Oaktree Capital Management, a Los Angeles-based investment firm, has acquired a majority stake in Cogent Glass Ltd, a Hyderabad-based pharmaceutical packaging company, according to various media reports quoting a company statement.
The US-based investment firm has acquired approximately 60 per cent stake in Cogent at an enterprise valuation of Rs 200 crore which translates into a deal worth Rs 120 crore.
Cogent Glass deals in pharmaceutical glass primary packaging and was founded in 2010. It offers primary packaging in tubular and molded glass for pharmaceutical companies. Cogent Glass factory is located on Hyderabad-Bangalore highway, nearly 100 kms away from Hyderabad, while its corporate office is located in the heart of the pharma hub.
Oaktree Capital has over $80 billion in assets, with a global portfolio of companies with several investments in the packaging sector.
In 2010, Oaktree Capital acquired a majority stake in European perfume and pharmaceutical bottle manufacturer SGD, following the group’s debt restructuring.
There have been investments in the sector. Mumbai based Parksons Packaging, a manufacturer and exporter of printed and laminated folding cartons, received Rs 50 crore in private equity investment from ChrysCapital in return for a minority stake. In 2007, International Print-O-Pac, NOIDA-based print-packaging company, divested a minority stake to Blue River Capital for a consideration of Rs 55 crore.
In 2010, packaging firm Vacmet India raised $11 million from Rabo Equity Advisors' India Agri Business Fund.
(Edited by Joby Puthuparampil Johnson)