Investcorp sells stake in India’s Safari Industries

Investcorp has exited its investment in the publicly listed Safari Industries, one of the largest luggage brands in India.

The Bahrain-based alternative investment firm bought into Safari in February 2021.

During Investcorp’s ownership period, Safari Industries successfully increased its production capacity and expanded its physical stores footprint in new and under-served markets in India.

This transaction marks another significant milestone in the firm’s journey of partnering with companies demonstrating high-growth potential in India.

Investcorp’s Private Wealth head Yusef Al Yusef said: “As we expand our investments across India and continuously review and strengthen our portfolio, Safari is another example of how we invest and accelerate the growth in companies with an exceptional market position, solid fundamentals and strong growth potential. This is our fourth exit in India in just a few years, highlighting how our approach of working side by side with ambitious companies to help them generate and realise value pays dividends for both the companies and our investors.”

Commenting on the exit, Gaurav Sharma, partner and head of India Investments at Investcorp, added: “It gives us immense pleasure to witness Safari Industries’ transformation into a leading luggage brand in India. Millions have trusted and chosen Safari for their travel needs over the years. This partnership is a testament to Investcorp’s commitment to investing in companies with strong growth potential. We are confident of their continued success in their next phase of growth.”

This transaction marks Investcorp’s fourth exit in India over the past two and a half years, following the sale of ASG Eye Hospital, a leading eyecare hospital chain, InCred, a leading tech-enabled financing company and Bewakoof, a leading direct-to-consumer online apparel brand.

In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.

Source: https://www.gdnonline.com/Details/1290798