TPG among PE suitors targeting Time Technoplast
Several private equity funds, including TPG Capital, have approached Mumbai-based Time Technoplast, a maker of polymer products, to offer their services to raise capital, the company confirmed to local media.
The company's statement, reported in the Economic Times, comes after sources suggested that TPG sought up to 14% in the company, for which it was said to be offering a 30% premium on its latest market price. That means TPG was willing to pay as much as INR65 ($1.43) a share, compared to its approximate INR50 ($1.10) trading price.
Time Technoplast focuses on the production of products used in the industrial packaging, lifestyle, automotive, healthcare and infrastructure industries, and has manufacturing facilities in India, the UAE, Thailand, Poland, Bahrain and the Czech Republic. Among its backers is Zephyr Peacock India, which partially exited its 3.35% investment in the company in late 2009, according to past reports. The company, nearly 20 years old, claimed approximately $145 million in gross sales in the first nine months of 2009, compared to $171 million for the complete 2008 fiscal year.
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