Aion to invest $44m in India's Future Lifestyle

According to a regulatory filing, Aion will buy 6.5 million newly issued shares in FLF at INR463 each, a slight discount to the July 29 closing price of INR463.05. The deal will give Aion a 3.2% stake in the company.

FLF is part of Indian conglomerate Future Group, and owns the Central and Brand Factory retail store chains, which covered about 6.5 million square feet of floor space across 137 outlets as of March. It also operates 202 exclusive brand stores. The company owns the national distribution rights for global clothing brands including John Miller, Umbro, and UMM, and also produces a number of its own clothing lines.

For the year ended March 2019, the company reported INR54 billion in revenue, up from INR43 billion the year before. Over the same period net profit grew from INR1.1 billion to INR1.5 billion.

Aion is a joint venture between Apollo Global Management and ICICI Venture, a former shareholder in FLF. It seeks to deliver risk-adjusted returns by investing in equity and debt at attractive values and at favorable points in the capital structure. Recent deals include the acquisition of Interglobe Technologies, the business process outsourcing division of Indian travel conglomerate Interglobe Enterprises, reportedly for around $230 million.

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• Topics
• South Asia
• PIPEs
• Consumer
• India
• Aion Capital Partners