Classic Stripes promoters buy out Navis Cap for Rs 360 cr

Promoters of automotive graphics maker Classic Stripes Pvt, part of the Astarc Group, today acquired the entire holding of Navis Capital Partners in the firm for about Rs 360 crore.
The founding shareholders of Classic Stripes Pvt (CSPL), Musale family, and Navis Capital Partners (NCP) have concluded a transaction to monetise the equity held by NCP into the company, CSPL said in a statement.
"The approximate value of the deal is Rs 360 crore," a company spokesperson said.
NCP had acquired a 51 per cent stake in CSPL in 2011. This transaction has enabled NCP to monetise its shareholding in the company and will allow the promoters to take control of the growth strategy of the business, the company added.

Astarc Group Chairman Kishore Musale said: "We are grateful for the support that Navis provided us as a partner. We continue to be very excited about the future of Classic Stripes and are determined to serve our customers in the best possible manner."
The Musale family was backed by global financial investor, Kohlberg Kravis Roberts & Co (KKR) for the transaction.

"Our vision for the growth of Classic Stripes is shared by KKR which has decided to support us in this journey," Musale added.
O3 Capital acted as the sole financial advisor and AZB Partners was the legal advisor to the Musale family.

Started in 1987, CSPL is a leading manufacturer of automotive graphics in the world. It has clients such as Hero, Bajaj, Yamaha, Suzuki, John Deere, Continental, Tata Motors and Mahindra & Mahindra.
The Astarc Group has business interests in infrastructure, automobile and electronic solutions, angel investing, dairy and agriculture, among others.