Navis exits India call center business via trade sale
Navis Capital Partners has sold its majority stake in Andromeda Sales and Distribution, an Indian financial services distributor, to Casa Capital Management. It is the Malaysia-based private equity firm’s fourth exit in six months.
Navis took a majority stake in Andromeda in 2007 through its fifth fund, a $1.01 billion vehicle that closed in 2008.
Andromeda was founded in 2000 and has since grown into one of India's largest domestic call center players, with 14 facilities in cities such as Mumbai, Pune, New Delhi, Bangalore and Chennai. It employs more than 6,500 people in its call centers and a further 1,500 agents, focusing on telecom, banking and insurance.
According to Navis, Andromeda has expanded its portfolio to incorporate more than 30 products distributed on behalf of 15 local and international banks and insurance companies.
Nick Bloy, managing partner at the private equity firm, said that the string of exits "demonstrates that even in difficult times, it is possible to sell a quality asset - particularly if you are able to sell a controlling stake."
Navis' other exits include the sale of garment label manufacturer Trimco International to Partners Group - securing its first ever 10x exit multiple - and the Thailand franchises of Dunkin' Donuts and Au Bon Pain, which were sold to Sub Sri Thai Public Company for THB1.32 billion ($41.6 million). Towards the end of last year, Navis also exited King's Safetywear and five agencies of Australia's Photon Group.
More on Exits
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