Livingstone advises global engineering services company Tata Technologies in a strategic acquisition in Sweden
Tata Technologies has acquired Escenda, a leader in product engineering and design for Sweden’s world leading automotive sector. The acquisition is in line with Tata Technologies’ strategy to strengthen its position in the Swedish market and across Europe.
Tata Technologies has acquired the entire share capital of Escenda Engineering AB. Following the acquisition, Escenda Engineering is to be established as a wholly owned subsidiary of Tata Technologies Europe. The company maintains full workforce under the new ownership and the founding shareholders of Escenda will remain actively involved in the company.
Escenda Engineering was founded in 2009 and is headquartered in Gothenburg. Its 150 engineers provide specialist engineering expertise for technical projects and product development support to the Swedish automotive industry. The company had a turnover of SEK 125 million in 2016 and has grown by approximately 230 percent over the last four years.
Tata Technologies is a global leader in engineering services outsourcing and product design and development services to global manufacturing industry, enabling ambitious companies to design and build better products. The group serves key industries including as automotive, aerospace and defence, and industrial heavy machinery.
Tata Technologies is headquartered in Singapore and has a total of 8,500 employees at key locations across the world. The company first established a presence in Sweden in April 2016, and will now deepen its expertise, facilities and capabilities with key partners in Sweden through Escenda’s proven product development knowledge and history working with leading manufacturers.
“The Livingstone team has contributed to the success of this transaction with critical advice, knowledge and support concerning structure and commercial terms. For Tata Technologies as a global company, a local specialist advisor is invaluable,” comments Nick Sale, Chief Operating Officer – Europe at Tata Technologies.
“The acquisition of Escenda will strengthen Tata Technologies significantly in the Swedish market. The automotive sector is the perfect example of an industry with many small and mid-sized specialised companies, often housing cutting-edge technical expertise and strong customer relationships in their local market, that can contribute valuable expertise and competitive edge to larger client corporations. Becoming part of Tata Technologies will enable the Escenda team to access significantly greater resources across the globe,” adds Daniel Olsson, Director at Livingstone in Stockholm.
The Escenda transaction is the latest of several strategic acquisitions planned by Tata Technologies as it seeks to enhance its offering to clients across the globe.