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An affiliate of global alternative asset manager The Carlyle Group has invested $25 million in Visen Industries Ltd, a large manufacturer of water-based polymer emulsions in India.
Funds from the affiliate, First Carlyle Ventures III (FCV III), will be used by Visen to expand its manufacturing capacities in India, Africa and the Middle East, a statement released here said.
Alpen Capital Investment Bank (Qatar) LLC was the sole financial advisor for the transaction. The investment in Visen will come from FCV III, a part of the Carlyle Asia Growth Partners IV (CAGP IV), a $1.04-billion sector-agnostic fund.
CAGP IV invests in high growth companies in key Asian markets such as India, China and Korea, while FCV III focuses on investments into India.
Visen Industries is well established in the Indian polymer emulsions market. It manufactures the entire range of water-based polymer emulsions and caters to customers across industries like paints, textiles, adhesives and construction.
It has long standing relationships with industry players including Asian Paints, Berger Paints, Kansai Nerolac and Jotun Paints.
Visen also caters to export demand from customers in the Middle East and Africa. As part of its growth strategy, the company is strengthening and growing its business in India while expanding its presence in the international markets.
“Visen is a trusted partner delivering consistent high quality products to its customers across paints, textiles, adhesives and construction industries. We are very happy to be associated with The Carlyle Group and Alpen Capital and hope to leverage their relationships as we continue to build Visen into a global player in the polymer emulsion industry,” said the Visen Industries Managing Director, Mr Vijay Nair.
“Visen is led by a visionary entrepreneur of extraordinary ability and leadership. We are excited to be their partner in their journey to build Visen into a global emulsion player. Growing disposable incomes and increasing urbanisation are fuelling the end consumption demand for paints, textiles, adhesives and construction, which leads to growth opportunity for high quality players such as Visen,” Mr Shankar Narayanan, Managing Director and Head of Carlyle Growth Capital in India, said.
“We are delighted to have completed this transaction. We value our relationship with Visen Industries and are happy to play a part in its future development through the Carlyle Group,” said Mr Sanjay Bhatia, Senior Executive Officer, Alpen Capital Investment Bank (Qatar) LLC.
In addition to Qatar, Alpen Capital Group has offices in Bahrain, India, Oman and the UAE. In all these locations, Alpen Capital functions with its associate Bank Sarasin-Alpen, which is the subsidiary of the Swiss private bank, Bank Sarasin & Co, Ltd, Switzerland.
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