Everstone pays $54m for controlling stake in India's SJS - update
Everstone Capital has reportedly bought a 51% stake in India-based industrial graphics maker SJS Enterprises for INR3.5 billion ($54 million).
The GP acquired its holding from two separate investors, Everstone executives told The Economic Times. A 25% stake came from SJS owners S. Sivakuma, K.L. Joseph and V. Srinivasan, while US-based printing company Serigraph sold another 26% interest.
In a reply to an email query, Everstone said that it had acquired a "significant" stake, including the 26% from Serigraph, which constitutes the company's entire holding in SJS, and an additional stake from the founders. The firm did not comment on the deal size or the total size of the purchased stake.
The three owners, who founded SJS in 1987, will continue to run the company's day-to-day operations, with Joseph as managing director. In addition to its controlling stake purchase, Everstone will assist with the construction of the company's new plant in Bangalore and finance its expansion plans.
SJS produces industrial graphics that are used in a range of industries, particularly for automotive and home appliance manufacturers. Its clients include domestic companies such as TVS Motor Company, Bajaj Auto, and Tata Motors, as well as prominent overseas firms such as LG, Samsung and Whirlpool.
Everstone recently closed its third fund, which focuses on investments in Indian as well as overseas businesses that benefit from Indian domestic consumption, at $730 million. The firm agreed last month to buy the bread and bakery business of Hindustan Unilever for an undisclosed sum. Also last month, it led a INR1 billion round for agricultural logistics firm Sohan Lal Commodity Management.
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