TA Associates Takes Stake in Tega Industries

Buyout shop TA Associates has sealed a minority stake in Tega Industries Ltd., a provider of products and services used in mining, mineral processing, screening, grinding and material handling. Terms of the investment were not disclosed. Tega is based in Kolkata, India. Avendus Capital Private Ltd. provided advisory services to Tega.

TA Associates, a leading growth private equity firm, today announced it has
completed a minority investment in Tega Industries Ltd., a global leader in
the design and production of consumables for the mining industry. Terms of
the investment were not disclosed.

Headquartered in Kolkata, India and founded in 1976, Tega offers a range of
products and services used in mining, mineral processing, screening,
grinding and material handling. Tega’s primary offering is customized
wear-resistant mill liners that are used for grinding and sizing of mineral
ores. Tega has manufacturing facilities in India, South Africa and Chile,
with sales and support offices in 14 countries and customers in 62

“We’re delighted that TA Associates is investing in Tega at such an exciting
time for the business,” said Madan Mohanka, CEO and Founder, Tega Industries
Ltd. “We are pursuing a variety of growth strategies, including increasing
share in existing markets, entering new geographies and expanding our range
of offerings. We are confident TA will prove a valuable partner in these

“We are pleased to invest in a company with a record of impressive growth
and profitability, and a stable and experienced management team,” said
Dhiraj Poddar, Director, TA Associates Advisory Pvt. Ltd., who will join the
company’s Board of Directors. “Tega is a recognized leader in rubber mill
liners, which are a critical component in driving efficiency, saving costs
and determining overall product quality. The company has embarked on an
acquisition-led growth strategy and, given its well-established and highly
reputable brand, we anticipate continued global opportunities for Tega.”

“TA Associates’ investment will help us drive Tega to the next level,” said
Mehul Mohanka, Executive Director, Tega Industries Ltd. “Few investors offer
TA’s more than 40 years of experience and $16 billion in capital raised, and
we will certainly benefit from their financial support, strategic guidance
and significant network of contacts globally. We look forward to a long and
successful partnership.”

The overall mill liner industry is estimated at more than USD $1 billion and
has historically been dominated by steel liners.

“Rubber liners offer several advantages over steel, including a
significantly lower overall cost, and therefore continue to gain market
share,” said Naveen Wadhera, Director, TA Associates Advisory Pvt. Ltd. “The
remainder of the mining consumables market offers additional opportunities
for Tega, which is increasing its addressable market through the
introduction of new ancillary products. With a well-earned reputation for
product quality and durability, and after sales service, Tega has
established a strong presence in a healthy marketplace and is well
positioned to continue its impressive growth.”

TA Associates has more than four decades of investing experience, focusing
on profitable growth companies. TA’s previous investments in India include
Dr Lal PathLabs, GlobeOp Financial Services, Idea Cellular and Micromax
Informatics Limited.

Khaitan & Co and Goodwin Procter LLP provided legal counsel to TA
Associates, and Argus Partners served as legal counsel to Tega. Avendus
Capital Private Limited provided financial advisory services to Tega. TA
Associates Advisory Pvt. Ltd. provided advisory services on the investment.

About Tega Industries Ltd.
Headquartered in Kolkata, India, Tega Industries is a global provider of
consumables for use in the mineral beneficiation, mining and bulk solids
handling industries. The company offers a range of rubber, polyurethane and
ceramic based lining products, as well as value-added consultancy services
and solutions tailored to specific customer needs. Tega has customers in 62
countries and physical presence in 14 countries.

About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced
middle-market growth private equity firms. The firm has invested in over 400
companies and has raised more than $16 billion in capital. With offices in
Boston, London, Menlo Park and Mumbai, TA Associates leads buyouts and
minority recapitalizations of profitable growth companies in the technology,
financial services, business services, healthcare and consumer industries.