Faering Capital, a private equity fund started by Deepak Parekh’s son Aditya Parekh and childhood friend Sameer Shroff, have exited its investment in Snowman Logistics, the largest integrated cold-chain service provider in India offering warehousing, transport and other value-added services.
It invested Rs 20 crore in Snowman Logistics through its initial public offering in September 2014, according to the fund. On Tuesday, the fund sold its investments in the company for a total value of Rs 37.1crore, gaining a multiple of 1.9x on the investment.
“We had identified Snowman Logistics as a dominant player way back in 2013 and had developed an investment thesis based on its growth prospects with the added support of various stakeholders in the company,” said Shroff, co-founder, Faering Capital.
“The return on investment we are now realising through our exit bodes well with our objective to identify and invest in market leaders in consumption-led growth sectors and enhances our position as a partner of choice for entrepreneurs and management teams,” Shroff added.
