Everstone Group to acquire Kenstar

Private equity investor Everstone Group today said it will acquire Videocon Group's home appliances brand Kenstar for an undisclosed sum.
Kenstar will operate as an independent business and will be controlled by Everstone.
The proposed transaction includes purchase and transfer of the Kenstar brand and businesses under the brand on a going concern basis including a state-of-the-art manufacturing facility, as well as assets from Century Appliances, an associate of the Videocon Group, it said in a statement.
"As part of the deal, Everstone will also enter into a strategic alliance with Videocon group, among others, for manufacturing, co-operation on Kenstar brand, and developing new products," it added.

Kenstar has presence in air coolers, air conditioners, mixer grinders, juicer mixer grinders, food processors, electric kettles, oxy fryers, microwave ovens, water heaters, and smart ceiling fans.
"Everstone looks forward to significantly invest in the Kenstar brand and leverage our operating expertise to unlock its true potential by strengthening the dealer network, supporting product innovation, and investing in brand building," Everstone Group Managing Director Avnish Mehra said.
Commenting on the deal, Century Appliances Director Anirudh Dhoot said, "We believe Everstone is the perfect partner for Kenstar with the right mix of financial resources and operating expertise to rapidly grow the latent potential of the Kenstar business. We look forward to collaborating with Everstone and Kenstar teams in growing the business in the years to come.