Avigo-backed Spykar on the block

Avigo is in talks with several investment banks about finding a buyer or an international strategic partner. According to VCCircle, Lincoln International won the sales mandate to find an appropriate suitor.

If Avigo goes down the sales route, it would apparently hope to offload Spykar for an enterprise value of INR3.5-4.5 billion ($71-81 million).

Last year, Avigo - which originally invested around INR250 million in Spykar in 2007 - brought in Metmin Investments as a co-investor to acquire a majority shareholding in the company for an extra INR300 million. Avigo had initially been planning to exit its minority stake instead.

Spykar was founded in 1992 by Prasad Pabrekar, who owns the remaining 40% of the business. Its sells casual wear and accessories for men and women via 1,000 multi-brand outlets and 198 exclusive brand outlets across India.

News of this potential sale comes one week after Lilliput, the Indian kidswear brand that has been embroiled in bitter fight with shareholders Bain Capital and TPG Capital, announced plans to sell off its brands and retail business.

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• Topics
• Exits
• Consumer
• South Asia
• India
• Avigo Capital Partners
• TPG Capital
• Bain Capital Asia
• Consumer
• Exit