The promoters of Classic Stripes Pvt Ltd (CSPL) have bought back the 51 per cent stake in the auto component manufacturer from Malaysian private equity firm Navis Capital Partners. While the companies did not disclose the financial terms of the deal, industry sources pegged it at Rs 360 crore.

Navis Capital had acquired the majority stake in 2011 for $100 million from CSPL promoters, the Mumbai-based Musale family. The Musale family was backed by Kohlberg Kravis Roberts & Co (KKR) to buy the stake.

For Navis Capital, the transaction helps the Asia-focused fund, to monetise its investments in the Indian firm, one of the sources said.

The company in a statement confirmed the development but did not spell out the financial details.

o3 Capital was the sole financial advisor and AZB Partners the legal advisor to the Musale family, the statement said.

Founded in 1987 by Kishore Musale, CSPL is the single largest manufacturer of automotive graphics in the world, and has more than 60 per cent market share in the Indian decal market. Its clientele includes original equipment manufacturers such as Hero, Bajaj, Yamaha, Suzuki, John Deere, Continental, Tata Motors and Mahindra & Mahindra among others.

CSPL is a part of Astarc Group, which was started by entrepreneur Kishore Musale, with the group having presence in infrastructure, automobile and electronic solutions, angel investing, dairy and agriculture and retail display solutions among others. The group’s assets are valued at more than $1 billion.

“Our vision for the growth of Classic Stripes is shared by KKR who has decided to support us in this journey,” said Kishore Musale, Chairman of Astarc Group.

In a similar transaction last year, KKR had backed the Shah family, co-promoters of Metropolis Healthcare, to acquire the 27 per cent stake held by PE firm Warburg Pincus held in the pathology chain.

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