Carlyle acquires significant minority stake in Ahmedabad-based tile and bathware maker Varmora Granito
- ByStartupStory | June 30, 2022
The tiles and bathware manufacturer Varmora Granito Pvt. Ltd. and the international private equity firm Carlyle on Tuesday announced that they had formed a strategic relationship through the acquisition of a sizeable minority share in the company. According to the announcement, funds managed and counselled by organisations connected to Carlyle Asia Partners Growth will provide equity for this transaction. The transaction’s financial details weren’t made public.
Varmora is a founder-led tile and bathware firm that was founded in 1994. Premium tiles, faucets, and sanitaryware are among the company’s product offerings, and its goods are supplied through a countrywide distribution network that includes more than 200 exclusive brand locations in India and abroad. Varmora will use the Carlyle investment to deepen its distribution network, increase product innovation and capacity, and boost brand-building and digital marketing initiatives.
“The brand salience and consumer pull Varmora has established are really impressive to us. This, in our opinion, is caused by a robust pan-India distribution network, a differentiated product portfolio, and a management team that is second to none. We are thrilled to collaborate with Bhavesh Varmora, the Varmora brothers, and their entrepreneurial team to hasten the company’s transition to a premier consumer-focused enterprise. According to Amit Jain, managing director and co-head of Carlyle India Advisors, “We also see Varmora as a platform for consolidation in the quickly expanding building materials industry,” he continued.
The deal consultant to Varmora was the investment firm Steer Advisors. The deal is scheduled to close in Q2FY23, subject to customary closing conditions.
Bhavesh Varmora, chairman of Varmora Granito Pvt. Ltd., stated, “Carlyle was our preferred partner in this unique deal because of their business-building strategy, commitment to trusted partnerships, and extensive global competence in this field. We are very enthusiastic and optimistic about the growth opportunity that lies ahead for Varmora and is looking forward to using Carlyle’s worldwide consumer expertise for executing our value creation plans.”
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