Mid-market private equity investor Investcorp is all set to pick up a minority stake in a luggage maker Safari Industries (India) Ltd, marking its second deal this year.
The Bahrain-based investment firm is going to pick up a 5.55% stake for Rs 75 crore ($10.3 million) via compulsorily convertible debentures, going by a filing.
Safari, founded in 1980, offers plastic moulded suitcases, briefcases and vanity cases, among others.
Private equity firm Tano Capital last week exited the luggage maker with a return of almost five times.
Unilog, headquartered in the US with extensive operations in India (Bengaluru), was Investcorp’s first buy in the India-US corridor. The deal took place last month.
Investcorp has been investing in India since 2011 and has deployed $190 million across 12 companies. Its bets include logistics player Xpressbees, online meat and fish retailer FreshToHome, and dialysis chain Nephroplus.
The PE firm has invested across consumer brands, consumer technology and software, healthcare and financial services.