COSTA MESA, Calif., April 12, 2007 (PRIME NEWSWIRE) -- Batliboi Ltd., based in Mumbai, India, has acquired Quickmill, Inc., based in Ontario, Canada, for approximately $7 million (Canadian).
RSM EquiCo Capital Markets initiated the transaction, led the negotiations and acted as exclusive financial advisor to Quickmill, Inc.
"The acquisition of Quickmill supports our goal of becoming an internationally competitive niche player in our various businesses. Our strategy is to support Quickmill's current management in growing and developing Quickmill as a separate and distinct entity, leveraging the company's technology, brand identity, reputation and expertise," said Nirmal Bhogilal, chairman and managing director of Batliboi Ltd. "We plan to reap synergies through cross fertilization of skills, Batliboi's distribution network, and some cost advantages in India through component sourcing and detailed engineering. Quickmill will support Batliboi's manufacturing base through its considerable R&D capabilities."
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
As specialists in facilitating mergers and acquisitions, structuring recapitalizations, providing access to capital markets and offering fairness opinions, RSM EquiCo Capital Markets plays a noteworthy role in the "middle-market" field. These services include facilitating the acquisition of North American companies and raising capital for a wide variety of purposes, ranging from acquisitions and leveraged buyouts to balance sheet restructuring.
RSM EquiCo Capital Markets is licensed by the SEC and all state securities authorities, and is a member of the NASD and SIPC. The firm's international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York, London and Mumbai, India.
About Quickmill, Inc.
Established in 1984, Quickmill is a manufacturer of wide-range and large-area CNC machining centers for customers in the heat exchangers, machinery equipment, aerospace, dies and molds, bridge building machinery and automotive sectors. Quickmill has annual sales of approximately $14 million (Canadian) and enjoys a 75 percent market share in the North American heat exchanger industry.
About Batliboi Ltd.
Batliboi Ltd., founded in 1892, is a diversified engineering company with operations in machine tools, industrial machinery, environmental engineering, textile engineering, and air conditioning and refrigeration. Its plants are located in Udhna and Bangalore, India.