PE Fund Investments
Carlyle acquires minority stake in bathware maker Varmora for $100-M
US-headquartered PE investment firm Carlyle (via Carlyle Asia Partners Growth) has acquired a significant minority stake in Ahmedabad-based Varmora Granito Pvt Ltd for a reported USD 100 million investment. Steer Advisors served as the transaction advisor to Varmora. Varmora, established in 1994, manufactures and sells premium tiles, faucets and sanitaryware products through its pan-India distribution network of retailers and exclusive brand outlets. It has reported a revenue of INR 838 crore and PAT of INR 40 crore in FY21. Varmora will use the new funds to enhance its investments in brand building and digital marketing, deepen its distribution network, and augment product innovation and capacity.
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