PE Fund Investments
Engg. services firm Cyient to acquire S'pore-based Grit Consulting for $37-M
Publicly-listed technology solutions company Cyient is to acquire Singapore-based Grit Consulting, which has expertise in consulting for asset-intensive industries like metal mining and energy, at enterprise value of USD 37 million on a debt free, cash free basis. The deal value translates to 2.04X of the target company's FY22 Revenue and 6.8X of FY22 EBITDA. 50% of the consideration will be paid upfront and the rest as an earnout over two years. Grit, which employs about 100 people, had reported revenues of USD 18.1 million (EBIT 29.9%) for FY22 (year ending January), up from USD 8 million (EBIT: 25.5%) in FY21. Venture Intelligence Note: Earlier this week, Cyient had announced the acquisition of Citec, a Finland-based Plant and Product engineering services company at an Enterprise value of EUR 94 million (about USD 100 million).
From the Venture Intelligence M&A Deals Database: Between 2005 and 2021, Cyient had made 19 acquisitions for over $136 million in disclosed value.
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