Wipro Infrastructure Engineering's Hydraulics Business enters into a definitive agreement to acquire Mailhot Industries

Wipro Hydraulics, the hydraulic cylinders and components manufacturing business of Wipro Infrastructure Engineering, announced it has entered into a definitive agreement to acquire Mailhot Industries, a Novacap portfolio company, headquartered in Quebec, Canada, subject to customary closing conditions including regulatory approvals.

Established in 1956, Mailhot Industries has become a North American leader in hydraulic cylinder manufacturing. Mailhot Industries specializes in the refuse trucks and snow removal equipment market and is known for the reliability of their products in demanding work environments. The acquisition also includes JARP Industries, a part of Mailhot Industries and a leader in custom hydraulic and remanufactured cylinders for segments including utilities, mining, defense, and oil & gas.

Commenting on the acquisition, Mr. Pratik Kumar, CEO, Wipro Infrastructure Engineering (WIN) & Managing Director, Wipro Enterprises, said, "Wipro Hydraulics stands as one of the world's largest independent hydraulic cylinder manufacturers, delivering over one million cylinders to OEMs globally. This acquisition marks a pivotal moment for us, further bolstering our market position by integrating new technologies and expanding our global footprint. This strategic move will complement our capabilities and strengthen our leadership position in the North American market."

Mr. Charles Massicotte, President, Mailhot Industries, said, "The expertise and reputation of Mailhot in the North American Hydraulic Cylinder market combined with Wipro's globally recognized leadership in manufacturing and technology will broaden Mailhot's offerings in North America and open new international markets for existing products. We are convinced that by partnering with Wipro, Mailhot is destined to become an even bigger player in the global hydraulic cylinder market and reinforce its leadership position in North America. We are proud to be part of such a recognized global company, it is a new day for Mailhot, and it is looking bright!"

Mr. Sitaram Ganeshan, President, Wipro Hydraulics, said, "With this acquisition of Mailhot, we will expand our footprint to Canada, the US, and Mexico, as well as penetrate new segments like refuse trucks, snow removal equipment, defense, and remanufacturing in North America. This also allows us to increase our capabilities in existing segments such as utilities and mining, positioning us to serve our customers better. Together, we will have an increased presence and offer a wider portfolio of products and technologies to our customers."

Mr. Michel Toutant, Senior Partner, Novacap, said, "It has been an honor to be part of this incredible growth journey with the entire management team. Wipro is the perfect partner to bolster Mailhot's next phase of growth as it seeks to expand its foothold in North America. I look forward to seeing Mailhot continue to flourish under Wipro's ownership."

About Wipro Infrastructure Engineering

Wipro Infrastructure Engineering, a part of Wipro Enterprises, is a diversified business with expertise spanning over four decades of engineering and manufacturing excellence in Hydraulics, Industrial Automation, Aerospace, Water Treatment, and Additive Manufacturing. The Wipro Hydraulics Business specializes in designing and manufacturing custom-built Hydraulic Cylinders for applications in diverse segments such as Construction & Earthmoving, Material & Cargo Handling, Forestry, Farm & Agriculture, Mining, and Truck Tipping Solutions. Additionally, Wipro Hydraulics operates 11 manufacturing facilities globally, further enhancing its capacity and reach.

For more information visit www.wiproinfra.com

About Mailhot Industries

A North American leader in hydraulic cylinders manufacturing since 1956, Mailhot Industries is known for the reliability of its products in sectors of activity where the work environment is difficult and even extreme. Recognized for the excellence of its products, its innovations, and its impeccable after-sales service, Mailhot relies on the expertise of 500 employees to meet the specific needs and requirements of their customers. Over the last few years, Mailhot's impressive growth has been supported, among other things, by the development of unique and innovative processes that provide increased wear and corrosion resistance to cylinders.

For more information visit www.mailhotindustries.com

About Novacap

Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Montreal, Toronto, and New York.

For more information, please visit www.novacap.ca.