PE, strategics back Gateway Distriparks subsidiary
Norwest Venture Partners has picked up a 14% stake in Indian port-based logistics operator Gateway Distripark's subsidiary Snowman Logistics for INR600 million ($10.4 million). Existing shareholders include International Finance Corporation (IFC) and three Japanese companies - Mitsubishi Corp, Mitsubishi Logistic Corp, and Nicheri Logistics.
According to regulatory filing, the transaction was structured as a share-subscription agreement between Gateway and Norwest Venture Partners VII A Mauritius. Simultaneously, the existing investors and Gateway, Norwest and Snowman Logisitics entered into a shareholder agreement regarding the management of the investee.
Separately, Gateway bought back 5% of IFC's stake in Snowman Logistics for INR180 million.
The capital raised will be used to support Snowman Logistics' growth plans, The Economic Times reported. The company is a cold supply chain provider with a nationwide network covering more than 100 cities and 4,400 outlets.
Gateway Distriparks operates container freight stations and inland container depots at various major ports.
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