Majmudar & Partners assisted Intertape Polymer Group, Inc. (ITP:CA), a leading listed manufacturer of packaging products and machinery, on its acquisition of a 26% ownership stake in Powerband Industries Private Limited (Powerband) from the Desai Family at an enterprise value of US$40 million. Pursuant to this transaction, Powerband is a wholly-owned subsidiary of Intertape Polymer Group. Powerband is a global supplier of acrylic adhesive-based carton sealing tapes and stretch films located in Daman, India.
Rukshad Davar, Partner and Head of the M&A and Competition Practices, led the team from Majmudar & Partners on this transaction as Indian legal counsel, and Pillsbury Winthrop Shaw Pittman LLP acted as US legal counsel. Wadia Ghandy & Co. represented the Desai Family.
Source: Bar & Bench