Tech Mahindra acquires 70% stake in Perigord for €21million

Plans to acquire balance over next four years in the Dublin-headquartered firm

IT firm Tech Mahindra has acquired 70% stake in Perigord Asset Holdings, an end to end packaging supply chain solutions provider to the Life Sciences industry, for 21 million euros.

Headquartered in Dublin, Ireland, Perigord has subsidiaries and a global centre of creative and packaging excellence in Hyderabad. It has more than 380 employees.

The acquisition will help Tech Mahindra augment expertise in the global pharmaceutical, healthcare and life science (HLS) sectors. It is a part of the company’s long-term growth plan to build presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery, a release said.

While the transaction, pertaining to the 70% stake, is expected to close by March 19, Tech Mahindra has plans to acquire the balance, 30% stake over the next four years at a valuation linked to the financial performance of the company.

Tech Mahindra will acquire the Indian subsidiaries of Perigord – Perigord Data Solutions India and Perigord Premedia (India), while Mahindra Engineering Services (Europe) will acquire the other legal entities of Perigord.

Perigord specialises in packaging artwork and labelling services, strategic consultancy, creative and digital, strategic outsourcing, managed services and software solutions. The release said the partnership will strengthen Tech Mahindra’s position as a leading digital transformation enabler in the artwork and packaging services space with an integrated platform and services portfolio.

Additionally, Tech Mahindra will leverage Perigord’s expertise and offerings to extend capabilities towards delivering efficiency and automation levers, across sectors including consumer-packaged goods (CPG), medical devices and over the counter (OTC) products to enable growth and scalability in the future.

Tech Mahindra President — BFSI, HLS and Corporate Development Vivek Agarwal welcomed Perigord employees into the Tech Mahindra family.

“This partnership is the perfect mix of scale, technology, expertise and timing that will enable the company to continue our journey as the world’s leading provider in pharmaceutical labelling, artwork and workflow solutions,” said Alan Leamy, CEO of Perigord Asset Holdings.

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