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  • South Asia

Arcapita seeks Polygel exit - sources

  • Susannah Birkwood
  • 09 January 2012
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Bahrain-based investment company Arcapita Private Equity is planning to sell its 8% stake in Polygel Industries, an Indian manufacturer of cable gels.

According to sources cited by VCCircle, the would-be vendor has hired JM Financial to seek out prospective buyers of the shareholding it acquired from Canbank Venture Capital Fund for $16.26 million in June 2008.

Founded 15 years ago, Mumbai-based Polygel (formerly known in full as Polygel Technologies) manufactures various chemical products for consumer and industrial applications such as telecom cables, surface coatings, synthetic fibers, engineering plastics and automobile engineering.

The business is said to have generated a turnover of around INR930 million ($17.6 million) last year, when it was making a loss.

If completed, a sale of Polygel would come less than a year after Arcapita exited another Indian portfolio company, MedPlus Health Services. The Middle Eastern investor sold its 34.2% stake in the pharma wholesale firm to Mount Kellett Capital Management, TVS Capital Funds and India Venture Advisors for $90 million, giving the company an enterprise value of $263 million. Arcapita made a 6x money multiple on its original $72 million investment.

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