Tega Industries Announces Intent to Acquire Molycop in Consortium with Apollo Funds at an Enterprise Value of Approx. USD 1.5 Billion

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"I am glad to see that the day has arrived in Tega's 50th anniversary year, a momentous occasion since my father founded the company. With this strategic acquisition, and in partnership with Apollo Funds, we will accelerate innovation, greatly expand market reach and create significant value for our customers.” - Mehul Mohanka, Managing Director and Group CEO, Tega Industries

September 2025 : Tega Industries in consortium with funds managed by affiliates of Apollo (the “Apollo Funds”), has recently entered into a term sheet to acquire Molycop, a leading global supplier in grinding media for the mining industry, from an affiliate of American Industrial Partners (AIP) at an enterprise value of approximately USD 1.5 billion.

This strategic, complementary acquisition will establish Tega Industries as one of the world’s leading designers and manufacturers of ‘critical-to-operate’ consumables for certain production steps in the mining, mineral processing, and material handling industries with an innovative and differentiated product portfolio. The two entities, Tega Industries and Molycop, together delivered USD 1.73 billion (~INR 15,207 crore) in revenue and USD 217 million (~INR 1,906 crore) in EBITDA (as per the latest available annual audited financial statements), reflecting consolidated performance prior to minority interest adjustments.

"I met Mr. Kim Marvin, General Partner of American Industrial Partners (AIP, for the first time in 2017 at our Dahej plant in Gujarat, and a part of me always knew that we would make a meaningful association someday," said Mehul Mohanka, Managing Director and Group CEO, Tega Industries. "I am glad to see that the day has arrived in Tega's 50th anniversary year, a momentous occasion since my father founded the company. With this strategic acquisition, and in partnership with Apollo Funds, we will accelerate innovation, greatly expand market reach and create significant value for our customers.”

Gaurav Pant, Partner, Apollo, commented, “This transaction will position the Molycop and Tega organisations to invest in additional technology and capabilities, and to continue their commitments to deliver reliable, high-quality products and solutions to industrial customers. For Apollo, this is a great example of pairing strategic equity and debt within a flexible, hybrid solution, and we look forward to partnering with the talented management team of Molycop and Tega to accelerate growth and drive value creation.”

"With its specialized expertise and talented team, Molycop is at the forefront of innovation," said Kim Marvin, General Partner, American Industrial Partners. “We’ve been proud to partner with them to advance their vision of becoming a leading supplier of consumable products to the mineral processing industry. We believe the business will be in excellent hands and well-positioned to continue creating value under Tega’s leadership.”

Jim Anderson, CEO of Molycop, stated, “Joining forces with Tega and Apollo Funds will open up an exciting new chapter for Molycop. The synergy is clear to see. Our shared values and complementing strengths will help us accelerate our strategy, innovate better, and serve customers across the globe more effectively.”

Upon completion, Tega Industries will be the controlling shareholder of Molycop, with the Apollo Funds owning a significant minority equity interest. Tega's priority in the first 8 quarters post-transaction closure will be operational and business integration. With complementary product baskets across the milling value chain, Tega will be able to offer a comprehensive mill optimization solution to serve a larger share of its customer needs. Tega's established presence in Europe, the Middle East, Commonwealth of Independent States, Latin America, and Africa will be bolstered by Molycop's activities in the US, Canada, Latin America, and Australia. Molycop will benefit from Tega’s expertise and presence in growth areas of EMEA, and the addition of Molycop's 13 manufacturing facilities and 3 Joint Ventures will bring Tega closer to its customers with a combined presence in 26 global manufacturing sites.

This acquisition reinforces the ambition and commitment of Tega Industries to drive long-term growth and create value for all stakeholders. The completion of the transaction is subject to the execution of definitive transaction agreements and customary closing conditions, including the receipt of all required regulatory approvals. The parties currently expect the transaction to close by December 31, 2025, subject to receipt of the required regulatory approvals.

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