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Amicus Capital invests $10.3 mn in Sanjeev Kapoor’s Wonderchef

Mid-market private equity firm Amicus Capital Partners has invested Rs 70 crore ($10.3 million) in kitchen appliances and cookware firm Wonderchef, it said in a media statement on Thursday.

The Mumbai-based company will use the proceeds to expand its distribution reach, invest in brand building and set up an integrated manufacturing, assembly and warehousing facility. It will also add new product segments, the statement added.

Wonderchef Home Appliances Pvt. Ltd plans to hit a sales turnover of Rs 600 crore in the next five years.

This is Amicus Capital Partners’ second investment from its maiden fund. In October 2017, it had invested $9.2 million (Rs 60 crore) in Delhi-based D2C Consulting Services, which operates online insurance aggregator RenewBuy.com.

“We are excited at partnering with a strong institutional fund like Amicus Capital who understands our category and share the same vision as Wonderchef as we embark on our next phase of aggressive growth,” Ravi Saxena, co-founder and managing director, Wonderchef, said in the statement.

Zanskar Advisors served as the investment banker for the transaction.

“Wonderchef has been able to build a strong brand in the cookware and kitchen appliance category within a short period of time. We believe the company is well positioned to capitalise on the industry tailwinds given its differentiated product portfolio, strong distribution network and great leadership team led by Ravi,” Mahesh Parasuraman, partner at Amicus Capital said in the statement.

Wonderchef was founded in 2009 by Saxena and celebrity chef Sanjeev Kapoor.

Saxena, an electronics engineer and IIM-Ahmedabad graduate, has previously worked with brands like Sodexo Vouchers and Gloria Jean’s Coffees, among others.

The company’s products include non-stick cookware and kitchen appliances such as cold-press juicers, cooktops, ovens, bakeware, mixer-grinders, air-fryers and toasters.

In 2016-17, Wonderchef’s net sales stood at Rs 133.79 crore up from Rs 92 crore in the previous financial year, according to VCCEdge, the data intelligence platform of News Corp VCCircle.

In April 2017, VCCircle reported that Wonderchef was set to raise $5 million from French winemaker Labruyère Eberlé, who would invest in the firm over a period of two years.

In June 2015, it had raised $5 million from Zurich-headquartered investment firm Capvent.

Amicus Capital Partners

The PE firm was set up in 2015 by Parasuraman, the former managing director of the Carlyle Group, and Sunil Vasudevan, former partner of India Value Fund Advisors.

The mid-market growth fund invests in companies in sectors such as financial services, consumer, healthcare, technology and business services. Its average cheque size stands between Rs 50 crore and Rs 125 crore.

In December 2016, VCCircle reported that the fund had hit the first close of its maiden fund at $90 million. The PE firm had a corpus target of $200 million for the fund.

Recent deals in the space

Last week, consumer durables firm Bajaj Electricals said it will acquire non-stick cookware company Nirlep Appliances for Rs 42.5 crore ($6.28 million) in a cash deal.

Earlier this month, home appliances manufacturer Whirlpool India had said that it will acquire 49% stake in kitchen equipment maker Elica PB India for around Rs 162 crore ($24.2 million).

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