Carlyle makes growth investment in India's Varmora Granito
The Carlyle Group has acquired a significant minority stake in Varmora Granito, an India-based manufacturer of tiles, bathware, and sanitaryware products, for an undisclosed sum.
The investment was completed by the private equity firm’s Asia growth strategy. Carlyle Asia Partners Growth II – the GP’s sixth regional growth vehicle – launched in 2021 and had raised USD 700m as of year-end. This compares to approximately USD 300m raised in the previous vintage.
Established in 1994, family-owned Varmora has a product portfolio ranging from floor tiles and toilets to sinks and faucets. It distributes through more than 200 exclusive brand outlets in India and globally. Carlyle will offer support across brand building and digital marketing, distribution network expansion, and boosting product innovation and output capacity.
The private equity firm is positive about the prospects for residential real estate, underpinned by rising per capita incomes and production premiumisation, according to a statement.
“We are very impressed by the brand salience and consumer pull that Varmora has created. We believe this is driven by a differentiated product portfolio, strong pan-India distribution network and an exceptional management team,” said Amit Jain, co-head of India at Carlyle. He added that the company is well-positioned to drive consolidation in the building materials space.
The private equity firm has deployed more than USD 5.5bn in India since 2005. Recent investment targets include PNB Housing Finance and healthcare technology provider Indegene. Jain was recruited towards the end of last year after 10 years with The Blackstone Group.
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