Funds managed and/or advised by Motilal Oswal Private Equity
invest INR 900 million in Kurlon Enterprise Ltd.
India Business Excellence Fund - II and India Business Excellence Fund - IIA, funds managed and/or advised by MOPE Investment Advisors Private Limited (“MOPE”), invest INR 900 million in Kurlon Enterprise Limited (“Kurlon”/ the “Company”), one of India’s largest mattress and foam manufacturing companies.
Established in 1962, Kurlon is one of the largest and oldest mattress companies in India. It offers a wide range of home comfort solutions ranging from mattresses (RC mattress, spring mattress & foam mattress), polyurethane foam, and home furniture & furnishing products under the brand name “Kurlon”. The Company has a strong Pan-India sales and distribution network supported by 4 centralized warehouses, 72 Area Sales Offices, 160+ exclusive showrooms and more than 4000 dealers/retailers. The Company also has nine strategically located manufacturing facilities across five states namely Karnataka, Gujarat, Madhya Pradesh, Uttarkhand and Orissa.
According to Mr. T Sudhakar Pai, CMD of Kurlon , “Partnering with Motilal Oswal Private Equity will help the company achieve its three dimensional goal of becoming the largest and the fastest growing mattress and foam manufacturer in the country while continuously improving its market share and strengthening the ‘Kurlon’ brand. We strongly believe that MOPE is one of the premier private equity fund manager in India. Its experience of managing 20 companies across sectors will bring a lot of value to us as we endeavor to build a world class organization.
The funds used for investing in capacities, deepening the distribution network and brand enrichment will help us serve our customers better and create value for all the stakeholders of the Company.
Mr. Vishal Tulsyan, Managing Director and CEO of MOPE said, “It is our privilege to be part of India’s largest mattress brand. ‘Kurlon’ is one of the most prominent as well as the most endearing mattress brand and is poised to benefit from the changing consumption pattern of Indians, driven by increased brand awareness and higher spending capabilities.”
Mr. Raamdeo Agrawal, Chairman of MOPE concludes “Being a 50 year old brand, ‘Kurlon’ has consistently stood for integrity, values, ethics and quality which have helped it become the first choice of consumers. Consumer brands like ‘Kurlon’ are expected to garner a larger share of the next trillion dollar opportunity emerging in the country aided by positive political and socio economic developments.”
About Kurlon
Kurlon Enterprise is one of the leading manufacturers of Rubberized Coir (RC), foam and spring mattresses in India. It manufactures and sells mattresses, polyurethane foam (“PU foam”), pillows, cushions and bolsters (“PCB”), home furniture and furnishing products, all under the brand name “Kurlon”. The company offers a wide range of products across various price points and caters to customers across all segments
Accolades
There has been a series of awards, accolades and recognition the Company has received over the years. For the past sixteen years, Kurlon has won the Coir Board of India’s awards for Outstanding Performance in Export of Rubberized Coir Products, the Development of the Domestic Market for Rubberized Coir and the award for being consistently the country’s largest manufacturer.
About Motilal Oswal Private Equity Business
MOPE Investment Advisors Pvt. Ltd. (MOPE) is a subsidiary of Motilal Oswal Financial Services Ltd. (MOFSL), a diversified financial services group with businesses in Securities, Asset Management, Private Equity and Investment Banking. MOPE is currently managing two growth capital funds i.e. India Business Excellence Fund (IBEF) and India Business Excellence Fund II (IBEF II) focused on providing growth capital to mid-market companies, typically in the range of US$ 10-20 million, across sectors. IBEF, launched in 2007 is a INR 550 Crore ($ 125 million) is fully invested and has thirteen portfolio companies across sectors such as food processing, bulk packaging, power transformers and power infra enablers, ITES, financial services, EMS, FMCG, auto components, etc. It has already made five partial exits. On the back of its success of IBEF, MOPE has raised IBEF II, an Rs.950 Crore (~USD 160 million) growth capital fund. Currently, investments are being made through IBEF II.
In addition, MOPE is also managing two real estate funds – India Realty Excellence Fund (IREF) and IREF II. IREF is a Rs. 200 Crs fund closed in December 2009. This fund is currently in its exit mode and has exited 4 out of 7 investments. IREF II is a Rs. 500 Cr fund which was closed in March 2015. IREF II is currently in investment mode and has invested across projects in MMR, Bangalore and NCR.
About Motilal Oswal Financial Services Limited
Motilal Oswal Financial Services Ltd. (NSE: MOTILALOFS, BSE: 532892, BLOOMBERG: MOFS IN) is a well-diversified, financial services company focused on wealth creation for all its customers, such as institutional, corporate, HNI and retail. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and Home Finance. MOSL won the “Best Equity Broking House – Institutional Clients” & Best Equity Broking House – Cash Segment” at the D& B Equity broking Awards 2015. Motilal Oswal Securities (MOSL) won the Best Performing National Financial Advisor Equity Broker' award at the CNBC TV18 Financial Advisor Awards 2014 for the 4 th year in a row. MOSL won ‘Best Equity Broker’ award at Bloomberg UTV Financial Leadership Awards 2012, ‘Retailer of the Year (Banking & Financial Services) award at Retail Excellence Awards 2012, and was ranked 2nd in the “Best Overall Brokerage” category by Asia Money in 2011. MOFSL won the ‘Best Employer Brand’ Award at the IPE Banking, Financial Services & Insurance Awards 2012. MOSL received the ‘Depository Participant of the Year’ award at the Money Today FPCIL Awards 2012 and was ranked among Top 3 in 4 categories in the Asia Money Brokers Poll 2012
For further details contact:
Hari Krishnan
Motilal Oswal Financial Services
Ph - +91-22-39825500
Mob- +91-9820520392
Anirudh Rajan / Alpesh Nakrani
Paradigm Shift Public Relations
Ph- +91-22 22813797 / 98
Mob- +91-9892343828/ +91-9869121167Vishal Tulsyan / Vijay Dhanuka
Motilal Oswal Private Equity
Ph- 022-39825500