Kedaara Capital, Indian private equity firm has been supposedly talking to the current investors of Sutures India, the surgical equipment manufacturer. The deal size, which is supposed to be worth INR 400 crores, was revealed by a couple of sources closer to the development.
The investor in picture here is CX Partners, which had invested INR 200 crores for a 37% stake in the company in 2012. The deal was also a secondary one, where CX partners had bought the total stake help by India Life Sciences Fund.
Sutures India, founded in 1992 at Bangalore, the company manufactures surgical equipment and supplies them to various clients in India and abroad. According to the reports, the company is valued at INR 3000 crores
Right now, there are two investors in Sutures, out of which, TPG Growth Ventures owns 52% of the shares and at the same time, CX partners hold 20% of the company. The remaining equity still remains with the promoters of the company. Prior to this, CX Partners had sold a part of their equity to TPG Growth ventures in 2015.
Kedaara Capital has raised $540 million in its only fund in 2013. Some of the notable investments by the private equity firm include Parksons Packaging, Mahindra Logistics, Nanjushree Technopack and Au Financiers India.