The transaction is Advent’s eighth investment in India in the past four years and its fourth in the consumer goods sector
Private equity firm Advent International has acquired Enamor, a women premium innerwear brand in India, from India Alternatives, Faering Capital and the promoters for around Rs 320 crore. The transaction is Advent’s eighth investment in India in the past four years and its fourth in the consumer goods sector during the same period.
Enamor, which was founded in 2001 as a joint venture with Barbara of France, sells a range of lingerie, sportswear and athleisure wear. The company reported revenues of Rs 200 crore in FY19.
Commenting on the transaction, Vinod Padikkal, director of Advent International, said: “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”.
Shekhar Tewari, CEO of Enamor, said, “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.” Advent has been investing in India since 2007 and opened its Mumbai office in 2009. Over the past 12 years, the firm has deployed more than $1 billion in 10 companies with headquarters or operations in India. Some of Advent’s recent investments include Aditya Birla Capital, the holding company for the financial services businesses of Aditya Birla Group; ASK Group, a wealth and investment management business; DFM Foods, packaged snack foods company; Dixcy Textiles, an innerwear brand; QuEST, a global engineering solutions provider; and Crompton Greaves Consumer Electricals, supplier of consumer electrical goods and lighting.
Enamor has 20 exclusive brand outlets and over 4,500 points of sale nationwide, predominantly located in larger cities, and has presence in e-commerce business.