PE-VC Fund Investments
Multiples PE led consortium to acquire control of luggage maker VIP Industries; buy promoters’ 32% s
Press Release BSE Announcement Mint
Dilip Piramal and family, the promoters of listed, Mumbai-based luggage and travel accessories maker VIP Industries , have sold an around 32% stake in the company (45,446,305 equity shares) to a consortium of buyers led by Multiples PE (including via its units Multiples PE Fund IV and Multiples Gift Fund IV, as well as Samvibhag Securities Pvt Ltd, and individual investors Mithun Padam Sacheti and Siddhartha Sacheti). The shares have reportedly been sold at INR 388 apiece, or INR 1764.1 crore. The share sale purchase will trigger an open offer.Arpwood Capital Pvt Ltd acted as the exclusive financial advisor to the sellers. JM Financial is the Open Offer Manager. AZB & Partners acted as legal advisor to the sellers. Khaitan & Company acted as the legal advisor to Multiples PE. Anagram Partners acted as the legal advisor to the consortium members of Multiples PE.The promoters had owned a little over 50% of VIP Industries, the owner of luggage brands such as VIP, Carlton and Skybags. The selling promoter will have the right to nominate one person on the board. Dilip Piramal and family also have a ‘tag along clause’ in case of future sale of the company by the new buyers.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
