NEW DELHI: Bengaluru-based Gokaldas Exports has signed an agreement with Matrix Clothing Private Limited (MCPL) to acquire 100% of the equity share capital of Matrix Design & Industries Private Limited for an enterprise value of Rs 489 crore.
The acquisition would be partly (Rs 247.5 crore) funded by way of preferential allotment of shares of Gokaldas Exports through share swap. Matrix Clothing is a manufacturer of men’s, ladies’, and children’s knitwear apparel for several global brands across Europe, the UK, and North America. The group operates out of Gurgaon, Haryana and has five manufacturing facilities (4 in Gurgaon, Haryana and 1 in Ranchi, Jharkhand).
Through this deal, Gokaldas receives access to the knit apparel business segments, a mutually exclusive global customer base, greater access to European and the UK markets, geographical diversification and low-cost capacity expansion potential in the future.
Sivaramakrishnan Ganapathi, vice-Chairman and MD of Gokaldas Exports, said, “Acquisition of Matrix is an important step in this direction as it is strategically relevant, possesses a good complementary customer base, operationally strong, and a leader in its own sphere.”