KKR, Temasek circle India’s TVS Logistics – sources
Private equity giant KKR and Singaporean sovereign wealth fund are among four PE investors said to be in talks to invest around $50 million in Indian logistics company TVS.
Sources told LiveMint that four investors are considering participating in a second round of funding for the firm, coming after around 20 private equity firms made an initial approach.
"We have not yet decided the quantum and stake of the investment," said TVS managing director R. Dinesh.
Chennai-based TVS Logistics has hired Kotak Mahindra Capital to run the sales process and Ernst & Young to carry out due diligence. The company, which generates revenues of around INR12 billion ($235 million), intends to make a number of bolt-on acquisitions both locally and in Southeast Asia, Turkey and South Africa, with a view to listing on the stock markets in the future.
Founded in December 2004, TVS was formerly a subsidiary of TV Sundram Iyengar and Sons. It provides services for clients in the manufacturing space, including the automotive and industrial production segments.
Its minority shareholders include Goldman Sachs and TVS Capital Funds, which each invested INR1 billion in the business in 2008. The TVS Group holds just over 60% of the company's equity. Following the second round of funding, the private equity backers are likely to see their combined stake diluted to a little over 25%.
More on Support services
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.