Lilliput to sell stake to TPG Growth
Wednesday, 21 April 2010
NEW DELHI, Apr 20 (PTI): Kidswear maker and retailer Lilliput today said it will sell an undisclosed stake to private equity firm TPG Growth for around Rs 1.15 billion.
This will be second time the capital-based retail player dilutes stake within a week after agreeing to sell 31 per cent stake for around Rs 2.70 billion to private equity player Bain capital.
The company said one of its old stakeholders, Everstone Capital, will be exiting the company. Everstone had held an undisclosed stake in Lilliput since 2006.
"We are thrilled that Bain Capital and TPG Growth have decided to invest in Lilliput," Lilliput Kidswear Ltd Managing Director Sanjeev Narula said in a statement.
He said the company's experience of working with Everstone Capital encouraged it to continue to partner the two leading global private equity players to realise its goals.
"Apart from a primary infusion into the company, the transaction includes Everstone Capital exiting their early stage growth investment in the company," the statement said, adding that Ernst & Young acted as the advisor for the deal.
Last week, Lilliput had finalised a deal with Bain Capital to offload 31 per cent stake for a sum of around Rs 2.70 billion, thus, putting the total valuation of the firm at around Rs 8.70 billion.
This will be second time the capital-based retail player dilutes stake within a week after agreeing to sell 31 per cent stake for around Rs 2.70 billion to private equity player Bain capital.
The company said one of its old stakeholders, Everstone Capital, will be exiting the company. Everstone had held an undisclosed stake in Lilliput since 2006.
"We are thrilled that Bain Capital and TPG Growth have decided to invest in Lilliput," Lilliput Kidswear Ltd Managing Director Sanjeev Narula said in a statement.
He said the company's experience of working with Everstone Capital encouraged it to continue to partner the two leading global private equity players to realise its goals.
"Apart from a primary infusion into the company, the transaction includes Everstone Capital exiting their early stage growth investment in the company," the statement said, adding that Ernst & Young acted as the advisor for the deal.
Last week, Lilliput had finalised a deal with Bain Capital to offload 31 per cent stake for a sum of around Rs 2.70 billion, thus, putting the total valuation of the firm at around Rs 8.70 billion.