Investcorp makes final exit from Safari Industries
Global investment manager, Investcorp sold its stake in luggage maker Safari Industries, the company announced on Wednesday. It realised a total return of Rs 285 crore at 3.8X Multiple on Invested Capital (MOIC) from Safari Industries, the Bahrain-based company said in a statement.
«The Internal Rate of Return (IRR) on the complete deal stood at 102 per cent,» it added.
It made partial exits in the company in three tranches, the third and final one on Wednesday.
In February 2023, it sold a 1.89% stake in luggage maker Safari Industries for ₹83.7 crore marking the second tranche post which it held about 300,000 shares.
This February sale was following a partial exit in September 2022 when it sold 500,000 shares which fetched the consumer focussed fund a sum of Rs 76.5 crore.
In February 2021, Investcorp had invested Rs 75 crore in Safari Industries.
«Collaborating with Sudhir Jatia’s (MD & CEO of Safari Industries) visionary leadership and dedicated team has been a rewarding journey, and this partnership is a testament to Investcorp's commitment to investing in companies with strong growth potential,» said Gaurav Sharma, Head of Private Equity India at Investcorp.
Shares of Safari Industries closed at Rs 3,760.25 on Wednesday up 0.68 per cent from the last close.
Investcorp, In September 2022, exited ASG Eye Hospital. It sold its shareholding as part of a growth capital funding round of Rs 15 billion, it said.
The investment management firm boasts to have investments in mid-market companies across consumption-linked sectors and in the real estate business.
