M&A

M&A

Globalbees increases stake in home appliances co. Candes to 92%

Economic Times   Candes Technology  

Globalbees Brands, a subsidiary of Brainbees Solutions (the parent company of FirstCry), has acquired an additional 30% stake in Candes Technology . This transaction was executed as a cash deal at INR 37,250 per share, increasing Globalbees' total shareholding in Candes Technology from 62% to 92%. The acquisition was completed on March 31, 2026.Founded in 2021, Candes operates as a home appliances company. It manufactures and sells smart electrical products, including fans, geysers, heaters, and kitchen appliances, under its 'Candes' brand, with a focus on affordable consumer electronics. This acquisition is intended to strengthen Globalbees' control over the electronics segment.

In Apr 2022, GlobalBees acquired a 39.26% stake in electronics appliance brand Candes for INR 25 Cr.For FY25, Candes had reported about INR 38 Cr in Operating Income and about INR 19 Cr in Net loss.