Standex International has acquired, in separate transactions, privately-held US-based Amran Instrument Transformers and India-based Narayan Powertech Pvt. Ltd. for a combined price of about $462 million.At locations in the United States and India, the Amran/Narayan Group manufactures low voltage and medium voltage instrument transformers. Its custom product portfolio is specifically designed and developed in partnership with OEMs for their electrical grid equipment. Their products have been installed in over 50 countries around the world. Revenues were about $100 million in 2024 with a profit margin of more than 40%.
“As the largest acquisitions in the company’s history, this is an exciting milestone for Standex,” said David Dunbar, President and Chief Executive Officer of Standex. “Amran/Narayan Group’s extensive low to medium voltage portfolio and engineering expertise fit within our strategy to accelerate growth in secular, fast growth end markets. The combination of Standex and Amran/Narayan Group continues Standex’s portfolio strategy of focusing our higher-margin business segments in faster-growing markets.”
The acquired operations will become part of its electronics group, Standex Electronics, which is headquartered in Fairfield, Ohio and will now represent more than 50% of the full company. It has locations in multiple sites around the world.
“Amran will operate as a key pillar of the combined companies’ low- to medium-voltage instrument transformers business,” said Bhargav Shah, founder and president of Amran. “Both Standex and Amran have a centralized focus on long-term customer relationships and customer-specific new product development, and together, we are optimistic about our combined resources to accelerate growth in the electrical grid market.”
“The combination of Narayan Powertech and Standex creates a strong player in the transformer industry, with the ability to leverage a larger global footprint and portfolio breadth to create increased value for our customers,” added Chirag Shah, founder and managing director of Narayan Powertech. “As part of the Narayan founding team, I am thrilled to continue the journey with other key team members as part of a global leader like Standex. We believe the combination will allow for expanded growth opportunities, supported by a seamless cultural fit.”
Moving forward, Amran/Narayan Group’s founders and leadership team will remain with the combined company. Their entrepreneurial know-how, technical skills, and extensive experience across the transformer industry will benefit the combined company with its integration efforts, innovation roadmap, and future growth, says Standex. The combination is expected to create cross-selling opportunities given the companies’ complementary offerings. There are about 400+ employees in the group including strong teams in engineering, R&D, design and custom product development.
Headquartered in Salem, New Hampshire, Standex International is a global multi-industry manufacturer operating in five broad business segments — electronics, engraving, scientific, engineering technologies, and specialty solutions with operations in the USA, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, India, and China. See www.standex.com.
