Global private equity (PE) firm Advent International, on Friday, said it has bought out women’s innerwear brand Enamor from India Alternatives, Faering Capital and its promoters for about ₹320 crore.
“Women’s lingerie in India is a high-growth market, with only a few strong brands in operation. As lingerie sales increase alongside disposable income, Enamor, one of the market’s leading players, is strongly positioned to benefit from these trends. We look forward to working with a global investor such as Advent, who will bring significant expertise and resources to help grow our business faster," said Shekhar Tewari, chief executive officer of Enamor.
Started in collaboration with French lingerie brand Barbara in 2001, Enamor has grown to 20 exclusive brand outlets and over 4,500 points of sale across India, mainly in larger cities. The brand that makes lingerie, sportswear and athleisure wear, also sells its products online.
“Enamor is a market leader in a dynamic segment with significant growth potential and a strong management team who will continue to lead the business," said Vinod Padikkal, director at Advent India PE Advisors Pvt Ltd. “We are excited to work with the team to help take the brand to the next level," he added.
The deal marks Advent’s eighth investment in India and fourth in the consumer goods sector since 2015.
In 2017, the firm acquired Dixcy Textiles Pvt. Ltd, which is an exclusive manufacturer and marketer of several leading men’s innerwear brands, including Dixcy Scott, Dixcy Scott UNO, Dixcy Josh and Dixcy & Slimz.
Within the consumer goods space, the firm also agreed to acquire a majority stake in packaged snacks maker, DFM Foods Ltd., in September. In 2015, it invested in consumer electrical goods maker, Crompton Greaves Consumer Electricals.
Its other investments in India are, Aditya Birla Capital, the holding company for the financial services businesses of Aditya Birla Group; Manjushree Technopack, rigid plastic packaging solutions provider; ASK Group, a leading wealth and investment management business and QuEST, a global engineering solutions provider.
The PE firm, active in India since 2007, has invested nearly $1 billion in the country across 10 companies from sectors such as consumer products, financial services, healthcare, industrial and technology.
In June, Advent raised its ninth global private equity fund, GPE IX, with commitments of $17.5 billion, surpassing the earlier target of $16 billion.
The funds would be deployed primarily in Europe and North America and selectively in Asia and Latin America for buyouts, corporate carve-outs, public-to-private and growth equity transactions. The PE firm focuses its investments in five core sectors, including business and financial services, healthcare, industrial, retail, consumer and leisure, and technology, media and telecom.
