Global private equity Advent International today announced that it has acquired a 100% stake in Enamor, a leading women’s premium innerwear brand in India, from India Alternatives, Faering Capital and the Promoters for a combined equity value of approximately Rs 320 crore. T
ET reported the proposed transaction on October 3.
This is Advent’s eighth investment in India in the past four years and its fourth in the consumer goods sector during the same period.
Founded in 2001 as a joint venture with Barbara of France, Enamor offers a high-quality range of lingerie, sportswear and athleisure wear. The company has 20 exclusive brand outlets and over 4,500 points of sale nationwide.
“Enamor is a market leader in a dynamic segment with significant growth potential and a strong management team who will continue to lead the business,” said Vinod Padikkal, a Director at Advent International.
“Women’s lingerie in India is a high-growth market, with only a few strong brands in operation. As lingerie sales increase alongside disposable income, Enamor, one of the market’s leading players, is strongly positioned to benefit from these trends,” said Shekhar Tewari, CEO of Enamor.
Advent International has been investing in India since 2007 and opened its Mumbai office in 2009. Over the past 12 years, the firm has deployed more than $1 billion in 10 companies across sectors such as consumer products, financial services, healthcare, industrial and technology.
Recent investments include DFM Foods, Aditya Birla Capital, Manjushree Technopack, Dixcy Textiles, a leading innerwear brand; ASK Group, QuEST, and Crompton Greaves Consumer Electricals.
Homegrown investment bank Avendus was the exclusive advisor to Enamor and its shareholders on this transaction.
Source: Economic Times