GMM Pfaudler expands presence in overseas markets
Merger and acquisition activity in India continues to be steady with a number of deals taking place during 2020, Dhruva Advisors LLP, who acted as tax advisors on several transactions during the last few months, reported on 23 Mar 2021.
The Mumbai-headquartered consultants gave a snapshot of some of these transactions is given below for your reference:
Embassy REIT acquired Embassy Tech Village SEZ from Embassy Sponsor, Blackstone group and other selling shareholders for an enterprise value of ~US$1.3 billion through a mix of share and business acquisition.
Embassy REIT is the country’s first publicly listed REIT (Real Estate Investment Trust) sponsored by Blackstone and Embassy Group.
Partial divestment of stake held in Burger King India Limited by Everstone Group.
Private Equity firm Everstone divested a part of its stake held in Burger King India Limited (BKIL) in pre-IPO deals and sale of stake in IPO under Offer for Sale (OFS) route.
BKIL is a listed company, backed by Everstone Group. BKIL operates in the Quick Service Restaurant category of the Indian Food & Beverage Industry, primarily being engaged in the business of manufacture and sale of ready to eat food products such as burgers, fries and beverages.
Everstone Group is a private equity and real estate investment firm focusing on India and Southeast Asia. It has assets under management of approximately US$5 billion.
GMM Pfaudler Ltd and its promoters acquired 54% and 26% equity stake respectively in the overseas business of the Pfaudler Group from the private equity firm Deutsche Beteiligungs AG Fund VI (DBAG). DBAG shall continue to hold the balance 20% stake. The deal was valued at ~US$40 million.
Pursuant to the acquisition, GMM Pfaudler Ltd expanded its presence in many overseas markets and acted as the ultimate holding company with the overseas business of Pfaudler group under its umbrella.
Acquisition of stake in Moonfrog Labs Private Limited by Stillfront Group AB, a Swedish company listed on Nasdaq.
Stillfront acquired 91% stake in Moonfrog for ~US$90 million. The balance 9% is proposed to be acquired over the next few years.
Moonfrog is engaged in the business of developing, marketing and operating games and gaming infrastructure and counts on Sequoia and Tiger Global as its investors.
Stillfront is a free-to-play powerhouse of gaming studios.
Acquisition of Enquero, a US based group by Genpact Inc, USA.
Genpact has entered into agreement to acquire Enquero.
Genpact is a global professional services firm focused on delivering digital transformation.
Enquero is a tech services company that offers client improved IT capabilities to produce scalable customized IT architectures and platforms.
Sale of fertilizer plant by Zuari Agro Chemicals Limited (ZACL) to Paradeep Phosphates Limited (PPL).
ZACL has approved the sale of its fertilizer plant at Goa and associated businesses to PPL.
ZACL is primarily engaged in the business of manufacturing, trading and marketing of chemical fertilizer products.
PPL is a joint venture between ZACL, Morocco based OCP group and Government of India. PPL is engaged in the manufacture and trading of fertilizers.
Dhruva Advisors assisted ZACL along with other advisors in structuring the transaction.
Acquisition of stake in Ummeed Housing Finance Private Limited by CX Partners.
A consortium of growth oriented private equity investors led by CX Partners acquired ~13.5% stake on a fully diluted basis in Ummeed for ~US$11 million, through a share purchase from the existing shareholders.
CX Partners is a growth oriented private equity investment fund focusing on high growth mid-market companies that are industry leaders in India.
Ummeed is an affordable housing finance company.
Acquisition of business and trademarks of POPxo by MyGlamm. POPxo has entered into an agreement for sale of its business and trademarks to MyGlamm.
POPxo is primarily engaged in the business of developing online content and community for women and has raised funds from various venture capital investors, including Kalaari Capital and Chiratae Ventures.
MyGlamm is a beauty products marketplace.
Acquisition of stake in meat brand TenderCuts by Paragon Partners. TenderCuts (GFM Retail Private Limited) raised funding of ~ US$15 million from Paragon Partners and Nabventures, a agri-food tech VC fund backed by NABARD.
TenderCuts is an omni channel meat and seafood brand that provides freshly cut meat and seafood to customers through its chain of stores in Chennai and Hyderabad. The stores cater to walk-in as well as online customers.
Paragon Partners is an India focused mid-market private equity fund founded by Siddharth Parekh and Summet Nindrajog. #banking #investment #exports /fiinews.com
