Delhi…May 3, 2024…KARAM Safety, a leading global PPE player and fall protection solutions
provider, is pleased to announce the successful acquisition of Midas Safety
India, a prominent player in the hand protection safety products industry. This
strategic move marks a significant milestone in KARAM Group's journey towards
expanding its presence and enhancing its product offerings. The acquisition of
Midas Safety India strengthens KARAM Group's position as a market leader in the
safety industry, combining KARAM's expertise in fall protection and personal
protective equipment (PPE) with Midas Safety India's extensive portfolio of
hand protection safety products. This synergy will enable KARAM Group to offer
customers a comprehensive range of high-quality safety solutions to meet their
evolving needs.
The
25-year-old KARAM Group, with a turnover of INR 1000 crore, has acquired the
operations of Midas Safety India having a top line of INR 110 crore through a
slump deal. Hand protection products are a major revenue contributor to Midas
Safety India which was established 16 years ago. Today, KARAM proudly carries
out that tradition in delivering premier products under Midas’s brands, Ninja®, Techtion®, Valpro® and
Frontier®. The
acquisition will be a good strategic and financial fit for KARAM Group and will
open up significant market opportunities in the fast growing PPE market in
India. KARAM Group is growing at a CAGR of 15% year on year and is targeting a
revenue of INR 1400 crore with this additional product portfolio by 2025.
While
commenting on the acquisition, Hemant Sapra, President, Global Sales &
Marketing, KARAM Group said, “With
KARAM's acquisition of Midas Safety India, two leading PPE industry players
have united. We warmly welcome Midas Safety India to the KARAM family, aligning
with our vision of global safety leadership and commitment to excellence. This
union expands our product range, offering high-quality PPE to our customers. By
joining forces, we bring together a rich history, talented people, and
innovative products. We are dedicated to promoting indigenous manufacturing
growth, contributing to India's global manufacturing prominence in occupational
health and safety. This acquisition combines our organizations' strengths,
creating a powerful entity to deliver exceptional value to stakeholders,
customers, and employees. Through synergies in resources, technologies, and
talents, we aim for greater scale, market presence, and product diversity.
Together, we're shaping the future of manufacturing in India and beyond.”
While
expressing excitement, Sivakumar Krithivasan, Business Unit Head – India, Midas
Safety India said, “Midas Safety India brings a
wealth of experience and expertise to KARAM Group, with a strong presence in
key markets across the country. The acquisition will enable KARAM Group to
leverage Midas Safety India’s distribution network, manufacturing capabilities,
and brand reputation to drive growth and innovation in the safety products
market. We are excited about the opportunities that lie ahead as we integrate
Midas Safety India into the KARAM Group. Together, we are well-positioned to
capitalise on emerging trends and deliver value-added solutions to our
customers across Industries.”
The
acquisition of Midas Safety India underscores KARAM Group's commitment to
expanding its product offerings, enhancing customer service, and driving
sustainable growth in the safety industry. The employees are the cornerstone of
the company’s success, and their dedication and talent are instrumental in
driving the business forward. Both the organisations are fully committed to
supporting the team members throughout this transition, providing them with the
resources and opportunities they need to thrive going forward. The
organisations will continue to uphold the highest standards of quality,
integrity, and innovation, while also embracing new opportunities for growth
and advancement.
The Indian
Personal Protective Equipment (PPE) Market shows a bright future, expected to
grow at a CAGR of 10.20% from USD 841.4 million in 2023 to USD 1482 million by
2029. The market is experiencing a surge due to numerous driving factors such
as workplace safety regulations and industrialisation as primary factors. With
a significant increase in awareness around workplace safety and the pressing
impact of the COVID-19 pandemic, there is a heightened demand for protective
gear across various sectors, namely auto, healthcare, manufacturing, and
construction. The emergence of health concerns and hygiene maintenance has
notably influenced the PPE market space. Market players are countering through
technological innovation, customisation, and leveraging online procurement to
enhance market accessibility.
About KARAM
Group
KARAM is a
leading global occupational safety brand with a vast portfolio of over 3500
certified products conforming to multiple national and international standards
and export their safety solutions to over 100 nations. The company has a team
of 4000 professionals who have been relentlessly developing, testing, and
evaluating products, earning KARAM a reputation as one of the finest global
companies that provide world-class personal protective equipment (PPE), fall
protection solutions and fixed-line systems. KARAM is a responsible brand that
values empowering people, uplifting society and enriching the environment.
About Midas
Safety India
Midas Safety
Private Limited, India was established in 2008 and offers best-in-class hand
protection and other PPEs to various customers. Midas Safety India employs 350
plus people across various functions and has strong manufacturing, supply
chain, sales and service capabilities to serve a wide customer base spanning
Automotive, Chemical, Electronics, Energy, Healthcare, Food Processing, and
Infrastructure industries. It has well-established distributor network, across
India. It’s ISO 9001:2015 certified manufacturing plant at Coimbatore produces
gloves, sleeves, helmets, and respirators with well-equipped laboratory,
assuring testing and compliance with global standards – ISI, CE and ANSI. The
facility is certified under Module D (EU PPE Regulations 2016/425) for
production of Category III PPE and ISO 13485 -International standard for
medical device quality management systems.
For more
information about KARAM Group and Midas Safety India, please visit: