Process

After developing an understanding of the client’s past success in making such small acquisitions in Europe and in Asia, Amritt created a filter process to review over 70 candidate companies and narrowed down the field to 12 India-owned companies worthy of a field visit. We also found two foreign companies that appeared to have India units that could be available for divestiture. Amritt staff visited all 14 companies and evaluated the products, management, and customer relationships of each to down select to the top three players.

Impact

Client was able to acquire the assets and key staff of the foreign candidate’s India unit for under $3 million. The two India-based finalists were also credible candidates but consistent with Amritt’s recommendation, the client chose to appoint one as a channel partner and did not need to make an equity investment. The unexpected benefit of the outcome was significantly better than the client had experienced in other emerging countries.

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