TPG, Bain in talks to invest $50m in Parag Milk - sources
TPG Capital India and Bain Capital are said to be in advanced talks with India’s Parag Milk Foods about purchasing $50 million worth of shares in the dairy products manufacturer.
According to three sources cited by LiveMint, one associated with the firm and two investment bankers, Edelweiss Financial Services has been hired to handle the sales process.
"The fund raising plans are at a very early stage and not much detailing has been done as to how much capital will be raised and who will be approached," commented Rahul Akkara, vice-president of marketing at Parag.
Parag sells milk powder, ghee, processed cheese, butter and curd under the Gowardhan and Go brands, and owns the largest cattle farm in India as well as the largest cheese plant in Asia. It reported revenues of INR7.8 billion ($158 million) for the year to March 2011 and expects this to increase to INR10 billion for the year to March 2012.
The last significant deal in the Indian dairy sector took place in May 2010, when the The Carlyle Group made a $23.3 million investment from its Carlyle Asia Growth Partners fund into Tirumala Milk Products for a significant minority stake.
More on Consumer
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.