New Delhi, Nov. 10 -- BirlaNu Ltd, a building materials and construction company under the CK Birla Group, has inked a pact to acquire coatings and specialised construction chemicals maker Clean Coats for Rs 120 crore ($13.54 million).
The company intends to strengthen its position in the construction chemicals segment with this acquisition, it said in a notice to stock exchanges. With this acquisition, the company intends to double its portfolio with an investment of Rs 1,300 crore over the next three years, the firm added.
"Clean Coats enables us to reach a broader spectrum of customers across projects and retail channels - from advanced surface technologies to protection, adhesives, admixtures, and waterproofing - under one integrated, specialised construction-chemicals platform," said Akshat Seth, managing director and CEO at BirlaNu.
Incorporated in 1999, Mumbai-based Clean Coats manufactures speciality coatings, epoxy and polyurethane flooring, and provides application and contracting services.
In 2024-25, Clean Coats registered a turnover of around Rs 52 crore compared with 45.7 crore the previous year.
The all-cash deal, which is likely to be concluded by Nov 30, indicates a revenue multiple of 2.3x.
BirlaNu makes pipes, construction chemicals, and products for roofs, walls, and floors that cater to homeowners, builders and designers. It has 32 manufacturing facilities in India, Germany and Austria, and innovation centres in India and Germany.
Singhi Advisors was the sole advisor to the transaction, marking the investment bank's seventh transaction in the building materials sector and the second in the construction chemicals segment within the past year.
Published by HT Digital Content Services with permission from VC Circle.