Blackstone exits Agile for $112 mn, nets 46% premium

Blackstone Group today sold its 97.9 per cent stake in Agile Electric Sub Assembly (Agile) to four different entities including Tata Capital Growth Fund for USD 112 million.
Though the fund house did not reveal the deal size, market sources said the deal was valued at USD 112 million, which is around 46 per cent premium over its investment cost.
A private equity fund managed by Blackstone on behalf of its private equity investors took the process of selling its 97.9 per cent stake in Agile, the Group said in a release, without disclosing the deal value.
Among others, the stake of Blackstone Group in India's electric motor manufacturer Agile was sold to Igarashi Electric Works, MAPE Securities and Alpha FDI Holdings.

"Agile has been an excellent investment for Blackstone.The company has delivered strong growth during our investment horizon. Investment by a global motor manufacturer, Igarashi, is the logical step in taking the company to the next level," Amit Dixit, Senior Managing Director and Co-Head of Blackstone Private Equity in India said.
Akhil Awasthi, Managing Partner, Tata Capital Growth Fund I said, "Agile, with proven engineering expertise and innovation, is well poised to capitalise on the growing trend of manufacturing in India. With support of the Igarashi Group and its global tier 1 relationships Agile should scale greater heights.