Hindustan Foods Limited ('Hindustan Foods') is India's leading contract manufacturer for the FMCG industry. Hindustan Foods manufactures a range of products with expertise in food and non-food, extending to cosmetics, personal care and home care products. With factories across six locations, Hindustan Foods offers reliable, pan-India contract manufacturing services to top FMCG customers who are looking to minimize cost while maximizing product quality in the post-GST environment. The Company was founded in 1988 and has been under the current management since 2013.
Hindustan Foods has been listed on the Bombay Stock Exchange since 1989.
In February 2019, Convergent led an investment aggregating INR 1,540 million (USD 22 million) in Hindustan Foods.
We are most excited to have Convergent as our partner. The Convergent team has deep expertise in adding value through M&A and notably bolt-on acquisitions, which is the need of the hour in the contract manufacturing sector. We will also benefit greatly by their global network of relationships, strategic insights and operational expertise. We will use the proceeds of the investment to expand capacities to serve customers, thus creating value for all stakeholders.
MD & CEO
Hindustan Foods Limited
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For additional information, please see www.hindustanfoodslimited.com
JI Foods is one of the largest Indian temperature-controlled logistics service providers, providing a comprehensive range of solutions including supply chain management, distribution, logistics, warehousing and vendor management systems. Since commencing operations in 2005, JI Foods has emerged to be a one-stop shop for the Indian food services industry managing their supply chain requirements.
JI Foods is not a publicly listed company.
In June 2020, Convergent led an investment aggregating INR 1,070 million (USD 14.1 million) in JI Foods.
We are really excited and look forward to this new partnership which will assist and guide us to scale up our business, thereby enabling us to become the market leader in providing world-class end-to-end SCM solutions. We intend to draw upon the deep expertise of the Convergent team in M&As.
The Food Service industry has been evolving rapidly over the last couple of decades, with international and domestic brands providing nutritious, hygienic and quality food products consistently to the Indian consumer in both dine-in and delivery modes. We are confident that with the investment as well as the management support from Convergent, we will be well-positioned to enhance our range of services and expand our network to serve larger number of customers.
For additional information, please see www.jifoods.in
With over 30 years of experience, Camlin Fine Sciences ('Camlin') is engaged in research, development, manufacturing, commercializing and marketing of specialty chemicals and blends. Their products are widely used in everyday life across foods, animal and pet feed, flavours & fragrances, pharmaceuticals, agrochemicals, petrochemicals, dyes and pigments, polymers and biodiesel.
Camlin has been listed on the Bombay Stock Exchange since 2007.
In June 2020, Convergent led an investment aggregating upto INR 1,800 million (USD 23.8 million) in Camlin.
This investment is a vote of endorsement for Camlin, and a reflection of the extraordinary transformation underway within our company. Given our M&A oriented strategy, this investment and the partnership that it brings with Convergent will enable us to leverage Convergent's deep global expertise and relationships while benefiting from their strategic guidance. Since I started this business about 25 years ago, I have never been more excited about the prospects ahead.
Camlin Fine Sciences Limited
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For additional information, please see www.camlinfs.com
ADF is the leading manufacturer and exporter of processed food across the globe with a wide range of product offerings such as canned food, bottled and processed vegetables, fruits and foods for both export and domestic markets. Its primary line of business revolves around food products including pickles, chutneys, ready-to-eat items (RTE), frozen foods and spices. Further, the company offers its diverse portfolio under various well-established brand names such as Ashoka, Soul, Truly Indian, Camel, etc. With a network of over 180 distributors in more than 50 countries, ADF is the only company with a presence across all major categories like frozen food, RTE products, meal accompaniments, condiment powders and sauce as well as flavoured drinks. Under the leadership of Mr. Bimal Thakkar, who has over 30 years of experience in domestic and export management, ADF continues to thrive as one of the most reputable names in the industry by maintaining high quality standards and by following its customer-centric philosophy.
ADF has been listed on the Bombay Stock Exchange since 1992.
In December 2020, Convergent led an investment aggregating INR 1,000 million (USD 13.6 million) in ADF.
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For additional information, please see www.adf-foods.com
Borosil Renewables Ltd is the only manufacturer of solar glass panels in India. Borosil has focused on exports as well as its domestic business and has pioneered innovation in its field to emerge as a leader. It does so by being able to reduce the thickness of its solar glass panels as well as increase power generation efficiency when compared to products of its competitors. Borosil also enjoys a strong economic moat and a well-protected first mover advantage in India, having been in the business for years before any close competitor.
Borosil has been listed on the Bombay Stock Exchange since 2001.
In December 2020, Convergent led an investment aggregating INR 2,000 million (USD 27 million) in Borosil.
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For additional information, please see www.borosilrenewables.com
Onward Technologies is a niche digital & engineering services company that provides mechanical engineering, electronics & embedded systems development, data analytics & digital transformation, robotic business process automation & enterprise business application support services to global corporations. The company has grown to a strong team of 2,000 full-time employees and has offices in Mumbai, Pune, Chennai, Bengaluru in India & Chicago, Troy, Cleveland in USA, London (UK) & Frankfurt (Germany).
Onward Technologies has been listed on the Bombay Stock Exchange since 1995.
In May 2021, Convergent led an investment aggregating INR 702 million (USD 9.6 million) in Onward Technologies.
This investment is a vote of confidence for Onward Tech, reinforcing the tremendous growth underway within our organization. Harsha and his team have an excellent track record of value creation, and we look forward to working closely with the Convergent team.
Onward Technologies Limited
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For additional information, please see www.onwardgroup.com
Welspun India Ltd is one of the largest vertically integrated manufacturers of home textiles (linen, towels, and rugs) in the world, with a diverse portfolio of in-house brands, licensed brands, and private labels. The company was founded in 1985 by BK Goenka, a first-generation entrepreneur with interests in steel, infrastructure, and logistics.
Welspun India has been listed on the Bombay Stock Exchange since 1991.
Over October and November 2021, Convergent led an investment aggregating INR 1,625 million (USD 22 million) in Welspun.
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For additional information, please see www.welspunindia.com
Jagsonpal Pharmaceuticals is a leading pharmaceutical company primarily engaged in the distribution and marketing of formulations. The company commands a strong pan-India presence, especially in the North and the East, with 1,000+ employees, of which 700+ are medical representatives. Jagsonpal has also built a formidable distribution network across the country and markets its 100+ brands to 125,000+ pharmacies via 2,500+ stockists. The company was founded in 1964 by the Kochhar family who have built the business over the past four decades.
Jagsonpal Pharmaceuticals has been listed on the Bombay Stock Exchange since 1986.
In June 2022, funds advised by Convergent completed an investment of INR 2,692 million (USD 34.6 million) in Jagsonpal.
I have been very impressed with the Convergent team's active operational involvement with their portfolio companies to drive sustainable long-term growth. Building on our successful relationship at Sequent, I look forward to collaborating with the Convergent team to identify investment opportunities in the chemical and pharmaceutical industries and then working with those companies to expand their businesses.
Jagsonpal Pharmaceuticals Limited
For additional information, please see www.jagsonpal.com
Fly91 is a pure-play domestic regional airline set up in 2022 by Manoj Chacko, a veteran of India’s airline and travel industries, along with Convergent Finance. The airline, which will commence operations by December 2023, will run flights in the short-haul segment (45 to 90 minutes). It aims to serve India’s regional airports, where ~30% of India’s domestic passengers originate. The segment has so far been underserved by existing airlines.
Manoj has held executive positions at several companies, including WNS Global Services, SOTC Travel, Kingfisher Airlines, and Emirates Airlines. During his stint at Kingfisher, he helped the airline become India’s second-largest airline by market share by building out a strong pan-India network and enhancing connectivity into regional markets in Tier-II & III cities.
In January 2023, Convergent and funds advised by Convergent announced an investment of INR 800 million (USD 9.8 million) in Just UDO Aviation Private Limited, Fly91’s parent company.
We are delighted to have Convergent as a co-founding partner as Fly91 begins its journey. Harsha and the Convergent team's operational expertise and deep networks will be invaluable as we build Fly91 to be India's leading pure-play regional airline.
For additional information, please see www.fly91.in
Agilitas, founded in 2023, is a fully integrated sportswear company that will tap the growing demand in India for high-quality footwear. The company is involved in the production and marketing of its own brand, which will focus on filling the 'white space' between multinational and mass-market brands. Agilitas will also manufacture and distribute sportswear for third parties.
Agilitas will be led by Abhishek Ganguly, who previously served as the Managing Director of Puma India and was instrumental in building the company's presence from the ground up. Atul Bajaj, the former Head of Sales and Operations at Puma India, and Amit Prabhu, the company's former CFO, have joined Abhishek as part of Agilitas' founding team.
In March 2023, funds advised by Convergent signed an agreement to invest INR 4,000 million (USD 49 million) in Agilitas Sports Private Limited, Agilitas' parent company.
Agilitas Sports aims to disrupt and redefine the sportswear industry by seamlessly integrating innovation and technology across the product value chain from the factory floor to the retail shelf. We are delighted to have Convergent as a partner as the company begins its journey, and aim to leverage Harsha and the Convergent team's operational expertise to make Agilitas India's leading sportswear brand.
Sequent Scientific Limited (Sequent) is the largest animal health company based out of India, with both an API and a formulations business. Under Manish Gupta's leadership, Sequent has increased its focus on animal health and has transformed from being an India centric organization to one with global outreach.
Sequent has been listed on the Bombay Stock Exchange since 1990.
Over March and April 2020, Convergent Finance LLP advised on investments aggregating INR 1,113 million (USD 14.6 million) in Sequent.
The team at Convergent really took the time to understand our business. Their meticulous and comprehensive approach to diligence actually resulted in us learning a lot from the process! Being good business builders and partners, Harsha, Sarvjit and Amruta have served as trusted advisors to us as we fulfil our journey of growth.
former Managing Director
Sequent Scientific Limited
For additional information, please see www.sequent.in
Thomas Cook (India) Ltd (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The company set up its first office in India in 1881.
The Thomas Cook India Group spanning 21 countries across 4 continents, a team of over 198,500 and a combined revenue in excess of Rs. 8700 crore (over $ 1.34 billion), operates leading B2C and B2B brands including, Thomas Cook, SOTC, TCI, Sita, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Private Safaris East & South Africa. The Group is today one of the largest travel service provider networks headquartered in the Asia-Pacific region.
TCIL is listed on both the Bombay Stock Exchange and the National Stock Exchange. Fairfax acquired a stake in the publicly-listed India operations of Thomas Cook UK in 2012 for an investment value of Rs. 9,626 mn.
For additional information, please see www.thomascook.in
Quess, India's leading integrated business services provider, was established in 2007. Headquartered in Bengaluru, the company has a pan-India presence with 65 offices across 34 cities along with overseas footprint in North America, the Middle East and South East Asia. It serves over 1700+ customers across 5 segments namely, Industrials, Integrated Facility Management, People Services, Global Technology Solutions and Internet Business and has over 2,50,000 employees.
Quess is listed on both the Bombay Stock Exchange and the National Stock Exchange. Thomas Cook invested Rs. 2,592 mn for a 74.85% stake in Quess Corp Limited in May 2013. In November 2017, Thomas Cook sold 5.42% stake in Quess through Offer for sale process (OFS). Currently, Thomas Cook owns 49% stake in Quess.
For additional information, please see www.quesscorp.com
|Sterling Holiday Resorts Limited is a pioneer in Vacation Ownership and a leading Leisure Hospitality company in India. Sterling Holidays was incorporated in 1986 with the vision of delivering Great Holiday experiences to Indian Families. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling Holidays has a total inventory of 2,077 rooms spread across a network of 29 resorts in 26 scenic holiday destinations in India.
Thomas Cook acquired Sterling Holiday Resorts for a consideration of ~Rs. 8,665 million in 2014. Currently, Thomas Cook (India) Limited owns 100% of Sterling.
For additional information, please see www.sterlingholidays.com
|Nations Trust Bank PLC is a Sri Lanka based licensed commercial bank, established in July 1999 upon the acquisition of the Colombo Branch of Overseas Trust Bank Ltd. Nations Trust offers personal, business and corporate banking services, through 93 branches, 137 ATMs and 53 leasing centres across Sri Lanka.|
Fairfax initially invested ~$9 million in Nations Trust Bank in April 2013. Thereafter, it invested an additional ~$9 million in October 2014 for a combined equity stake of 15%. Nations Trust Bank is listed on the Colombo Stock Exchange.
For additional information, please see www.nationstrust.com
|IIFL Holdings Limited is the parent holding company for the IIFL Group and offers services including financing, wealth and asset management, broking, financial product distribution, investment banking, institutional equities, and realty and property advisory services through its various subsidiaries. IIFL Holdings has a global presence with offices in London, New York, Toronto, Geneva, Hong Kong, Dubai, Singapore and Mauritius. Within India, it serves over 4 million customers across 2,250 service locations.
Fairfax has been a shareholder of IIFL since 2010. In 2015, Fairfax India made an open offer pursuant to which it acquired 21.85% stake in the Company at Rs. 13,400 mn. In February 2017, Fairfax India acquired additional 5% stake in IIFL for Rs. 5,100 mn. Currently, Fairfax group holds 35.49% stake in IIFL.
On January 31, 2018 IIFL's board of directors approved a draft plan to reorganize IIFL into three listed entities (the "reorganization") consisting of IIFL Finance (currently known as IIFL Holdings Limited comprised of the loans and mortgages businesses), IIFL Wealth (comprised of the wealth, asset management and alternative investment fund businesses) and IIFL Securities (comprised of all other IIFL businesses including investment brokerage, distribution and investment banking). Shares of IIFL Finance, IIFL Wealth and IIFL Securities will be traded on the BSE and NSE of India as listed public companies. Completion of the reorganization is anticipated in late 2018 or early 2019, subject to customary closing conditions and applicable regulatory approvals.
For additional information, please see www.indiainfoline.com
|National Collateral Management Services Limited (NCML) a leading commodity based service provider, offering storage and preservation, procurement and supply chain, collateral management, rural and agri-business finance, and testing and certification services and commodity and weather intelligence consulting services. Currently, Fairfax India owns 89% stake in NCML acquired for a consideration of Rs. 11,318 mn.
For additional information, please see www.ncml.com
|Fairchem Specialty Limited (formerly known as 'Adi Finechem Limited') is a specialty oleochemical and nutraceutical manufacturing company situated near the city of Ahmedabad in western India. Fairchem utilizes state of the art technology to produce oleochemicals and nutraceuticals which have applications in the manufacturing of resins for paints, inks and adhesives.
Fairfax India acquired ~44.9% stake in Fairchem Speciality Limited for a consideration of Rs. 1,314 mn in 2016. In March 2017, Privi Organics Limited was merged with Fairchem Speciality Limited. Post merger, Fairfax India owns 48.8% of Fairchem Speciality Limited on a fully diluted basis.
Fairchem is listed on both the Bombay Stock Exchange and the National Stock Exchange.
For additional information, please see www.fairchem.in
|Sanmar Chemicals Group is one of the largest suspension PVC manufacturers in India, with an installed capacity of almost 300,000 tons per annum. In addition, Sanmar is in the process of expanding its PVC capacity in Egypt, with a view to becoming one of the largest PVC companies in the world. Sanmar also manufactures caustic soda, chloromethanes, refrigerant gases, industrial salt and specialty chemical intermediates. Fairfax India invested Rs.19,968 million in Sanmar Group for debt securities and 30% ownership interests in 2016.
For additional information, please see www.sanmargroup.com
|Saurashtra Freight Private Limited (SFPL) runs the largest CFS at Mundra Port (Gujarat), the 2nd largest and fastest growing port in India. SFPL has ties with leading & prestigious shipping lines, importers and exporters. SFPL provides services such as moving of containers to and from the port, stuffing/destuffing of containers, cargo storage and transportation of cargo to the end customer as well as storage, maintenance and repair of empty containers.
Fairfax India acquired 51.0% stake in SFPL for a consideration of Rs. 2,000 mn in February 2017.
For additional information, please see www.saurashtracontainers.com
|BIAL is the 3rd largest airport in India and is the largest airport in South India. BIAL is situated approximately 40 kms north of Bangalore's central business district. BIAL replaced the old Bangalore airport in 2008. BIAL is one of the fastest growing airports in the country and is in a pre-eminent position to become the gateway into South India.
BIAL has three potential sources of revenues:
For additional information, please see www.bengaluruairport.com
|CSB Bank (formerly The Catholic Syrian Bank Limited) is one of the oldest private sector banks in India with its headquarters at Thrissur, Kerala, India. It has a history of over 98 years, overall customer base of 1.3 million, 414 branches and 277 ATMs spread across 16 states and four union territories as on March 31, 2019.
Fairfax acquired 51.0% stake in CSB Bank for a consideration of Rs 11,550 mm in October 2018.
For additional information, please see www.csb.co.in