MUMBAI, India–(BUSINESS WIRE)–
Leading global investment firm KKR and Avendus Capital (“Avendus” or
“the Company”), a pre-eminent Indian financial services firm providing
customized solutions in the areas of financial advisory and wealth
management, today announced the signing of a definitive agreement under
which KKR will invest in Avendus to fund the company’s foray into the
credit solutions business and to grow its wealth and alternative asset
management solutions offerings to its customers.
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KKR is making its investment from its Asian Fund II. As a part of this
transaction, KKR is purchasing shares from Eastgate Capital and
Americorp Ventures, an early investor in Avendus. Further details of the
transaction were not disclosed. The transaction is subject to customary
regulatory approvals.
Avendus has a strong focus on mid-market companies and the entrepreneurs
leading these companies. As these companies grow, they need unique
business and financing solutions, and Avendus aims to be the provider of
choice for these products and solutions.
Avendus’ existing management team, led by co-founders Ranu Vohra, Gaurav
Deepak and Kaushal Aggarwal, will continue to manage the platform’s
day-to-day operations and its growth into the new businesses. The three
founders bring more than 50 years of combined financial services
experience to the firm.
Sanjay Nayar, Member of KKR and CEO of KKR India, said, “India is
witnessing unprecedented demand for innovative and integrated financial
services products as a result of rising entrepreneurship across sectors.
Avendus is a world-class firm built and run by three visionary founders
which delivers solutions to meet this demand by offering diverse
alternative investment products and wealth advisory services.”
“As Ranu, Gaurav, Kaushal and the Avendus team continue to build on this
banking franchise by seeking opportunities to elevate the company to the
next level, KKR’s investment will aid this effort by accelerating the
build-out of the Company’s highly sought-after investment banking
platform which can be benchmarked against the world’s best,” added Mr.
Nayar.
Ranu Vohra, Managing Director & CEO at Avendus, said, “Having created a
platform which is trusted by entrepreneurs across industries, the mantra
now for each of Avendus’ businesses is to ‘scale up’. We have excellent
potential to expand our businesses and to become a comprehensive
financial services provider to India’s first-generation businesses.
KKR’s capital commitment and support will enable us to provide a broader
set of synergistic services and products to these clients, which can
catalyze their growth. We are very excited about what this partnership
means for our clients and colleagues.”
About Avendus Capital
Avendus Capital is a leading financial services firm, which provides
customized solutions in the areas of financial advisory and wealth
management. The firm relies on its extensive track record, in-depth
domain understanding and knowledge of the economic and regulatory
environment, to offer research based solutions to its clients that
include institutional investors, corporates and high net worth families.
In recent years, Avendus Capital has consistently been ranked among the
top-five corporate finance advisors in India and has emerged as the
advisor of choice for cross-border M&A deals and has closed 26
cross-border transactions in the past 5 years. Headquartered in Mumbai,
the firm has offices in Gurgaon and Bangalore. Avendus Capital, Inc (US)
and Avendus Capital (UK) Pvt. Ltd. located in New York and London
respectively are wholly owned subsidiaries offering M&A and Private
Equity syndication services to clients in the respective regions.
For more information, please visit www.avendus.com
About KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners’ capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR’s website at http://www.kkr.com/ and
on Twitter @KKR_Co.
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Media:
For Avendus:
Kartik
Kini, +91-22-66481401
Kartik.kini@avendus.com
or
Adfactors
PR (for Avendus Capital)
Brijesh Kutty, +91 9920460901
Brijesh.kutty@adfactorspr.com
or
For
KKR:
KKR Asia Pacific
Anita Davis, +852-3602-7335
Anita.Davis@kkr.com
or
KKR
Americas
Kristi Huller, +1 212-750-8300
Kristi.Huller@kkr.com
or
Edelman
(for KKR India)
Vaishnavi Ramakrishnan, +91 7506932067
Vaishnavi.ramakrishnan@edelman.com
Source: KKR & Co. L.P.