Warburg Pincus front-runner for controlling stake in Ebco

livemint.com:

₹3,500 crore.Geoffrey Nagpal and family, who own the company, may retain a minority stake and run the business for a short while after the sale, the people said on the condition of anonymity.“Warburg is the front runner. Multiples Alternate Asset Management has also reached the advanced stage and has bid alongside its limited partners (LPs) to acquire the controlling stake," one of the two people cited above said.Both Warburg Pincus and Multiples are planning to invest from their new funds closed recently.While Warburg is investing from its Warburg Pincus Global Growth 14 fund which has a $17.3 billion war chest, Multiples is investing from its $640 million fourth fund.

Multiples also has the option to co-invest with its LPs and bid for larger deals.Mint first reported the proposed deal on 2 April. It has appointed investment bank Avendus to help it with the process.Nagpal declined to comment.

Emailed queries to spokespersons for Warburg Pincus and Multiples remained unanswered.Founded in 1975, Ebco manufactures furniture fittings, including office and kitchen accessories and hardware. The company has its manufacturing facility in Palghar and Vasai in Maharashtra.

It sells products under brands such as Ebco, Livsmart and Worksmart. According to a 12 March Crisil report, the company’s revenues grew to ₹791 crore in FY23.