Latest news with #TPG
Time of India
6 hours ago
- Business
- Time of India
PE funds vie for a majority stake in medical devices maker Sensa Core
Mumbai: KKR , TPG, Kedaara Capital , and Multiples Alternate Asset Management are among homegrown and global private equity firms in early-stage discussions to acquire a majority stake in Sensa Core Medical Instrumentation , one of India's leading medical device manufacturers, said people familiar with the matter. A potential deal is likely to value the Hyderabad-based company at about $300 million (about ₹2,600 crore), the people said. They added that the interested PE firms are likely to submit non-binding bids within the next month. Explore courses from Top Institutes in Please select course: Select a Course Category Digital Marketing Technology Healthcare Degree Design Thinking Leadership Finance Product Management Operations Management PGDM Data Science Public Policy Data Science CXO Project Management Cybersecurity others MCA Artificial Intelligence healthcare Management Others Data Analytics MBA Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details The people cited above did not disclose the size of the stake the PE firms are looking to acquire. Owned by the Meruva family, Sensa Core is one of the largest domestic producers of in-vitro diagnostic analysers and point-of-care devices. Its key products include blood gas analysers, electrolyte analysers, glucose meters, lactate meters, haemoglobin meters, and cholesterol meters. Investment bank Veda Corporate Advisors is advising the promoters of Sensa Core on the potential transaction. Live Events "The said information is baseless, and we do not respond to rumours," said Nagaraju Meruva, executive director at Sensa Core Medical Instrumentation. A KKR spokesperson declined to comment. Mails sent to TPG, Kedaara, Multiples did not elicit any response. Founded in 2006 by Ravi K. Meruva, Sensa Core also provides operational support and maintenance services for other electrolyte analyser brands. In FY25, Sensa Core is estimated to have recorded a revenue of about ₹400 crore, and ₹80-100 crore in EBITDA, people said. "Medical devices are one of the most attractive sectors for private equity investors," said a PE fund manager evaluating a potential bid for Sensa Core. "Once a strong distribution network is in place and trust is established with doctors, companies in this space tend to generate steady, predictable revenues. Today, Indian medical device manufacturers are on par with global players in terms of quality." India's medtech space is experiencing a surge in investor interest. Last week, UAE sovereign wealth fund Abu Dhabi Investment Authority (ADIA) took a minority stake in Micro Life Sciences (Meril), a Warburg Pincus-backed firm, for $200 million. Global investor KKR, which has been actively investing in the healthcare sector, acquired Healthium Medtech (formerly Sutures India) from Apax Partners in a deal valued at ₹7,000 crore last year. Prior to Apax, TPG Growth held a 75% stake in Healthium. Last year, PE contenders KKR, TPG Capital , and Apax had shown initial interest in acquiring Sahajanand Medical Technologies (SMT), India's largest manufacturer of cardiac stents. However, the deal didn't materialise and SMT is currently preparing for an IPO. SMT counts Morgan Stanley PE Asia and Samara Capital among its investors, with the two collectively holding a 49% stake. India's medical devices industry, valued at $12 billion as of FY24, is projected to grow more than fourfold to $50 billion by 2030. Over the next 25 years, India's global market share in this industry is projected to climb to 10-12% from 1.6% currently. Indian medtech exports reached $3.8 billion in FY24, with the US as the primary market. Despite robust exports, India remains heavily import-reliant, with $8.2 billion in imports, and as much as 80-85% of medical devices sourced internationally, according to a recent EY report. With strategic growth and innovation, India is well-positioned to strengthen its medtech industry and reduce import dependency, making significant strides toward becoming a global leader in the sector, the report said.
Yahoo
a day ago
- Business
- Yahoo
Tide turns as TPG leads talks to lead digital bank fundraising
TPG, the American private equity giant, is in advanced talks to take a stake in Tide, the British-based digital banking services platform. Sky News has learnt that TPG, which manages more than $250bn in assets, is discussing acquiring a significant shareholding in the company. Sources said that Tide's existing investors were expected to sell shares to TPG, while a separate deal would involve another existing shareholder in the company acquiring newly issued shares. The two transactions may be conducted at different valuations although both are likely to see the company valued at at least $1bn, the sources added. The size of TPG's prospective stake in Tide was unclear on Monday. Earlier this year, Sky News reported that Tide had been negotiating the terms of an investment from Apis Partners, a prolific investor in the fintech sector, although it was unclear whether this would now proceed. Tide has roughly 650,000 SME customers in both Britain and India, with the latter market expanding at a faster rate. Morgan Stanley, the Wall Street bank, has been advising Tide on its fundraising. Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later. It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services. The company also provides its SME 'members' in the UK a set of connected administrative solutions from invoicing to accounting. It now boasts a roughly 11% SME banking market share in Britain. Read more:Wise set for resounding winTalkTalk's £100m windfallUS could lose, even if Trumps wins Tide, which employs about 2,000 people, also launched in Germany last May. The company's investors include Apax Partners, Augmentum Fintech and LocalGlobe. Chaired by the City grandee Sir Donald Brydon, Tide declined to comment on Monday. TPG also declined to comment.
Sky News
a day ago
- Business
- Sky News
Tide turns as TPG leads talks to lead digital bank fundraising
TPG, the American private equity giant, is in advanced talks to take a stake in Tide, the British-based digital banking services platform. Sky News has learnt that TPG, which manages more than $250bn in assets, is discussing acquiring a significant shareholding in the company. Sources said that Tide's existing investors were expected to sell shares to TPG, while a separate deal would involve another existing shareholder in the company acquiring newly issued shares. The two transactions may be conducted at different valuations although both are likely to see the company valued at at least $1bn, the sources added. The size of TPG's prospective stake in Tide was unclear on Monday. Earlier this year, Sky News reported that Tide had been negotiating the terms of an investment from Apis Partners, a prolific investor in the fintech sector, although it was unclear whether this would now proceed. Tide has roughly 650,000 SME customers in both Britain and India, with the latter market expanding at a faster rate. Morgan Stanley, the Wall Street bank, has been advising Tide on its fundraising. Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later. It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services. The company also provides its SME 'members' in the UK a set of connected administrative solutions from invoicing to accounting. It now boasts a roughly 11% SME banking market share in Britain. Tide, which employs about 2,000 people, also launched in Germany last May. The company's investors include Apax Partners, Augmentum Fintech and LocalGlobe.
CTV News
a day ago
- Business
- CTV News
Brazil in talks with TPG, Brookfield over US$4 billion climate finance push: Reuters exclusive
Brazil is in talks with global investors including TPG and Brookfield to raise nearly US$4 billion for climate-focused projects, as it ramps up a green finance push ahead of hosting the COP30 climate summit in November. Led by state development bank BNDES, the move is the latest attempt by President Luiz Inacio Lula da Silva's government to encourage private-sector investment in the climate agenda of Latin America's largest economy amid rising fiscal pressure. 'Together with BNDES we are talking to some of the biggest asset managers like Brookfield and TPG and others that could be partners in the funds,' Tatiana Rosito, Brazil's Secretary for International Affairs at the finance ministry, told Reuters. Under the plan, due to be formally launched in August with a public call for investment, BNDES will provide 5 billion reais ($906.3 million) in seed capital, said two sources with knowledge of the matter, both of whom requested anonymity given the confidential nature of the discussions. BNDES has been holding early-stage talks with dozens of domestic and international firms to gauge appetite for the effort, the sources said. Selected managers will be expected to raise three times the amount committed by the bank, bringing total funding to 20 billion reais ($3.63 billion), they added. BNDES did not respond to a request for comment. Brookfield and TPG are among the biggest investors in companies and projects focused on helping the world shift to a low-carbon economy, and both are working closely with Alterra, the world's largest private climate-focused investment fund. Alterra was launched during the COP28 climate talks in Dubai in 2023 with an initial commitment of $30 billion from the United Arab Emirates government. Brookfield and TPG are both running funds seeded by Alterra that can invest in countries like Brazil. Other firms approached by BNDES include BlackRock, the world's biggest asset manager, with more than $12 trillion in assets, impact investor Just Climate, growth private equity investor Lightrock and local firms including Patria, Vinci and Perfin. All declined to comment. The push for private investment comes as some richer countries cut development finance, including the administration of climate-skeptic U.S. President Donald Trump. Brazil has already issued sovereign bonds that tie the use of proceeds to its sustainability agenda, while the Eco Invest Brazil Program aims to reduce the risk of projects, for example around currency volatility, to make it easier for private sector investors to join in. The government last year also launched its Climate and Ecological Transformation Investment Platform to connect investors with projects in sectors including forest conservation, greening heavy industry and energy storage. Monies raised in the upcoming capital call would not be limited to emerging industries, though, and could also support more mature sectors such as wind and solar power, one of the sources said. The bank expects to receive proposals from asset managers by the end of October. Final selection is likely in the first quarter of 2026, with capital ready for deployment by mid-year, the source added. By Simon Jessop, Marcela Ayres and Virginia Furness Editing by Kirsten Donovan
Reuters
a day ago
- Business
- Reuters
Exclusive: Brazil in talks with TPG, Brookfield over $4 billion climate finance push
LONDON/BRASILIA, July 28 (Reuters) - Brazil is in talks with global investors including TPG (TPG.O), opens new tab and Brookfield ( opens new tab to raise nearly $4 billion for climate-focused projects, as it ramps up a green finance push ahead of hosting the COP30 climate summit in November. Led by state development bank BNDES, the move is the latest attempt by President Luiz Inacio Lula da Silva's government to encourage private-sector investment in the climate agenda of Latin America's largest economy amid rising fiscal pressure. "Together with BNDES we are talking to some of the biggest asset managers like Brookfield and TPG and others that could be partners in the funds," Tatiana Rosito, Brazil's Secretary for International Affairs at the finance ministry, told Reuters. Under the plan, due to be formally launched in August with a public call for investment, BNDES will provide 5 billion reais ($906.3 million) in seed capital, said two sources with knowledge of the matter, both of whom requested anonymity given the confidential nature of the discussions. BNDES has been holding early-stage talks with dozens of domestic and international firms to gauge appetite for the effort, the sources said. Selected managers will be expected to raise three times the amount committed by the bank, bringing total funding to 20 billion reais ($3.63 billion), they added. BNDES did not respond to a request for comment. Brookfield and TPG are among the biggest investors in companies and projects focused on helping the world shift to a low-carbon economy, and both are working closely with Alterra, the world's largest private climate-focused investment fund. Alterra was launched during the COP28 climate talks in Dubai in 2023 with an initial commitment of $30 billion from the United Arab Emirates government. Brookfield and TPG are both running funds seeded by Alterra that can invest in countries like Brazil. Other firms approached by BNDES include BlackRock (BLK.N), opens new tab, the world's biggest asset manager, with more than $12 trillion in assets, impact investor Just Climate, growth private equity investor Lightrock and local firms including Patria, Vinci and Perfin. All declined to comment. The push for private investment comes as some richer countries cut development finance, including the administration of climate-sceptic U.S. President Donald Trump. Brazil has already issued sovereign bonds that tie the use of proceeds to its sustainability agenda, while the Eco Invest Brazil Program aims to reduce the risk of projects, for example around currency volatility, to make it easier for private sector investors to join in. The government last year also launched its Climate and Ecological Transformation Investment Platform to connect investors with projects in sectors including forest conservation, greening heavy industry and energy storage. Monies raised in the upcoming capital call would not be limited to emerging industries, though, and could also support more mature sectors such as wind and solar power, one of the sources said. The bank expects to receive proposals from asset managers by the end of October. Final selection is likely in the first quarter of 2026, with capital ready for deployment by mid-year, the source added. ($1 = 5.5167 reais)
