Chennai March 13 (IANS) Private equity investment firm ChrysCapital has exited fast moving consumer goods (FMCG) major CavinKare Pvt Ltd selling its stakes in a promoter buyout the latter said in a statement here on Monday.
The buyout move by CavinKare s promoter C.K. Ranganathan Chairman and Managing Director marks ChrysCapital s first full exit from its sixth fund which has entered its harvesting phase.
ChrysCapital had invested Rs 250 crore in CavinKare in 2013 and the investment delivered a little over two times of return in less than four years the statement said.
ChrysCap played an excellent catalytic role. They triggered the needed change which led to a wonderful performance Ranganathan said in the statement.
The Rs 1 350-crore turnover CavinKare started its journey with Chik Shampoo brand in the 1980s and has risen to become one of India s largest FMCG companies during the last three decades.
During the last decade CavinKare successfully transformed itself from a pure personal care player to a FMCG conglomerate with interests in dairy snacks food and beverages businesses.
The statement is however silent on the buyout price or the stake percentage held by ChrysCapital in CavinKare.
--IANS
vj/nir
ChrysCapital exits CavinKare, promoter buys out stakes
