Private equity firm Advent International has acquired a 100% stake in Enamor, a premium women’s innerwear brand in India, from India Alternatives, Faering Capital and the promoters for a combined equity value of ₹3.2 billion (US$45 million).
“[There was] one set of individual promoters and another set of institutional investors, with their own unique deal-related objectives and risk considerations,” Khaitan & Co partner Mayank Singh told India Business Law Journal. “This resulted in various rounds of parallel as well as joint negotiations on the transactions documents, and this also meant that the closing formalities had to be carefully coordinated.”
Singh said the deal was one of the small but increasing number of private equity-led control deals in India. The transaction is Advent’s eighth investment in India in the past four years. Its recent investments include snack brand DFM Foods, Aditya Birla Capital, innerwear brand Dixcy and rigid plastic packaging solutions company Manjushree Technopack.