Comments
ChrysCapital will invest Rs 250 crore in the Chennai-based consumer goods major CavinKare Pvt Ltd for a little over 10 per cent equity stake in the company.
Though neither C.K. Ranganathan, Chairman and Managing Director of the company, nor officials of ChrysCapital could be reached for confirmation, sources in the venture capital circle confirmed this development.
“A deal to this effect has just been signed with the company,” said an official of a Mumbai-based PE fund.
The shampoo-to-pickle company, CavinKare, manufactures and markets popular personal care, haircare and food brands such as Spinz Talc, and Nyle Shampoo, Garden Namkeen, Ruchi pickles, Maa fruit drinks, Fairever fairness cream, Spinz talcum powder and perfumes and a range of dairy products under the brand Cavin’s.
Founded by Ranganathan with an investment of Rs 15,000 in 1983, CavinKare posted a turnover of Rs 1,200 crore last year.
It has been scouting for PE investment for over a year now.
Though many PE firms were said to have been interested, finally the list was narrowed down to two - Everstone Capital and ChrysCapital.
Later, it was learnt that Everstone Capital backed out as there was “some disagreement over valuation”.
ChrysCapital is a Mauritius-based private equity firm with focus on India.
The company manages over $2.5 billion across six funds. The company’s current investment portfolio of 15 entities includes Hexaware, Gammon, HCL Technologies, ING Vysya Bank, Pratibha Industries and Mankind Pharma.
The company’s Web site says it is interested in investing in companies across all growth sectors in India such as business services, consumer goods and services, financial services, healthcare and pharmaceuticals and infrastructure.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.