Coimbatore-based air compressor company Elgi Equipments has acquired 100 per cent shareholding in Sydney-headquartered Pulford, one of the largest distributors of industrial air compressors in Australia, in an all-cash transaction valued at A$11.04 million (about ₹56 crore).
Elgi has bought F R Pulford & Son Pty Ltd along with its wholly owned subsidiary Advanced Air Compressors Pty Ltd, which does business as Pulford Air and Gas. The acquisition was funded through internal accruals and debt.
“This deal is purely for an access to a pool of customers The Australian market is similar to the US and Europe in terms of customer and service expectations. With our experience in those two markets, we are confident that we can be a strong player in Australia too,” Jairam Varadaraj, Managing Director, Elgi Equipments, told BusinessLine on the phone from Australia.
The acquisition was completed on Tuesday. It is part of the company’s plans to achieve a leadership position in the Australian market and its mission to become a number two player in the global air compressor market by 2027. The 100-year-old Pulford reported annual revenue of A$18 million (about ₹91 crore) in 2017-18.