CLSA Capital Partners, the asset management arm of global brokerage firm CLSA, has invested $10 million in Nobel Hygiene Pvt Ltd, a manufacturer of adult and baby diapers.

The investment is being made by ARIA IV Fund, which is part of the CLSA Capital Partners platform, the alternative asset management arm of CLSA, Asia’s leading independent brokerage and investment group.

Commenting on the investment, ARIA Funds Managing Director Miranda Tang said, “Changing lifestyles, evolving social habits and a favourable demographic structure, coupled with low diaper penetration, has resulted in diapers being one of the fastest growing categories in the FMCG segment in India.”

Tang added that the ARIA team “aims to assist NHL to scale its operation, enhance its brand and prepare it to capture the exponential growth potential in this space.”

Mumbai-based Nobel Hygiene manufactures diapers and other personal hygiene products and sells them under its own brands.

“We are delighted to receive the investment from ARIA IV. The ARIA funds are one of the region’s most experienced private equity investors with many successes in backing companies in India and across Asia,” Nobel Hygiene owner Kamal Johari said.

“ARIA IV’s investment in NHL is recognition of the progress made by the company to emerge as the market leader in the adult diapers category and a serious player with size, scale and own brand in the baby diapers segment,” Johari added.

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