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3i Group Takes Minority Stake In Kotak PE-backed BVG India

28 January, 2011

UK-based private equity major 3i Group has acquired a minority stake in BVG India Limited, one of India’s largest facilities management services companies. Pune-based BVG, which was established in 1997 and has grown to over 18,000 employees, has been backed by Kotak Private

Equity earlier. Financial details of the deal were not disclosed.

An earlier report last month stated that BVG is close to roping in a global PE major at a valuation of Rs 800 crore. The report added that the deal will involve promoters Hanmant R Gaikwad & Umesh Mane and Kotak PE cutting their stake. Kotak PE had invested Rs 30-40 crore in BVG in 2008.

BVG provides services like mechanised housekeeping, landscaping and gardening, logistics and transportation, electrical and mechanical services etc. It has over 250 clients in India in the public and private sector including Rashtrapati Bhavan, Parliament House, Prime Minister’s office and residence, Indian Railways, AIIMS, Safdurjung Hospital, Delhi High Court, Mantralaya, Municipal Corporation of Greater Mumbai, TATA Motors, ITC, ABB, Volkswagen, Hyundai, Fiat, ONGC, Hindustan Unilever etc.

There have been several deals in the facilities management space. Some include Granite Hill India Opportunities Fund, a fund founded by Shailesh Mehta, former CEO of Providian Corp, investing in All Services

Under 1 Roof Pvt Ltd. TVS Shriram Growth Fund invested Rs 35 crore in Bangalore-based facilities management company Dusters Total Solutions Services Pvt Ltd.

There have also been several secondary deals in the space. New Vernon invested $10 million in Updater Services, a leader in facilities management, in 2006. This investment was bought out by ICICI Venture in a private equity secondary (a PE fund selling to another PE fund) deal in 2008.


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3i Group Takes Minority Stake In Kotak PE-backed BVG India

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