Advent Intl acquires significant minority stake in ASK Group

Global private equity firm Advent International has acquired a significant minority ownership interest in ASK Group for an undisclosed amount.
ASK Group's founders will retain a majority stake in the company and the management team will continue to lead the business, a company statement said today but did not disclose financial details.
The partnership would focus on accelerating ASK's growth by strengthening its team, launching new products and expanding internationally.
The transaction is the first investment that Advent made in India from its new USD 13 billion global private equity fund, GPE VIII and its third investment in India in the past two years following the purchase of equity stakes in Crompton Greaves Consumer Electricals and QuEST Global Services.

ASK manages assets of over Rs 29,480 crore (USD 4.4 billion) across seven offices in India and has offices in Dubai and Singapore.
"With its deep sector expertise and global resources, Advent can bring significant value to help us increase productivity, broaden our range of services and expand our international presence," ASK Group Chairman and Founder Asit Koticha said.
Moelis & Company served as exclusive financial advisor and Shardul Amarchand served as legal advisor to ASK Group on the transaction. Nomura served as exclusive financial advisor and Cyril Amarchand served as legal advisor to Advent International.