December 21, 2023
Convergent Finance LLP is a Mumbai-based investment management and advisory partnership with a focus on investing in well-established and listed companies in India. In October 2022, Ackermans & van Haaren (AvH) committed 6 million USD to the partnership. Convergent focuses on a variety of sectors such as food & beverage, specialty chemicals, clean technology and healthcare. Current investments include listed companies such as ADF Foods, Camlin Fine Sciences, Onward Technologies and Jagsonpal Pharmaceuticals.
Following the initial investment, the teams of AvH and Convergent have built a strong working relationship and completed a joint investment in Camlin Fine Sciences. AvH now further reinforces the partnership by committing an additional 9 million USD.
In addition to occupying the chairman position of Convergent's Advisory Council, AvH will now also be represented in Convergent's key governance body, the Investor Advisory & Valuation Committee (IAVC).
Through this partnership, AvH aims at increasing its investment exposure to well-established market leaders in India. In line with its active and industrial investment philosophy, AvH intends to co-invest alongside Convergent in selected companies with a direct representation in the governance.
This investment is part of AvH's strategy to invest, alongside local partners with deep sector knowledge, in the rapidly growing Indian market, with a focus on well-established and listed companies (Convergent) and high growth companies in the consumer (Venturi) and healthcare (HealthQuad) sectors.
About Ackermans & van Haaren
Ackermans & van Haaren positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world.
Ackermans & van Haaren is a diversified group operating in 4 core sectors: Marine Engineering & Contracting (DEME, one of the largest dredging companies in the world - CFE, a construction group with headquarters in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium, and asset manager JM Finn in the UK - Bank Van Breda, niche bank for entrepreneurs and the liberal professions in Belgium), Real Estate (Nextensa, a listed integrated real estate group) and Energy & Resources (SIPEF, an agro-industrial group in tropical agriculture). In its Growth Capital segment, AvH also provides growth capital to sustainable companies in different sectors.
At an economic level, the AvH group represented in 2022 a turnover of 5.7 billion euros and employed 21,453 people through its share in the participations. AvH is listed on Euronext Brussels and is included in the BEL20 index, the BEL ESG index and the European DJ Stoxx 600 index.