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Actis likely to cut deal with SuperMax

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To invest about $125 mn for minority stake.

Actis, the global private equity major, is set to close another major deals where it will invest about $125 million in SuperMax Corp, the India-based razor blade manufacturer, to acquire a minority stake. Though the exact figure of the stake buyout is not known, people in the know said the deal size could be 25-30 per cent.

SuperMax is the world’s second largest after Gillette. It currently holds the lion’s share of the Indian market.

Vidyut Mettalics Pvt. Ltd, the company through which SuperMax manages its Indian operations, is owned by the Malhotra family and is run by (son of R K Malhotra), chairman, SuperMax. The company manufactures and markets shaving products in 125 countries. It has manufacturing facilities at Thane, Hyderabad, Shogi in Himachal Praddesh, Mexico, Prague and Dhaka. The annual revenue is Rs 800 crore.

Mails sent to J M Trivedi, partner and head of South Asia, and Rocky Malhotra did not elicit any response.

In October, Business Standard had reported Actis’ plans to finalise 2-3 deals in branded goods, infrastructure and financial services, quoting J M Trivedi. According to the earlier BS report, Actis is looking at a total investment of $500 million in India during 2010. Actis, which has already invested $228 million in three deals is understood to be closing in on two or three more deals cumulatively worth around $300 million. Actis has invested about $5 billion in portfolio companies globally.

Mukesh Jain, head, PE Practice, Equirus Capital, said, “Contrary to the earlier PE actions in Indian businesses, serving the world such as IT, BPO, KPO, now there is more action over domestic consumptions. All the major PE firms are keen on the Indian domestic growth story and investments. There is prominent interest from either strategic investor or PE investor in the Indian consumer space.”

According to VCCedge data, in 2010 till date, five PE deals worth $54 million took place in the Indian FMCG sector, against six deals worth $17 million in 2009. In 2008, only three deals worth $30 million took place.

In December 2008, Actis had closed its $2.9-billion private equity fund, Actis Emerging Markets 3 (AEM3). It invested in Indian companies such as Nilgiri Dairy Farm, Swaraj Mazda, AVTEC, Veeda Clinical Research, Dalmia Cements and National Stock Exchange.

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