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Private equity investment in October dipped significantly by 27% to USD 326 million, the lowest monthly deal value over the last 14 months in the country. According to data compiled by research firm VCCedge, the total private equity investment was USD 447 million in October 2009. The momentum seen in private equity activity earlier this year seems to be on the downside, with September and October recording a steady decline from the heightened activity seen in the preceding four months of the year. The first 10 months of 2010 have seen private equity deal value at USD 7.57 billion as compared to USD 4.4 billion in the whole of 2009, the report added. The highest private equity investment was witnessed in August this year when it stood at a whopping USD 1,349.04 million. The median deal amount and the average value of private equity deals in October 2010 was USD 10 million and USD 14 million respectively. […]
The MobileStore Ltd (TMS), the mobile retailing venture of the Essar Group, is taking an inorganic route to expand footprint in the country. The company is in advanced stages of discussion with two mobile retailing firms for an acquisition. Srikant Gokhale, chief executive officer, TMS, said, “We are in discussion with two players which have 100 and 300 stores respectively with pan-India presence. We will acquire a big mobile retail chain within this calendar year.” He did not name the companies TMS was in talks with. Under the deal, which will not involve cash, TMS will merge the target company into itself by the way of change in the shareholding pattern wherein the latter will become a joint owner of the business. TMS, which has around 1,200 retail outlets in 200 cities at present, is looking to more than double the retail footprint in the coming two years. […]
The sale of Axis Private Equity Ltd, the private equity (PE) arm of Axis Bank Ltd, India’s third largest private bank by assets, has stalled even though bids were received from PE firms in June this year, three people familiar with the development said. The investors in the fund, known as limited partners (LPs), are unhappy with the sale and any decision cannot be executed without their consent, the three people added. The LPs in the fund include state-owned banks such as Corporation Bank, Canara Bank, Bank of Baroda, Union Bank of India, United Bank of India, and Punjab National Bank. Meanwhile, Axis Private Equity has stopped raising funds from international LPs. […]
Avantor Performance Materials Holdings SA has entered into a definitive agreement to acquire RFCL Limited from ICICI Venture Funds Management Company Ltd, a subsidiary of India's second-largest bank ICICI. Avantor identified RFCL as an attractive target to build on its current presence in the laboratory and pharmaceutical markets in India, a press release issued here today stated. The company, previously known as Mallinckrodt Baker, was acquired by an affiliate of New Mountain Capital, LLC in August 2010. Avantor and its subsidiaries manufacture and market high-performance chemistries and materials around the world under two well-known and respected brand names, JT Baker and Mallinckrodt Chemicals. Avantor and New Mountain Capital will provide RFCL with significant financial and strategic resources to support their growth initiatives. […]
Cambrex Corporation, a US-based life sciences company, has acquired a 51% stake in Zenara Pharma, Ltd., an India-based pharmaceutical company focused on the formulation of final dosage form products, for $20 million. Zenara will be renamed Cambrex Zenara. Pursuant to the agreement, Cambrex will acquire the remaining 49% in early 2016 at a value based on a weighted combination of a multiple of 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) and cumulative EBITDA for the years 2011 through 2015. […]
The share of emerging markets in private equity deals has increased from 5 per cent to 30 per cent over the last decade, rivalling the proportion of deals in the USA and Europe, and it is expected to increase, according to a study which indicates that private equity's centre of gravity is shifting toward emerging markets which are witnessing accelerating returns. The study by IESE Business School and The Boston Consulting Group says returns from emerging markets have more than tripled since the 1990s to more than 17 per cent today, and the most attractive markets are India, Brazil, Turkey and Malaysia. The study, which is based on an analysis of the largest data set of its kind, has found that emerging markets' share of deals has increased steadily from 5 per cent in 1998 to 30 per cent in 2009, in contrast to the USA and Europe which accounted for 34 per cent and 38 per cent of the deals, respectively. Over the same period, emerging markets' share of deal volumes more than quadrupled to 21 per cent. […]
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