Everstone completes exit from India's SJS Enterprises
Everstone Capital has sold its remaining 29.5% interest in SJS Enterprises, an India-based provider of decorative aesthetics that serves carmakers and consumer products manufacturers, for around USD 66m.
The private equity firm – which claimed to have generated an overall 5.4x return on the investment – offloaded its shares in locally listed SJS to ICICI Prudential, Birla Mutual Fund and HSBC Global Management, according to MergerMarket, AVCJ’s sister publication.
The SJS stock price dipped ahead of the sale on August 22 and rebounded afterwards, closing at INR 642.40. The company has a market capitalisation of around INR 20.1bn (USD 242m).
Everstone acquired a 51% stake in SJS in October 2015 for an estimated INR 3.5bn (USD 50m) – 26% from US-based Serigraph and 25% from the company’s three founders. Serigraph, a global player in decorating technologies and graphic solutions, established a joint venture with SJS in 2006 and later took an equity stake in the business.
SJS went public in November 2021, raising INR 8bn through the sale of approximately 14.8m shares for INR 542 apiece, according to company filings. Everstone – which then owned 77.8% of SJS – sold 13m shares through the IPO, reducing its interest to 34.8%.
Established in 1987 by K.A. Joseph, S. Sivakumar and V. Srinivasan, SJS produces a range of industrial graphics such as dials, domes, overlays, badges, and chrome-plated, printed, and painted injection moulded plastic parts. Customers include Volkswagen, Fiat, Hyundai, Honda, Tata Motors, Whirlpool, Samsung, and Panasonic.
The company has factories in Bengaluru and Pune as well as support locations across Europe, North America, Latin America, and ASEAN. In the 12 months ended March 2023, 136m parts were shipped to over 175 customer locations across 22 countries.
Revenue for the year was INR 4.3bn, up from INR 3.7bn in 2022. Over the same period, net profit rose from INR 550m to INR 672.5m.
HSBC Global Management declined to comment. Everstone, SJS Enterprises, ICICI Prudential, and Birla Mutual Fund did not respond to requests for comment.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.