Kitara Capital Buys 1.6% In Avigo-backed Tecpro Systems

19 April, 2012

Investment firm Kitara Capital has acquired more than 1.6 per cent stake in Avigo Capital Partners-backed material handling company Tecpro Systems Ltd over the last fortnight.

The stake had been picked up in multiple tranches for Rs 15.8 crore. Since the beginning of April, the firm has been picking up shares through its arm Kitara Piin 1101.

Shares of Tecpro Systems closed at Rs 201.15 a unit on Wednesday, up 0.88 per cent on the BSE which was up 0.2 per cent. At this price, Tecpro is valued at Rs 1,016 crore. The shares had been acquired by Kitara in the range of Rs 184-Rs 200 a unit.

Tecpro is backed by Delhi-based and mid-market-focused private equity firm Avigo Capital Partners, as well as Credit Suisse, Metmin Investments and Macquarie Asia Pacific Co- Investment Fund LP, who together hold 25-28 per cent stake in the company. Metmin and Macquarie are limited partners in Avigo funds and made a co-investment in 2008.

One of the recent sellers in Tecpro has been Achal Ghai, founder and managing partner at Avigo. According to the filing, he sold nearly 1 per cent stake on Tuesday for Rs 10 crore. Ghai, who is a director on Tecpro’s board, still holds 1.59 per cent stake in the firm.

Since 2011, Tecpro had completed two new acquisitions to expand its capabilities in new segments. It bought Chennai-based Ambika Projects (India) Pvt Ltd to expand into the water treatment sector and later acquired EverSun Energy Pvt Ltd, a Pune-based company engaged in engineering procurement and construction (EPC) of solar power projects.

For the first nine months of FY12, Tecpro reported 41.22 per cent increase in total income to Rs 1,429.56 crore with profit before tax rising 6 per cent to Rs 43 crore as compared to the same period in FY11.


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Kitara Capital Buys 1.6% In Avigo-backed Tecpro Systems

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