Kiri Dyes and Chemicals Limited has acquired DyStar Group

Ahmedabad-based Kiri Dyes and Chemicals Limited – through its SPV, Kiri Holding Singapore Private Limited – has acquired the German DyStar Group (DyStar) from the insolvency administrators of DyStar’s estate via an asset purchase agreement. Financial details have not been disclosed.

Kiri Dyes and Chemicals Limited is a listed Indian company engaged mainly in the manufacture of reactive dyes, which are used primarily in cotton fabrics. The company also manufactures and markets dye intermediates and basic chemicals for the dyestuff industry.

DyStar is a global market leader for dyes, dye solutions, leather, performance chemicals, new technologies and custom manufacturing of specialty dyes and pigments. It provides high quality products and services across the entire value chain in various sectors such as apparel, hosiery, automotive, carpets and industrial fabrics. In September 2009, DyStar filed for insolvency with the Frankfurt courts, and insolvency administrators were appointed.

Oaklins advised Kiri Dyes throughout the buy-out process, from coordination of the due diligence process and negotiations with the insolvency administrators over the estate of DyStar (appointed by the German courts) through to the successful closing of the transaction.