Manufacturing business in India - laboratory furniture and animal housing

My father-in-law is a serial entrepreneur considering selling his company based in Ahmedabad and Bangalore, and retiring.

The company is a leader in India in designing, manufacturing and installing laboratory furnishing equipment (e.g., workstations, fume hoods, storage systems, safety equipment, animal housing, air filters).

In the last 3 years, they had annual revenues of ~75-80 crore INR and 25%+ gross profit margin.

The business has a well-distributed customer base (i.e., over 300 clients) and high repeat revenues.

My father-in-law is the founder, CEO, and full owner. He has a strong entrepreneurial track record and recently sold another company to Daikin Global. He is considering selling due to a generational transition, as both his children work abroad in tech.

I have a few friends who recently launched search funds in the US and this company is a perfect target for a search fund in India.