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7/28/2019 Deal Communique -June Vol- 03 [09 June - 16 June 2013]
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Weekly Insight of Private Equity,Venture Capital, Merger & Acquisition
Deal Communiqu is the INDEL Advisors initiative to present an insight of
deal space related to private equity, venture capital and merger &acquisition announced during the week in India.
This report captures the details of deals announced based on the
information available in the public domain and public announcements and is
therefore intended for general guidance only. It is not intended to be a
substitute for detailed research or the exercise of professional judgment. Wehave taken utmost care while bringing the deal details through this report,
however, neither INDEL Advisors LLP nor any other member of INDEL Global
can accept any responsibility for loss occasioned to any person acting or
refraining from action as a result of any material in this Deal Communiqu.
On any specific matter reference should be made to the appropriate
advisors.
In case you require any further information on this report or wish to provide
your feedback, please mail us at [email protected]. Your feedback is
important to us.
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Private Equity
Private Equity
Norwest Venture to invest Rs.60cr in Snowman Logistics
Tata Group plans to invest in Chandan & Chandan Industries
BanyanTree Growth Capital invests in Atria Brindavan Power
Varhad Capital plans to launch two Funds
DEG invests in Super Specialty Hospital Chain Ivy
Oaktree Capital invests in Cogent Glass
RanaKapoor said to have bid for Goldman Sachs owned Four Seasons Hotel
Essel Group, Shyam Telecom may sell stake in JV
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2013 INDEL Advisors LLP. All right reserved
Deal Concise
Norwest Venture to invest Rs.60 cr in Snowman Logistics
PE Fund Norwest Venture Partners (NPV) isinvesting R60 Cr in Gateway Distriparks's subsidiary
Snowman Logistics (SLL) for about 14% stake in the
company, a BSE filing stated.
The money will be used to fund the growth plans
of Snowman Logistics.
Further, Gateway Distriparks has executed a SPAwith IFC to acquire about 5 % (Pre-NVP
investment) of IFC s stake in SLL for about R18 Cr.
SLL is an integrated temperature-controlled
logistics provider with a pan-India presence. Its
primary business lines are: Storage, Transportation
and Consignment agency. It operates through 25
facilities at 18 locations in the country capable ofwarehousing in excess of 45,000 pallets. It also
operates 220 leased and owned refrigerated
trucks. This February, IFC was planning to provide
loan to SLL which is proposing to set up
temperature controlled storage facilities at two
new locations in Orissa and Gujarat.
SLL was initially promoted by the Amalgamgroup in 1997. Subsequently, three Japanese
companies - Mitsubishi Corporation, Mitsubishi
Logistics Corporation and Nichirei Logistics Group
acquired a significant stake in SLL. In November
2006, Gateway Distriparks Ltd acquired a
majority stake in SLL. Currently, it has
management control and holds a 53% stake inSLL. The other major shareholders - Mitsubishi
Corporation, Mitsubishi Logistics Corporation and
Nichirei Logistics Group together hold
approximately 26%. IFC, which invested about
$5Mn in the company in 2010 also holds 19.9%
stake in the company.
Announcement Date | 14 June 2013
Industry | Transport/Logistics
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Deal Concise
BanyanTree Growth Capital invests in Atria Brindavan Power
BanyanTree Growth Capital ("BTGC") II LLC has
invested R500 Mn in Atria Brindavan Power
Limited ("ABPL"), a Bangalore-based renewable
power generation company.
ABPL which was set up in 2000 by the Atria group,
focuses on Small Hydel Power plants and hasdemonstrated a strong track record of constructing
SHP projects. BanyanTree will have a board
representation.
It is one of the premier SHP developers in the
country with an operating portfolio of over 46 MW
in hydro assets with plans to add wind and solarenergy projects to the portfolio. The proposed
investment will enable Atria to further augment its
generating capacity. The deal marks BTGCs second
investment in the current year from its second
Fund. BTGC II has been one of the few funds
to have raised capital in a challenging
environment and announced its 2nd close at
just under USD 150 million in January 2013.
BTGC I is fully invested in 9 companies and
has started returning money to investors.
Announcement Date | 13 June 2013
Industry | Cleantech
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Deal Concise
Varhad Capital plans to launch two Funds
Varhad Capital Group plans to launch two funds,
one for funding women entrepreneurs and
another for affordable housing, each having a
corpus of $100 Mn, BS states.
The group plans to float both funds in the next 24
months and will approach overseas funds to seek
investments into the corpus.
The affordable housing fund will invest in
developers and companies that build houses
valued up to R25 Lac each. It might also invest in
NBFC giving loans to people to buy such homes.
These two funds will do selection of prospective
investment targets, based on in-house research on
growth prospects, profile and management
capabilities.
Varhad Group caters to SMEs looking to access
growth capital and expand business. It has
divisions- Varhad Investment Managers, the asset
management division; Varhad Capital, the
investment banking arm and Varhad Financial
Consultancy Services, the financial consultancy
division.
Varhad Investment Managers recently launched
its debut R5 Bn DICCI SME Fund, Indias first SEBI
registered social impact investment fund. It got
an initial contribution of R10 Cr by the Small
Industries Development Bank of India. The
Varhad group has also invested R5 Cr in this fund.
Announcement Date | 13 June 2013
Industry |Banking/Financial Services
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Deal Concise
DEG invests in Super Specialty Hospital Chain - Ivy
German developmental finance institution DEG
has invested R70 Cr ($12 Mn) in Ivy Hospital, a
Mohali based super specialty hospital chain. The
funds raised will be utilized to set up more
hospitals in north India including Bathinda,
Amritsar, Hoshiarpur, Simla, Karnal and embark on
a multiphase expansion.
Incepted in 2007, Ivy Hospital is a healthcare
providers in Punjab with a network of three
operational hospitals at Mohali, Nawanshahr and
Khanna. The hospitals currently offers 25 specialty
departments providing treatment to more than
one lack patients every year.
Besides it has achieved the most coveted
distinction among healthcare providers NABH
accreditation, is the highest seal of quality
certification for hospitals in India. DEG is a
subsidiary of KfW in Europe and finances
investments of private companies in developing
and transition countries. Its portfolio in India
stands at over EUR 500 Mn across 50
companies. This is its first investment in any
healthcare company in India. In April, DEG along
with Proparco invested R60 Cr in NSELRenewable Power.
Announcement Date | 11 June 2013
Industry | Healthcare
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Deal Concise
Oaktree Capital invests in Hyderabad based Cogent Glass
US-based investment firm Oaktree Capital
Management has bought about 60% stake in
Hyderabad based Cogent Glass Limited for an
estimated enterprise value of R200 Cr, BS states.
Jean Rollier of Oaktree has been appointed non-
executive chairman of Cogent's board.
Founded in 2010, Cogent offers complete solution
of Type I glass primary packaging in tubular and
moulded, catering to all glass needs for
pharmaceutical companies. It has a plant located
in Addakal near Hyderabad.
Oaktree Capital Management of Los Angeles is aleading investment firm managing over $80 Bn in
assets, with a global portfolio of companies and, in
particular, with several investments in the
packaging sector.
The firm was co-founded in 1995 by a group
who had formerly worked together at the TCW
Group starting in the 1980s.
One of Oaktree's portfolio firm, SGD, a France-
based manufacturer of glass packaging hasagreed to extend technology and marketing
support to Cogent Glass.
Announcement Date | 11 June 2013
Industry | Basic Industries
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Deal Concise
Yes Bank CEO-RanaKapoor and NRI Ravi Pillai have said to bid for
Goldman Sachs owned Four Seasons HotelFast growing private bank YES Bank's CEO
RanaKapoor and NRI Ravi Pillai have been
identified as contenders to buy Four Seasons
Hotel in Bangalore, TOI states. The ongoing
project is a lifestyle development with names like
Deepika Padukone and Infosys founders havingbought homes in it.
Goldman Sachs owns 73% stake in the project
through Whitehall, its real estate unit, and firms
like RMZ Corp, Oberoi Realty and Nitesh Estates
have also evinced interest in it. Other
development partners are Westcourt and
Century Real Estate holding the remaining 27%
and even these may plan to exit the project. The
under-construction venture going on for almost
five years includes a hotel, luxury residences,
retail and office space among others.
It is 6.5 acres property near MerkiCricle, a half
an hour drive from the Bengaluru International
Airport and Goldman had bought the land
along with Century for R400 Cr and later U.Ks
Westcourt was brought in as a partner to
develop the land. Four Seasons is a Canadian
hospitality chain which operates through
management contracts with real estate
developers and land owners and the its recent
strategy has been to invest into projects in
China (having 14 properties) and India.
Announcement Date | 10 June 2013
Industry | Real Estate
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Deal Concise
Essel Group, Shyam Telecom may sell stake in JV
Essel Group and Shyam Telecom are exploring
strategic options including selling a majority
stake in JV- EsselShyam Communication ltd. Both
Essel Group and Shyam Telecom own 30% stake
in the company, while PE firm Kubera Capital
owns another 30% and the remaining 10% is
with employees and IL&FS.
In the JV, Kubera Cross-Border Fund had invested
$22 Mn for a mionority stake in 2008.
EsselShyam had acquired the local V-SAT
business of Australian telco Telstra where IL&FS
was an existing investor and after the buyout,
IL&FS came on board as a financial investor.
EsselShyam is a technology service providerspecializing in Media Broadcasting, production,
post production, distribution for multi-platform /
multi devices along with satellite based telecom,
SCADA solution provider for telemetry, hydrology
and variety of scientific and environmental
technological services.
Last year, the company and its advisors tried to
divest 49% stake, but could not due to the FDI
cap. But now with the relaxation in FDI limit of
up to 74%, the company is looking forward to
sell a minority stake.
Its speculated, Nasdaq listed divsified giant
Liberty Media Corporation, with subsidiarieslike Barnes & Nobles and investments in Time
Warner and Viacom, along with specialised PE
players like Providence Equity Partners could
be potential suitors for the company.
Announcement Date | 10 June 2013
Industry | Media
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PeopleStrong Raises Funds From HDFC, Lumis Partners
Worldfloat May Dilute Minority Stake
TastyKhana Secures Investment From Delivery Hero
Venture Capital
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Deal Concise
PeopleStrong Raises Funds From HDFC, Lumis Partners
HDFC Holdings and Lumis Partners have made
investment in PeopleStrong, HR outsourcing and
technology company, BS states. The funds raised
will be used to strengthen the companys Asia
operations, to upgrade technology and the
account management verticals.
Founded by Pankajbansal and Shelly Singh,
PeopleStrong is ampHRO (Multi-process HR
Outsourcing) and Technology company,
headquartered in Gurgaon. It enables Business
Leaders and CEO's in transforming their peopleagenda.
The company delivers employee services
across regions and time zones for more than
300,000 employees and have hired more than
40,000 employees through a unique
technology interface coupled with high end
decision making Tools for people data. Earlier,the company had raised funds from HR Fund.
Announcement Date | 13 June 2013
Industry | Services
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Deal Concise
Worldfloat may dilute minority stake
Social network worldfloat.coms promoters are in
talks with VCs in the US to dilute a 10% stake, BL
states. They are planning to dilute stake for
around $3 Mn.
Worldfloat.com was launched in June 2012 and
has increased its presence in 62 countries across
the world, including the US, China, Europe andGulf countries. The total value of portal is
estimated at $300 Mn.
Nearly 80% users of the portal are Indians and 20
% from other countries. The networking site
expects 30 Mn users by the year end. It has
received buyout offers from venture capitalist ofnearly $300 Mn, whose core business is real
estate in and around New Delhi.
Worldfloat is the only social network in the world
where people could earn money up to R10,000
through a treasure hunt game and do social
networking at the same time. India's
homegrown networking site WorldFloat has
come up with new gaming feature that allows
users to make money, even as plans are afoot
for another add-on to help people source
money from large numbers of people for theirprojects.
Users also have an option to watch a large
collection of movies and update themselves
with latest Indian and international news on a
real-time basis.
Announcement Date | 13 June 2013
Industry | Media
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Deal Concise
TastyKhana Secures Investment From Delivery Hero
Online food ordering service - TastyKhana has
secured $5 Mn investment from Delivery Hero,
and it also announced strategic partnership with
the DeliveryHero.
Founded by Shachin Bharadwaj and Sheldon
Dsouza in 2007, Tastykhana provides one-stopsolution for any food related requirement. It has
partenered with 1000 restaurants In Mumbai and
associated with more than 3,000 restaurants
across the seven cities it operates in. Currently, its
online food delivery services are available in Pune,
Mumbai, Bangalore, Gurgaon, Delhi, Noida and
Faridabad. It offers food ordering services on
Android, iPhone and Blackberry apps.
In 2008, it acquired Food on Wheels, a food
delivery company, where it got 30 to 40
restaurants and experienced people to actually
deliver food.
Founded in 2010, European-based company
Delivery Hero is a global network of online food
ordering marketplaces. It is backed by Ru-Net,
Kite Ventures, Tengelmann Ventures,
Holtzbrinck Ventures, Point Nine Capital and
Team Europe. Till date, it has raised over $100
Mn, including $31 Mn in April to acquire the
delivery service OnlinePizzaNorden Group.
Delivery Hero claims a network of 22,000
restaurants and operates in 12 countries.
Announcement Date | 13 June 2013
Industry | Technology
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Delhivery buys cash collection service from Gharpay
Yourstory buys social entrepreneurship platform - ThinkChange India
Apollo Tyres acquires Cooper Tire & Rubber Co.
Finland's Fortum acquires a Solar Project in Rajasthan
Cleantech Energy firm P2 Solar acquires two Indian Projects
NeST Group acquires Tyco's Indian Unit
GMR Infra buys stake in Delhi Duty Free Services
Merger & Acquisition
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Deal Concise
Delhivery buys cash collection service from Gharpay
Logistics service and supply chain provider
Delhivery (SSL Logistics) has acquired offline cash
collection service of Gharpay, a Bangalore based
doorstep payment network, which has 750 clients.
Post acquisition, Gharpay brand will be owned by
Delhivery. The acquisition will help Delhivery to
strengthen its payment collection feature.
Launched in 2011, Gharpay offers a doorstep cash
payment network for businesses and claims to
have a network of more than 1,000 pincodes
across India. It claims to already have more than
500 clients in India including BookMyShow, Info
Edge, Cleartrip, Zomato, Groupon, and Jet Airwaysamong others. The company had raised an
undisclosed amount of funding from Blume
Ventures with participation of existing
investors, $200,000 from Sequoia Capital and
Kae Capital, and a seed investment of $100,000
from Raju Reddy.
Gurgaon based Delhivery provides logistics and
backend solutions for E-Commerce to offer
multiple supply chains for retailers. It providesprocurement, warehousing, packaging and last
mile delivery services. Last year, Times Internet
had picked up a minority stake in the company.
Announcement Date | 14 June 2013
Industry | Services
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Deal Concise
Yourstory buys social entrepreneurship platform - ThinkChange India
YourStory.in, the media platform covering
startups and early stage deals, has acquired
social enterprise platform ThinkChange India.
Financial details of the merger remain
unknown. ThinkChange will be merging with
SocialStory, which is YourStorys web platform
for the social enterprise and impact investing
segments.
ThinkChange India is a five year old firm
operating as an online platform for people in
the social entrepreneurship and enterprise
space. It will cease to operate as part of the
acquisition.
Back in 2010, ThinkChange was brought on
board as the media partner for an initiative
targeted at social entrepreneurship by
YourStory.in and CNBC- TV18 Young Turks. Social
impact investments have been on the rise in
India with growing awareness and keeping in
mind the untapped potential the nascent
industry serves to be.
Announcement Date | 13 June 2013
Industry | Media
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Deal Concise
Apollo Tyres acquires Cooper Tire & Rubber Co.
Apollo Tyres is set to acquire American tire firm,
Cooper Tire & Rubber Company in one of the high
values deal of the year.
It makes for the headline in the M&A dealscape
because the $2.5 Bn buyout is slightly higher than
the $2.3 Bn Tata-JLR deal in 2008. Sullivan &
Cromwell LLP and Amarchand & Mangaldas &Suresh A Shroff& Co. served as legal advisers to
Apollo Tyres. BofA Merrill Lynch served as
financial adviser and Jones Day served as legal
adviser to Cooper Tire, according to the
statement. Morgan Stanley and Deutsche Bank
also served as financial advisers to Apollo Tyres.
In addition it will take Apollo into the top echelon
of global tire makers by placing it in the seventh
position. Its an all cash deal. The combined
entities will raise $2.5 Bn from bond sales with
maturity going on till eight years and Apollos
new debt exposure will be around $450 Mn.
Part of the funds will be raised through asset-
backed loans. Apollo will pay $35 a share to
Coopers shareholder, a premium of around 42%
to the recent closing price of Cooper Tire.
Last month Sumitomo Rubber Industries was
set to takeover Apollo Tyres South Africa
including the Ladysmith Tyre plant and Dunlop
Brand rights for $60 Mn.
Announcement Date | 13 June 2013
Industry | Airlines / Autos
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Deal Concise
Finland's Fortum acquires a Solar Project in Rajasthan
Energy generation company, Fortum has bought
a 5-MW PV solar power plant in Rajasthan.
The financial details of the acquisition remain
unknown.
The power plants peak capacity is 5.4 MW and
its annual production is around 9 gigawatt-hours.It was built as part of the Jawaharlal Nehru
National Solar Mission (JNNSM), the Indian
governments initiative for 22 gigawatts of
installed solar power generation capacity by
2022.
Also the plant has a guaranteed electricity pricefor 25 years and the return is assured through
the PPA with government.
Finnish firm Fortums power division is
responsible for power generation and trading
in the Nordic wholesale electricity markets and
for providing expert services to electricity and
heat producers globally. Hydropower and
nuclear power account for the majority of the
company's production. Fortums plan is toinvest some millions of euros in developing its
PV solar competence and operations in India.
Announcement Date | 12 May 2013
Industry | Cleantech
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Deal Concise
Cleantech Energy firm P2 Solar acquires two Indian Projects
P2 Solar, developer of solar PV power projects,
has acquired two projects in India. Earlier last
month it acquired a renewable energy project to
develop a mini-hydro facility in Punjab and the
second one is a 500 KW mini-hydro facility located
immediately downstream from its previouslyannounced project.
The first one is Project Rajgarh, involving a 700
KW mini-hydro facility on the Sidhwan irrigation
canal in Ludhiana and is a minor diversion project,
creating little impact on the water channel and
surrounding terrain. Second project, Project Tibbawas acquired through P2s wholly owned Indian
subsidiary, Jagat Energy Pvt. Ltd.
P2 is engaged in construction of new solar PV
projects where renewable energy policies are
favorable and where the public and private
sectors are actively seeking to incorporate
solar PV into their electricity consumptionprofiles.
Announcement Date | 11 June 2013
Industry | Cleantech
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Deal Concise
NeST Group Acquires Tyco's Indian Unit
NeST Group has bought the tool room of American
manufacturing company Tyco's Indian arm, Tyco
Electronics Tools (India) Pvt. Ltd., located at Cochin
SEZ.
The financial details remain unknown. Estimates
suggest the company is planning to invest R60-70
Cr for upgradation which would bring the total cost
of buying and upgrading to R150 Cr.
Tyco Electronics, now known as TE Connectivity,
designs and manufactures highly engineered
solutions that connect data and power. It serves a
diversified range of customers in over 150countries including automotive, consumer
electronics, aerospace, medical and energy to
name a few.
NeST Group, headquartered in Kochi, has
several hardware and software facilities spread
across Thiruvananthapuram, Kochi, Bangalore
and Mysore in India and in the U.S.
Announcement Date | 10 June 2013
Industry | Technology
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Deal Concise
GMR Infra buys stake in Delhi Duty Free Services
GMR Infra has acquired 17.03% equity stake in
Delhi Duty Free Services Pvt. Ltd. for an
undisclosed amount. The company is into
operating, maintaining and managing the Duty
Free outlets at IGI Airport, New Delhi under
concession from Delhi International Airport Pvt.
Ltd. for a period of 15 years upto 2024-25.
Delhi International Airport Pvt. Ltd. (49.9%) and
Yalorvin Ltd. (33.07%) are the other shareholders
in the company. Yalorvin is a subisidiary of
AerRianta International cpt, which is wholly
owned by the Dublin Airport Authority, an
undertaking of the Government of Ireland.
GMR has been doing some divestitures off late
owing to high debt and adoption of "Asset Light,
Asset Right strategy". Earlier this year it divested
70% stake in GMR Energy (Singapore) Pte to FPM
Power for SGD 660 Mn (R2,907 Cr). GMR is alsosaid to have been initiated the process to exit
from the Istanbul SabihaGoken International
Airport, which it manages in Turkey.
The recent buy also falls in line with its earlier
plan to acquire minority stakes in the proposed
airport projects in Myanmar (Burma) and LatinAmerica. In February last year, GMR Hyderabad
International Airport had planned to divest 100%
stake in Hyderabad Duty Free Retail, a GMR
Group company that owns and manages duty
free outlets at the International Airport.
.
Announcement Date | 10 June 2013
Industry | Retail / Leisure/ Travel/ Textile
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www.indelglobal.com
INDEL Advisors LLPINDEL is a global business advisory and consulting firm led by experienced professionals withentrepreneurial skills dedicated to serve middle-market companies in their Tax, Audit, Legal,
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value of its clients. At INDEL we live through our people. INDEL is about a collective vision with
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