Investcorp, a leading global alternative investment firm, on Monday announced the exit of its investment in the publicly listed Safari Industries, one of the largest luggage brands in India.
Investcorp invested in Safari in February 2021. During Investcorp’s ownership period, Safari Industries increased its production capacity and expanded its physical stores footprint in new and under-served markets in India, said a statement.
This transaction marks another significant milestone in Investcorp’s journey of partnering with companies demonstrating high-growth potential in India, it said.
Yusef Al Yusef, Head of Investcorp’s Private Wealth said: “As we expand our investments across India and continuously review and strengthen our portfolio, Safari is another example of how we invest and accelerate the growth in companies with an exceptional market position, solid fundamentals and strong growth potential.
“This is our fourth exit in India in just a few years, highlighting how our approach of working side by side with ambitious companies to help them generate and realise value pays dividends for both the companies and our investors.”
Gaurav Sharma, Partner & Head of India Investments at Investcorp, said: "It gives us immense pleasure to witness Safari Industries' transformation into a leading luggage brand in India. Millions have trusted and chosen Safari for their travel needs over the years. Collaborating with Sudhir Jatia’s 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. We are confident of their continued success in their next phase of growth”.
Sudhir Jatia, Chief Executive and Managing Director, Safari Industries said: “Working with Investcorp has been an incredible journey. Their partnership and unwavering support have been crucial in propelling Safari Industries to new heights, bringing both scale and success to our endeavors."
This transaction marks Investcorp’s fourth exit in India over the past two and a half years, following the sale of ASG Eye Hospital, a leading eyecare hospital chain, InCred, a leading tech-enabled financing company and Bewakoof, a leading direct-to-consumer online apparel brand.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).