Thornton Engineering, the Nextventures owned civil engineering company, has bought a 100% stake in Dane Engineering (Pvt) Ltd. for Rs. 350 million, creating a construction business with a combined portfolio of Rs. 5.9 billion.
The new entity, Thornton and Dane Engineering, expects to add new construction projects with a cumulative value of Rs. 5 billion within the current financial year, nearly doubling its projects portfolio, the Company said in its announcement.
“We are excited at the post-acquisition prospects for the new company, because we strongly believe that it is a good example for the concept of the whole being greater than the sum of its parts,” said Thornton and Dane Director Dinesh Schaffter.
“The combined strengths of Thornton and Dane create a formidable as well as extremely flexible engineering company that is capable of executing projects of varying scope and scale.” Dane Engineering founder Deepthi Perera who serves as Managing Director of Thornton and Dane said, “This acquisition is a logical and timely milestone in the evolution of both entities.
It creates synergies and capabilities that are needed to succeed in Sri Lanka’s construction sector at a time when many companies are facing challenges in achieving growth due to economic slowdowns and the effects of the global pandemic. We are confident that our business will emerge stronger and even more agile as a result of this acquisition.”