CVC to open India office
CVC Capital Partners is planning to open its first India office as it aims to grow its business in the country, AVCJ understands.
No announcement regarding the time frame of the opening or staffing has been made, though Indian media have reported that senior managing director Siddharth Patel will move to India to take an unspecified role.
CVC is an active investor in Asia, but AVCJ Research shows only one deal by the firm in India, a commitment of an unspecified amount to nylon manufacturer Century Enka. The GP focuses on buyout opportunities, including management buyouts, privatization and turnaround deals, across a range of sectors including technology, consumer products and services, travel and retail.
Currently CVC is investing out of its fourth pan-Asian fund, which closed in 2014 at $3.5 billion. Investments include the purchase last year of Nirvana Asia, Asia’s largest funeral services firm, in a deal worth $1.1 billion. The firm also agreed to buy Korean courier company Logen from Baring Private Equity Asia last year for a reported KRW300 billion ($270 million).
CVC has made several additions to its Asia staff over the past year. In September former Unitas Capital CIO Eugene Suh joined the firm as partner and Asia chief operating officer, following the appointment of Yi Luo, formerly of The Blackstone Group, as partner and head of China.
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