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PE fund Multiples, Sachetis to acquire majority stake in VIP Industries

Economic Times

Economic Times · 1m ago

PE fund Multiples, Sachetis to acquire majority stake in VIP Industries

Multiples Alternate Asset Management and Samvibhag Securities will acquire a 32% stake in VIP Industries from promoter Dilip Piramal and his family. Mithun and Siddhartha Sacheti are part of the buying consortium. An open offer will follow for an additional 26% stake, potentially increasing their stake to 58%. VIP Industries didn't disclose financial terms, but sources suggest the price below market value. VIP faces competition from Samsonite and Safari Industries, affecting its market position and financial performance.

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Related News

PE firms 360 One, Multiples eye stake in VIP Industries

Livemint

Livemint · 2m ago

PE firms 360 One, Multiples eye stake in VIP Industries

Domestic private equity firms, including Multiples Alternatives and 360 One, are in negotiations to acquire a 26% stake in VIP Industries, a leading luggage and travel accessories manufacturer in India. This transaction is part of the Piramal family's ongoing efforts to exit the business. The potential stake sale may trigger an open offer. Previously, attempts to sell a controlling stake in VIP Industries fell through in November. VIP Industries holds a significant market share in the organized luggage category.

VIP owners sell 32% stake to consortium, to trigger open offer for luggage firm

Livemint

Livemint · 1m ago

VIP owners sell 32% stake to consortium, to trigger open offer for luggage firm

VIP Industries' promoters have sold a 32% stake in the company for ₹1,764 crore to a group of investors, including Multiples PE Fund IV, Multiples Gift Fund IV, Samvibhag Securities, and individual investors Mithun Padam Sacheti and Siddhartha Sacheti. The transaction will trigger an open offer, enabling the buyers to potentially acquire more shares in the company.

Multiples PE eyes Ebco; GIC, ADIA join PE consortium for Haldiram deal

VCCircle

VCCircle · 1y ago

Multiples PE eyes Ebco; GIC, ADIA join PE consortium for Haldiram deal

Indian private equity firm Multiples Asset Management is in advanced talks to acquire a controlling stake in furniture hardware company Ebco. If the negotiations are successful, Multiples will become the majority owner of Ebco. However, other investors are reportedly involved in the deal as well.

Goldman Sachs snaps up PeopleStrong as Multiples PE makes an exit

VCCircle

VCCircle · 4m ago

Goldman Sachs snaps up PeopleStrong as Multiples PE makes an exit

Goldman Sachs Alternatives has acquired a majority stake in PeopleStrong, a Gurgaon-based human resources technology company, from Multiples PE. PeopleStrong offers an AI-powered SaaS platform for human capital management, serving various industries. It aims to expand its user base from over 2 million to 10 million globally. The acquisition details remain undisclosed, but Multiples PE held nearly 90% since their 2017 investment. Goldman Sachs has been a significant investor in India since 2006.

PE funds vie for a majority stake in medical devices maker Sensa Core

Economic Times

Economic Times · 1m ago

PE funds vie for a majority stake in medical devices maker Sensa Core

KKR, TPG, Kedaara Capital, and Multiples are in early talks to acquire a majority stake in India's medical device maker, Sensa Core. The company, valued at around $300 million, specializes in in-vitro diagnostic analyzers and point-of-care devices. Founded in 2006, Sensa Core is among India's largest producers in this sector. The Indian medtech industry is also poised for significant growth, with a market projected to quadruple to $50 billion by 2030.

Multiples PE raises continuation fund to stay invested in three firms

VCCircle

VCCircle · 4m ago

Multiples PE raises continuation fund to stay invested in three firms

Multiples Alternate Asset Management, led by Renuka Ramnath, has established a continuation fund to maintain its investments in three companies initially supported by its second flagship fund. The private equity firm, known as Multiples PE, originally closed this fund in 2016. The creation of the continuation fund reflects Multiples PE's strategy to sustain its financial involvement and potentially capitalize further on its initial investments, underscoring its long-term commitment to these companies.

Multiples PE enters private credit, ropes in former Deutsche Bank exec

VCCircle

VCCircle · 10m ago

Multiples PE enters private credit, ropes in former Deutsche Bank exec

Multiples Alternate Asset Management, a private equity firm based in Mumbai, has entered the private credit market. The firm has hired former Deutsche Bank executive Rahul Chawla as managing director of its credit strategy. Chawla brings over 25 years of experience in financing for financial sponsors. This move by Multiples comes as the firm considers a continuation fund of around $300 million to retain its stake in Vastu Housing Finance and APAC Financial Services Ltd. The firm's portfolio includes companies like Moengage, Licious, Acko, and Veritas Finance.

PE firm TA Associates lines up a unicorn housing finance bet

Livemint

Livemint · 1y ago

PE firm TA Associates lines up a unicorn housing finance bet

Private equity firm TA Associates is expected to acquire a significant stake in Vastu Housing Finance, a company backed by Multiples PE. The deal is estimated to be around $400 million, with Vastu Housing Finance being valued at over $1.4 billion. Existing investors, including Norwest Venture Partners and Creation Investments India, are also increasing their stake in the company. This investment round will consist of both secondary and primary fundraising. Vastu Housing Finance has seen strong financial performance, reporting net sales of ₹768.5 crore and a net profit of ₹285 crore in 2022-23.

Nisaba Godrej resigns as independent director from the board of VIP Industries

Livemint

Livemint · 1y ago

Nisaba Godrej resigns as independent director from the board of VIP Industries

Nisaba Godrej has resigned as an independent director from the board of VIP Industries due to differences in succession planning with founder-chair Dilip Piramal. Radhika Piramal, Dilip's daughter and VIP's London-based vice-chairperson, has expressed reluctance to continue running the business, prompting the family to consider selling its stake. Godrej's resignation comes as VIP Industries faces tough competition from Samsonite and cheaper Chinese manufacturers. The company has also seen top-level exits and a decline in profit. VIP Industries' CEO, Neetu Kashiramka, has outlined strategies to revive the company's fortunes.

Grapevine: PharmEasy, Macquarie's Vibrant Energy, Multiples PE, Greenko in news

VCCircle

VCCircle · 7m ago

Grapevine: PharmEasy, Macquarie's Vibrant Energy, Multiples PE, Greenko in news

PharmEasy’s board is set to discuss IPO strategies in an upcoming meeting. Meanwhile, Macquarie Asset Management is reportedly resuming the sale process of its Indian renewable energy platform. In other news, Multiples Private Equity is considering a continuation fund to maintain its stake in various ventures. These developments indicate ongoing strategic maneuvers among these major players in the healthcare, renewable energy, and private equity sectors.

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