Client
Wipro Enterprises (P) Limited
Industry
Automotive/Hydraulics
Service
Corporate Finance
Territory
India / Canada / United States
Chapter 1 Setting the scene
PwC India's Corporate Finance announces Wipro Enterprises’ acquisition of Mailhot Industries and Columbus Hydraulics, boosting its North American presence.
Wipro Enterprises (P) Ltd. (hereinafter “Wipro”) is a multinational group headquartered in India with two dynamic divisions, Wipro Consumer Care and Lighting and Wipro Infrastructure Engineering. Wipro Consumer Care and Lighting is a prominent FMCG leader offering products in Personal Care, Home Care, Lighting, Switches, Seating and the Food Business. While Wipro Infrastructure Engineering (WIN) is a diversified engineering business specializing in Hydraulics, Automation Solutions, Aerospace, Water Treatment and Additive Manufacturing. The acquisitions position the company as a global leader in independent hydraulic cylinder manufacturing, enhancing their ability to drive innovation and accelerate growth across diverse applications.
Established in 1956 and headquartered in Canada, Mailhot Industries specializes in the refuse truck and snow removal equipment market. The acquisition also included JARP Industries, a subsidiary of Mailhot Industries experienced in custom hydraulic and remanufactured cylinders for segments including utilities, mining, defence, and oil and gas.
Established in 1952 and headquartered in Nebraska, Columbus Hydraulics LLC delivers custom hydraulic solutions for a variety of applications in the agriculture, construction, turf maintenance and marine space.
Wipro is currently pursuing ambitious growth that includes both inorganic and organic strategies with the goal of expanding their global presence.
Chapter 2 How we helped
The PwC India Corporate Finance team served as the exclusive lead finance advisor for Wipro Enterprises with Corporate Finance teams from PwC Canada and PwC Corporate Finance LLC in the United States collaborating to deliver two marquee outcomes for the client.
The Indian team and the network firms together assisted Wipro Enterprises during the entire acquisition process from target identification, establishing deal intent with sellers, the negotiation of the Non-Binding Offer, support through a comprehensive due diligence exercise and negotiating the Sale and Purchase Agreement until signing.
“Another success story...this time in North America.. Was an absolute pleasure to deliver our 4th and 5th transactions for Wipro Enterprises. Thank you once again to the Wipro Enterprises leadership team for this opportunity. Wishing the Wipro Hydraulics and the Mailhot and Columbus teams the very best as they embark to strengthen their leadership position in North America. The transactions are yet another demonstration of our proven origination ability, providing access to targets across diverse markets and ownership profiles even while delivering a seamless and differentiated deal outcome for our clients.”
Koushik J,Lead Partner (PwC India) comments on the acquisition of Mailhot Industries and Columbus Hydraulics.“The Wipro-Mailhot acquisition speaks to PwC’s strong cross-border advisory capabilities. PwC Canada leveraged its trusted relationship with Mailhot and Novacap to bring Wipro and Mailhot together and facilitate this transaction. We look forward to continuing to support Wipro in its mission to grow in North America.”
Eric Castonguay,Partner and National Corporate Finance Leader, PwC CanadaLeveraging our comprehensive range of services, we assembled an integrated Deals team. The PwC Global Network assisted Wipro also by providing Financial, Tax and IT Due Diligence with teams from India, US, Canada, Mexico being involved. This collaborative effort successfully managed critical aspects of the deal, facilitating the seamless closure of both the deals within a week of each other.
The engagements are further testimony to the PwC Global Network’s strong capability as an advisor in the industrial sector and proven ability to navigate complex cross border deal environments and deliver successful outcomes.
“The PwC Global Network is integral to our ability to deliver value for our clients. Given the cross-border nature of Wipro’s acquisition of Columbus Hydraulics, this is a true testament to the strength of the Global Network and the firm’s ability to connect buyers and sellers regardless of geography. Looking forward to more opportunities to work with Wipro as they continue their growth within the North American market.”
Uday Nandan,Co-Head of Industrial Products (PricewaterhouseCoopers Corporate Finance LLC*) comments on the acquisition of Columbus Hydraulics* Corporate Finance services in the United States are performed by PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”), a registered broker dealer. PwC Corporate Finance is owned by PwC US Business Advisory LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC.
Chapter 3 Making a difference
The PwC India Corporate Finance Team originated both the cross-border buy side mandates thanks to their existing relationships with Wipro. These two acquisitions in Canada and US marked our 5th integrated buy side engagement with Wipro having advised them on previous cross-border transactions notably in Italy in 2023, Germany in 2022 and in India in 2021. The PwC Global Corporate Finance Network identified and provided access to the two targets in Canada and the US and facilitated a bilateral negotiation process and provided integrated buyside assistance to facilitate completion of both transactions under accelerated time frames.
Wipro Hydraulics stands as one of the world’s largest independent hydraulic cylinder manufacturers, delivering over one million cylinders to OEMs globally. They specialize in designing and manufacturing custom-built hydraulic cylinders for applications in diverse segments such as construction and earthmoving, material and cargo handling, forestry, farm and agriculture, mining, and truck tipping solutions. Before these acquisitions, they operated 11 manufacturing facilities globally.
These acquisitions mark a pivotal moment for the company as they further bolster their market position by integrating new technologies and expanding their global footprint. These strategic acquisitions will complement their capabilities and strengthen their position in the North American market.
“With this acquisition of Mailhot, we will expand our footprint to Canada, the US, and Mexico, as well as penetrate new segments like refuse trucks, snow removal equipment, defense, and remanufacturing in North America. This also allows us to increase our capabilities in existing segments such as utilities and mining, positioning us to serve our customers better. Together, we will have an increased presence and offer a wider portfolio of products and technologies to our customers.”
Sitaram Ganeshan,President Wipro Hydraulics on the acquisition of Mailhot Industries“Wipro Hydraulics stands as one of the world’s largest independent hydraulic cylinder manufacturers, delivering over one million cylinders to OEMs globally. This acquisition strengthens our position and enhances our manufacturing capabilities in North America. By integrating Columbus Hydraulics’ expertise in customized hydraulic solutions, we aim to provide even more comprehensive offerings to our customers.”
Pratik Kumar,CEO, Wipro Infrastructure Engineering & Managing Director, Wipro Enterprises on the acquisition of Columbus Hydraulics.PwC Leadership
