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December, 2015 December, 2015 Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Ahmedabad December, 2015 CONTENTS Mergers & Acquisitions 3 Private Equity 4 M&A Deals – December 2015 5 PE Deals – December 2015 6 Recap 2015- M&A 7 Recap 2015- Private Equity 8-9 Indcap Opportunities 10-11 Indcap Performance 12 Markets/ Commodities 12 2 December, 2015 French stationery major BIC Group has increased its equity interest in Daman-based stationery firm Cello Pens (P) Ltd to 100 per cent with the acquisition of remaining stake for INR 5,400 Mn Kolkata-based Paharpur Cooling Towers Ltd. has acquired US company SPX Cooling Technologies' dry cooling business globally for INR 3,200 Mn LatestOne.com, an online store for tech accessories, has INR 200 Mn in additional funding from its publicly-listed parent Palred Technologies Ltd. Medi Assist India TPA (P) Ltd., a third-party administrator in the healthcare market, has invested INR 66 Mn in MobieFit Delhi-based Pathfinder Publishing (P) Ltd., the company behind Careers360, a career information portal for students, has acquired Delhi-based EntranceCorner.com, in an all-cash deal for INR 66 Mn Wind power company Inox Wind Ltd. has acquired Sarayu Wind Power (Tallimadugula) (P) Ltd. for an undisclosed amount Hyderabad-based Thinkcell Learning Solutions (P) Ltd. (formerly Gateforum Educational Services (P) Ltd.) has acquired Mumbai-based Enabilon Learning (P) Ltd, which offers test-preparation packages through TestFunda.com, for an undisclosed sum. *An extensive list of M&A and PE deals announced in December 2015 is provided in the subsequent pages 3 December, 2015 Private equity firm India Value Fund Advisors (IVFA) has invested INR 4,000 Mn for a significant minority stake in Kids Clinic India (P) Ltd, operator of Cloudnine Hospitals. ASK Property Investment Advisors, the real estate investment arm of ASK Group, has invested INR 3,650 Mn in an ongoing residential project of Mumbai-based real estate developer Rajesh LifeSpaces Faasos Food Services, which owns online restaurant Faasos has raised about INR 2,000 Mn in a fresh round of funding led by Russian internet-focused investment firm ru-Net. Gurgaon-based data science-backed logistics services provider TrucksFirst Services (P) Ltd., which operates under the brand name Rivigo, has raised INR 2,000 Mn including a small debt finance portion, in a Series B round of funding from its existing investor SAIF Partners and others. BlackBuck, a business-to-business logistics startup, has raised INR 1,670 Mn in Series B funding from Tiger Global and other investors. Home services marketplace Housejoy, run by Sarvaloka Services On Call (P) Ltd, has raised INR 1,500 Mn in a Series B round of funding from a group of investors led by e-commerce giant Amazon *An extensive list of M&A and PE deals announced in December 2015 is provided in the subsequent pages 4 December, 2015 M&A Deals- December 2015 Deal Value Target Buyer Industry Stake (%) INR in Mn Cello Pens (P) Ltd. BIC Group Retail 5400 N.A SPX Cooling Technologies' dry Paharpur Cooling Towers Ltd Engineering 3200 N.A cooling business Palred Online Technologies (P) Palred Technologies Ltd IT/ ITES/Technology 200 N.A Ltd (Latestone.com) Technology/ Mobiefit Technologies (P) Ltd. Medi Assist India TPA (P) Ltd 66 N.A Healthcare Edukriti Learning Solutions (P) Pathfinder Publishing (P) Ltd. Technology/ 66 N.A Ltd. (Entrancecorner.com) (Careers360.com) Education Sarayu Wind Power (Tallimadugula) Inox Wind Ltd. Renewable Energy N.A N.A (P) Ltd. Thinkcell Learning Solutions (P) Enabilon Learning (P) Ltd Technology N.A N.A Ltd Thumbspot Inc. (Near.in) Paytm Technology N.A N.A Magiclane App Services (P) Instano Technologies (P) Ltd. Technology N.A N.A Ltd. (MagicTiger) GMAS Technologies (P) Ltd.(Get Me Times Internet Ltd. Technology N.A N.A A Shop) RealtyCompass Quikr Technologies (P) Ltd. Technology N.A N.A Dropbase Software (P) Ltd. Accord Ecom Solutions (P) Ltd Logistics N.A N.A (Parsel Technologies) Technology/ Melway Facility Management SBricks Castle Care (P) Ltd N.A N.A Services *INR to USD conversion rate considered at USD 1 = INR 66 N.A. – Not Available 5 December, 2015 PE Deals- December 2015 Amount Company Industry Investor Stake (%) INR in Mn Kids Clinic India (P) Ltd. Healthcare India Value Fund Advisors 4,000 N.A Rajesh LifeSpaces’ Vikhroli Real Estate ASK Property Investment Advisors 3,650 N.A project Faasos Food Services (P) ru-Net, Sequoia Capital & Lightbox Technology/ Food 2,000 N.A Ltd. Ventures TrucksFirst Services (P) Ltd Technology/ Logistics SAIF Partners & Others 2,000 N.A .(Rivigo) Tiger Global, Yuri Milner’s Apoletto Zinka Logistics Solutions (P) fund and existing investors Accel Technology/ Logistics 1,670 N.A Ltd. (Blackbuck) Partners and Flipkart Amazon, Vertex Ventures, Sarvaloka Services On Call Qualcomm and Ru-Net Technology (P) Ltd. (Housejoy) Technology 1,500 N.A Partners along with Housejoy's existing backer Matrix Partners. GVK Biosciences (P) Ltd. Pharmaceuticals Chrys Capital 1,454 9.09 Super Highway Labs (P) Ltd. Lightspeed Venture Partners, Technology 1,320 N.A (Shuttl) Sequoia India and Times Internet Ltd. Holisol Logistics (P) Ltd. Logistics CLSA Capital Partners 436 N.A Sabonka Tecnologies (P) Ltd. Exfinity Venture Partners and Unitus Technology 330 N.A (Shotang) Impact Livelihoods Fund *INR to USD conversion rate considered at USD 1 = INR 66 N.A. – Not Available 6 December, 2015 RECAP 2015- M&A 2015 saw absence of multibillion dollar deals that means merger and acquisition (M&A) activity didn’t sizzle like private investments that hit a record high this year. However, M&A dealmakers saw hectic activity with the number of deals spiking to 934, the highest ever. Here are the top M&A deals for the year: Amount Target Acquirer In $ Mn CSJC Vankorneft ONGC Videsh 1,260 Viom Networks American Tower Corporation 1,174.30 Gavis Pharmaceuticals Lupin 880 Lafarge India (some assets) Birla Corporation 766.40 Female Healthcare Business of Famy Mylan Inc. 750 Care (some assets) 7 December, 2015 RECAP 2015- Private Equity • Private equity (PE) deal making was overshadowed by angel and venture capital funding that buoyed aggregate private investments in the country to a record high this year. While ecommerce and internet as a business at large continued to drive top PE deals, renewable energy came across as another key theme • Angel and VC investors have sealed as many as 1,096 deals so far in 2015, up 68 per cent from last year, a record jump and also the highest early-stage investment in India. Of these, angel and seed investors funded 632 deals while VC investors backed the remaining. • In value terms, angel and VC firms together contributed 24.5 per cent of the total private investments so far in 2015, up from 17.2 per cent contribution last year. On a standalone basis, angel funding picked up speed in 2015, breaching the $300 million mark for the first time, from $196 million in 2014. VC funding showed a similar trend as it crossed a new milestone, clocking deals worth $5.183 billion so far this year, as against $2.287 billion last year • The aggregate value of PE investment in Financial Services sector hit a three-year high of $2.7 billion as investors sealed more than a deal a week through 2015 • Although the number of PE deals in the Real Estate sector dropped marginally from last year, bigger ticket transactions boosted total capital flow to $2.8 billion. Global investors led by pension and sovereign funds ramped up their exposure to the sector 8 December, 2015 RECAP 2015- Private Equity Value Company Investor In $ Mn Senvion Centerbridge 1,157 Flipkart Tiger Global, Steadview & Others 700 Welspun Renewables GE Energy Financials 570 Atria Convergence TA Associates, IVFA 500 Magna Energy Carlyle 500 Softbank, Alibaba, Foxconn & Snapdeal 500 Others Didi Kuaidi, Falcon Edge, Soft Ola 500 Bank & Others TOP Investors by Value TOP Investors by Volume 1. Centerbridge Temasek 14 2. Temasek GIC 8 3. Carlyle IFC 6 4. Blackstone CX Partners 6 5. Apax partners IDFC Alternatives 5 6. Warburg Pincus IVFA 5 7. GIC Westbridge 5 PremjiInvest 5 Everstone 5 9 December, 2015 Sector Location Opportunity Brief Key Highlights Renewable Tamilnadu The company is involved Operating wind turbine generators located Energy & in power generation in Tamilnadu and Karnataka Karnataka through wind turbine Aggregate-rated generating capacity of 51 generators MW with an average PLF of 18-20%. 34 Turbines of 1.5 MW each Date of commissioning- 2009-10 Diversified Gujarat A Conglomerate having Looking to sell their 300 MW coal based diversified business power plant in Maharashtra Expected Deal Size- INR 21,000 Mn Sector Location Company Brief Acquisition Criteria Chemicals Gujarat The group is engaged into The company is diversifying into API and manufacturing of dyes, is interested in acquiring USFDA pigments, caustic etc. approved API Unit. Looking for running plant with all USFDA approvals for its API Products OPPORTUNITIES - Acquisition Size<= INR 500-1,000 mn. Oil & Gujarat An MNC and independent Looking for acquiring existing petroleum Chemicals tank storage provider for and chemicals storage and tanking the oil and chemical business at ports INDCAP INDCAP industry. Architectural New Delhi The Company is one of The company is looking for acquisition Hardware India’s most popular in the following space: Fittings Architectural Hardware • Door manufacturers- Fire door, clean Solution provider through room used in pharmaceutical and a wide range of standard hospital & customized products • Kitchen
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