Bologna, October 2020
Marco Polo Advisor assisted Mind Composites’ shareholders in the acquisition of a minority stake of Mind Composites by the TVS group, one of the main Indian automotive players, with a consolidated turnover close to 7 billion USD .
Sundaram Finance Holdings Ltd (SFHL), part of TVS group, has acquired a minority stake in Mind Composites, an Italian manufacturer of automotive components in composite materials.
According to SFHL, the investment made in Mind will make it possible to share the know-how of manufacturing, control systems and process automation with Mind's specific composite manufacturing experiences, supporting its expansion in the rapidly developing field of composites materials.
According to director Srivats Ram, "The partnership with MIND is the first step for our group to enter the composites industry at a time when weight reduction is becoming increasingly important in all automotive and industrial sectors”. Globally, as car manufacturers seek solutions to lighten their vehicles, they are increasingly turning to high-strength materials such as composites.
Composites are widely used in motorsport and luxury vehicles and there is a growing trend to exploit these materials in mass production and electric vehicles due to the weight and thus energy efficiency advantages.
According to Francesco Varrasi, CEO of Mind, "the presence of an industrial partner of great strength and with important projects will allow us to continue the investment path we have undertaken for the development of new technologies and the improvement of services to our customers, and a particular importance in a year of great uncertainty for the whole sector ".
Mind was assisted by Marco Polo Advisor as financial advisor with Filippo Rozzanigo, Carlo Battistini and Endri Dobi, by Cartwright Pescatore with Giacomo Pescatore and Simon Cartwright for the legal aspects and by the Aicardi & Partners firm with Paolo Azzolini and Matteo Aicardi in the tax field..
The TVS group was assisted by Gianni Origoni with Rosario Zaccà, Head of India Desk, and Alessandro Giuliani for the legal aspects, by BEN (Business Experts Network) with Luca Mezzo for the industrial aspects and by BDO for the economic-financial due diligence.