Boston, Massachusetts - US private equity firm TA Associates has completed a minority investment in Tega Industries Ltd, which makes polyurethane, rubber and ceramic-based products for the mining industry, the financial services company said in a 12 May statement. Terms of the investment were not disclosed.
Headquartered in Calcutta, India and founded in 1976, Tega offers a range of products and services used in mining, mineral processing, screening, grinding and material handling. Tega has manufacturing facilities in India, South Africa and Chile, with sales and support offices in 14 countries and customers in 62 countries.
"We're delighted that TA Associates is investing in Tega at such an exciting time for the business," said Madan Mohanka, ceo of Tega Industries. "We are pursuing a variety of growth strategies, including increasing share in existing markets, entering new geographies and expanding our range of offerings. We are confident TA will prove a valuable partner in these endeavours."
The overall mill liner industry is valued at more than $1000 million globally and has historically been dominated by steel liners, according to the statement. TA Associates said that Tega has established a strong presence in a healthy marketplace and is well positioned to continue its growth in the industry. LMH