Integrated Asset Management Corp. (“IAM”) (TSX:IAM) and its private corporate debt group, IAM Private Debt Group (“PDG”), announce the closing on February 28, 2017 of a $35 million senior term loan to Teutech Industries Inc. The total acquisition cost was $58 million as per the Share & Asset Purchase Agreement.
The capital raised by Teutech Industries Inc. will allow a transfer of control to The Hi-Tech Gears Ltd. (IN:HTG) an auto component manufacturer of world class repute based in Gurgaon, India.
Philip Robson, President of IAM Private Debt Group said “The opportunity to finance the acquisition of Teutech Industries by The Hi-Tech Gears is the beginning of a long-term relationship for us. The expertise mix of both companies is a positive going forward, improving the breadth of products being manufactured. Teutech was a logical footprint for The Hi-Tech Gears in North America, and we’re pleased to have this group in our portfolio.”
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