Motilal Oswal PE invests Rs 90 crore in Kurlon

By: | Updated: October 6, 2015 4:23 PM

Motilal Oswal Private Equity Investment Advisors (MOPE) has invested Rs 90 crore in mattress and foam manufacturing company Kurlon.

kurlon mattressesMotilal Oswal Private Equity Investment Advisors (MOPE) has invested Rs 90 crore in mattress and foam manufacturing company Kurlon. (Photo: Reuters)

Motilal Oswal Private Equity Investment Advisors (MOPE) has invested Rs 90 crore in mattress and foam manufacturing company Kurlon.

The funds will be used for investing in capacities, deepening the distribution network, Kurlon said in a statement.

“Partnering with Motilal Oswal Private Equity will help the company achieve its three-dimensional goal of becoming the largest and the fastest growing mattress and foam manufacturer in the country while continuously improving its market share and strengthening the Kurlon brand,” its Chairman and Managing Director T Sudhakar Pai said.

Established in 1962, Kurlon has a pan-India sales and distribution network supported by four centralised warehouses, 72 area sales offices, over 160 exclusive showrooms with more than 4,000 dealers and retailers.

The company also has nine manufacturing units across five states — Karnataka, Gujarat, Madhya Pradesh, Uttarakhand and Odisha.

MOPE is managing two growth capital funds – India Business Excellence Fund (IBEF) and India Business Excellence Fund II (IBEF II) – focused on providing growth capital to mid-market companies, typically in the range of USD 10-20 million, across sectors.

It has raised approximately Rs 950 crore (USD 160 million) under IBEF II growth capital fund. Currently, investments are being made through IBEF II.

IBEF, launched in 2007, is Rs 550 crore (USD 125 million) and fully invested and has 13 portfolio companies across sectors such as food processing, bulk packaging, power transformers and power infra enablers, ITES, financial services, FMCG and auto components, and has made five exits.

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