Man Industries Acquires Saudi's National Pipe Company for $102M
Man Industries acquires Saudi Arabia's National Pipe Company for $102 million (~INR 1,000 Crore). The acquisition adds 430,000 MTPA capacity and strengthens market access. It is expected to improve consolidated EBITDA margins to 15-17%. NPC has an order book of $120 million.
This is a significant strategic acquisition that will transform Man Industries into a leading integrated pipeline solutions provider in the Middle East, substantially increasing its scale, market reach, and expected profitability.
The acquisition is strategically sound, aligns with Saudi Vision 2030, significantly expands capacity, provides market access to a key client like Saudi Aramco, and is expected to improve the company's profitability margins.
Man Industries (India) Limited has announced the acquisition of National Pipe Company (NPC), Saudi Arabia, for USD 102 million (approximately INR 1,000 Crore). This strategic acquisition, made through its wholly-owned subsidiary MISIC, aims to provide immediate EBITDA accretion and leverage manufacturing synergies. NPC, with an annual production capacity of 430,000 MT for HSAW and LSAW pipes, is a long-standing supplier to Saudi Aramco, holding Approved Vendor List (AVL) status for over two decades. The acquisition positions Man Industries as a fully integrated, end-to-end pipeline solutions provider in the Middle East, aligning with Saudi Arabia's Vision 2030. The combined entity will have a capacity exceeding 1.2 million MTPA. The transaction is financed through a mix of USD 70 million in debt and USD 32 million in equity. Man Industries is paying an acquisition multiple of 1.5x EV/EBITDA and 0.4x EV/Revenue for NPC. Post-acquisition, Man Industries expects the consolidated group's EBITDA margin to increase to a sustainable 15-17% band from its historical sub-10-12% band. NPC's financial summary for CY2025 shows a revenue of SAR 211.4 million (approx. INR 506 Crore) and EBITDA of SAR 52.5 million (approx. INR 126 Crore). The company has a strong liquidity position with zero debt and cash & liquid assets of USD 83 million (approx. INR 198 Crore). NPC also carries an order book of USD 120 million (approx. INR 1,130-1,150 Crore) at the time of acquisition, with a healthy bid pipeline indicating strong near-term order inflow visibility.
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Man Industries (India) Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Man Industries (India) Limited. Read the original for the full detail.