Transaction Overview
Tega Industries Limited, in consortium with funds managed by affiliates of Apollo (Apollo Funds), has successfully completed the acquisition of Molycop from an affiliate of American Industrial Partners (AIP) at an enterprise value of approximately USD 1.5 billion. The transaction closed on June 1, 2026, marking a major milestone in Tega's 50th anniversary year.
Ownership Structure
Tega Industries is the controlling shareholder of Molycop, with the Apollo Funds owning a significant minority equity interest. The acquisition was structured as a consortium arrangement between Tega and Apollo Funds.
Strategic Rationale and Integration Plan
The acquisition positions the combined business as one of the world's leading designers and manufacturers of 'critical-to-operate' consumables for mining, minerals processing and material handling industries. Tega's priority in the first 8 quarters will be operational and business integration.
With complementary product baskets across the milling value chain between the two companies, Tega will be able to offer a comprehensive mill optimisation solution to serve a larger share of customer needs.
Geographic and Manufacturing Synergies
Tega's established presence in Europe, Middle East, Commonwealth of Independent States, Latin America and Africa will be bolstered by Molycop's activities in the US, Canada, Latin America and Australia. Molycop will benefit from Tega's expertise and presence in growth areas of EMEA.
The addition of Molycop's 13 manufacturing facilities along with 3 active joint ventures and 1 potential joint venture will bring Tega closer to its customers with a combined presence in 26 global manufacturing sites.
Company Backgrounds
Molycop: A leading global supplier of grinding media for the mining industry, focusing on manufacture and sale of grinding media and chemicals for use in semi-autogenous grinding (SAG) mills and ball mills. These products are critical to mineral extraction/processing of multiple minerals, specifically Copper and Gold. The company's client network covers 400+ mines in 40 countries, with over 100 years of history.
Tega Industries: Designs and manufactures 'critical-to-operate' consumables for mining, mineral processing and material handling industries. Established in 1976 and headquartered in Kolkata, the company has presence in over 92 countries.
Apollo: A global alternative asset manager with approximately USD 1.03 trillion of assets under management as of March 31, 2026.
Management Commentary
Mr. Mehul Mohanka, Managing Director and Group CEO of Tega Industries: "Completing this acquisition in our 50th anniversary year is both symbolic and strategic. Molycop's scale, technology offering, and deep customer relationships complement Tega's culture of innovation and product portfolio breadth."
Gaurav Pant, Partner at Apollo: "Together, Tega and Molycop represent a scaled, global platform with a strong position across critical mining consumables and services. This investment demonstrates Apollo's ability to deliver tailored hybrid solutions."
Mr. Jim Anderson, CEO of Molycop: "The strategic rationale is compelling. Our aligned values and complementary capabilities create a stronger, more integrated platform. Together, we are well positioned to accelerate execution, deepen innovation."
Advisory Teams
Advisors to Tega Industries and Apollo Funds: Argus Partners and Latham & Watkins LLP served as legal counsel. J.P. Morgan and PwC provided advisory services.
Advisors to Molycop and American Industrial Partners: Ropes & Gray LLP served as legal counsel and Baker Botts LLP served as regulatory counsel. Goldman Sachs & Co. LLC acted as lead financial advisor and Morgan Stanley & Co. LLC also provided financial advice.
Strategic Impact
The acquisition reinforces Tega Industries' ambition and commitment to drive long-term growth and create value for all stakeholders, creating a stronger, more integrated platform with comprehensive mill optimisation solutions and expanded global manufacturing footprint.