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PE firms in race for CRMnext; Eicher eyes Ducati; Prataap Snacks in pre-IPO deal

07 September, 2017

Private equity giants Warburg Pincus, TA Associates and Accel-KKR are in the race to invest in Noida-based software-as-a-service venture CRMnext, a financial daily reported.

Three unnamed people, aware of the development, told The Economic Times, that the discussions are at an exploratory stage, but if a deal is struck, the company could potentially raise $40-45 million at a valuation of $140-150 million.

Private equity firm Multiples Alternate Asset Management is also a potential investor, the report added.

In 2014, Acidaes Solutions Pvt. Ltd, which runs customer relationship management product CRMnext, had raised Rs 42 crore from multi-stage private equity investor Norwest Venture Partners.

Ducati acquisition
Eicher Motors Ltd is revving up to make a binding offer to acquire Italian superbikes maker Ducati for $1.8-$2 billion. Citing sources aware of the development, The Economic Times said Eicher is currently finalising the financing and structuring terms with a clutch of global banks and consulting companies ahead of the September-end deadline.

“Since early April, embattled German auto major Volkswagen Group, whose Audi division controls Ducati, has been working with boutique investment bank Evercore to sell the brand for around €1.5 billion ($1.8 billion),” unnamed sources told ET.

Pratap Snacks
Sequoia Capital-backed Prataap Snacks Ltd, which makes Yellow Diamond chips, has raised Rs 50 crore in a pre-initial public offering round from public markets investor Malabar Investments, Mint reported, citing two people aware of the development.

“Malabar Investments picked up a 2.5% stake in the company, which values the IPO-bound company at Rs 2,000 crore ($312 million),” the report added.

Prataap Snacks had refiled its draft red herring prospectus in June. According to the new DRHP, Sequoia Capital, through its investment arms, hold a 63.15% stake in the company.

In July 2016, mid-market private equity firm Faering Capital had picked up a 2.93% stake in the company for around Rs 43 crore.

TCNS Clothing
TCNS Clothing Company Pvt. Ltd, the owner of women’s apparel brands W, Aurelia and Wishful, has hired investment banks Citibank and Kotak Mahindra Capital to manage its initial share sale, Mint reported.

“TCNS Clothing is likely to raise Rs 700-750 crore through a mix of fresh issue of shares and secondary share sale by existing investors,” one unnamed person told the business daily.

The company will file its draft IPO documents with the markets regulator by December, the report added.

In August 2016, US-based private equity investor TA Associates had invested $140 million in the company to buy out shares from existing shareholders. As part of the transaction, Matrix Partners India had fully exited its five-year-old investment.

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PE firms in race for CRMnext; Eicher eyes Ducati; Prataap Snacks in pre-IPO deal

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