Liquidity Events
Auto-comp player RSB Transmissions acquires Setco Auto Systems
Pune-based RSB Transmissions, an automotive components platform backed by Bain Capital, has completed the acquisition of Vadodara-based auto-component manufacturer Setco Auto Systems . Following the transaction, Setco will be rebranded as Shilayan Industries.Following the transaction, India Resurgence Fund (IndiaRF) has exited its investment in Setco.For RSB, KPMG acted as financial, tax and commercial due diligence advisor; PwC advised on structuring; Khaitan & Co acted as legal counsel; and Ropes & Gray and Kirkland & Ellis served as international legal advisors. Arpwood Capital acted as the exclusive financial advisor to the sellers, while Wadia Ghandy acted as legal counsel to Setco. Alvarez & Marsal conducted the vendor's financial due diligence.IndiaRF was advised by Dhruva Advisors on structuring and tax and Argus Partners acted as legal counsel.RSB Transmissions plans to use the acquisition to scale its presence in the automotive components sector.Founded in 1982, Setco Auto Systems makes heavy-duty clutches, driveline components, and hydraulic systems primarily for medium and heavy commercial vehicles (MHCVs) and construction equipment.
In Aug 2021, Setco Auto Systems had attracted about $84 M from India Resurgence Fund.For FY25, Setco Auto Systems had reported about INR 654 Cr in Operating Income and about INR 112 Cr in Net Loss.
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