Apax, Darby in talks to invest in Kurlon

Kurlon's promoters are seeking to raise around INR2 billion ($35.6 million) in exchange for a 5-15% stake in the company. The new capital will be channeled towards increasing manufacturing capacity and hiring more staff.

"The organization is looking at raising funds to stimulate its expansion plans and double its manufacturing capacity in India. Presently the company is under negotiations with PE companies and is likely to announce the equity funding in few weeks," said a statement cited by Business Standard.

A unit of the Manipal Group, a major South Indian financial and industrial group, Kurlon commands a share of around 20% of the branded mattresses market. Established in 1962, it makes, supplies and sells rubber coir mattresses, foam mattresses and spring mattresses; polyurethane foam (PU foam); pillows, cushions and bolsters; home furniture and furnishing products, under the ‘Kurl-on' brand name.

It employs 1,570 people across India.

Around 35% of the business' share capital is currently held by former non-banking financial company Maha Rashtra Apex, with the rest in the hands of the promoters.

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• Topics
• Expansion
• South Asia
• Consumer
• Consumer
• Apax Partners Hong Kong
• Darby Asia Investors
• India