Prashant Kamat, Founder & CEO, Allygrow Technologies, said: “The investment in AE Automotive Elements will help us foray into Europe and bolster our product development skillsets in the auto domain. Furthermore, with these acquisitions, Allygrow has touched a top line of around USD 15 million in less than 6 months of inception, manifesting the fast-track growth we have embarked on. We aim to reach USD 100 million in revenue over the next 4 to 5 years, and gain impetus in areas such as aerospace, medical technology and embedded space.”
Manfred Weissensteiner, CEO, AE Automotive Elements, would continue to hold leadership position after the acquisition, and will serve as the Chief Operating Officer of Allygrow. He said, “Allygrow, which has a global presence and diversified service capabilities, opens a wide range of new opportunities to support our customers globally. We are excited to be a part of this journey.”
AE Automotive Elements brings expertise in core product design in the auto domain, especially in interior & exterior systems and vehicle body-in-white (BIW) development. The acquisition will complement Allygrow’s expertise in R&D and manufacturing engineering to provide a comprehensive portfolio of services to customers in Germany, Austria and other markets. AE Automotive Elements’ marquee clients include original equipment manufacturers (OEMs) and Tier 1s such as BMW Group, Daimler, Magna, and Yanfeng Visteon amongst others.
AE AUTOMOTIVE & TOWING is in the Automotive Services, Except Repair and Carwashes industry in China Grove, NC. This company currently has approximately 1 to 5 employees and annual sales of Under $500,000.