BanyanTree Growth Capital Invests In Dee Development Engineers
Summary
Private equity firm BanyanTree Growth Capital LLC has invested an undisclosed amount in Faridabad-based pre-fabricated piping systems provider Dee Development Engineers Limited. It has also invested in GEI Industrial Systems Ltd, a manufacturer of air-cooled heat exchangers and condensers.GEI last month raised Rs 62.5 crore from Aditya Birla Private Equity Fund for its second round of funding.Dee Development was established in 1983 as a design consultancy firm and now provides pre-fabricated piping systems and pipe fittings for international players like MAN, Siemens, Doosan, Alstom and alsodomestic firms like Thermax, ISGEC John Thompson, BHEL, Adani, L&T and others. The transaction was advised by SMC Capitals.The firm has been promoted by first generation entrepreneur K L Bansal and claims to be five times as large as its nearest independent competitor. It is also planning to set another biomass plant in Madhya Pradesh by 2011.The deal marks BanyanTree Growth Capitals sixth investment in India. The fund was anchored by FMO and DEG, the development financial institutions of Netherlands and Germany, respectively BanyanTrees other portfolio investments includes Deepak Fasteners, Trimax IT Infrastructure Systems and Axiom Cordages.