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  1. German firm picks 70% stake in Ramesh Flowers

German firm picks 70% stake in Ramesh Flowers

Ramesh Flowers founder and managing director Mahendra Raj Singhwi told FE that the company has found a strategic partner in Gala Kerzen, which gives them technical know-how of candles as well enables them to expand into the European markets

By: | Chennai | Published: April 13, 2018 5:32 AM
Equistone-backed Gala Kerzen, Germany’s leading manufacturer of candles, has acquired a majority stake in Tamil Nadu-based Ramesh Flowers, a manufacturer and exporter of potpourri, air fresheners, incense sticks, candles and decorative products, for an undisclosed sum.

Equistone-backed Gala Kerzen, Germany’s leading manufacturer of candles, has acquired a majority stake in Tamil Nadu-based Ramesh Flowers, a manufacturer and exporter of potpourri, air fresheners, incense sticks, candles and decorative products, for an undisclosed sum. This strategic partnership will expand both GALA Kerzen’s and Ramesh Flowers’ range of high-end scented and decorative products and enable the group to move into new markets. IndusInd Bank acted as the exclusive financial advisor to this transaction. Ramesh Flowers founder and managing director Mahendra Raj Singhwi told FE that the company has found a strategic partner in Gala Kerzen, which gives them technical know-how of candles as well enables them to expand into the European markets. To a question, he said: “Gala is picking up 70% stake in Ramesh Flowers, but we are not in a position to disclose the financial aspects as per our agreement with the German company. We have registered a revenue of `228 crore in FY18 with 12% EBITDA margins.”

 

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