Bain Capital and TPG Growth to invest $86 million in Lilliput Kidswear

Company Brief

New Delhi, April 20, 2010

Lilliput Kidswear ("Lilliput"), India's leading manufacturer, exporter, and owner of the Lilliput kidswear brand has attracted investment from two of the top global PE Funds - Bain Capital and TPG Growth. The two leading global PE firms have agreed to invest Rs 385 crores ($86 million) for an undisclosed significant minority stake in the company.

Apart from a primary infusion into the company, the transaction includes Everstone Capital exiting their early stage growth investment in the company. Everstone's investment and strong operating support enabled Lilliput to grow to attain a leadership position in kidswear. Of the total deal size, Bain Capital will invest $60M and TPG Growth $26M. With the value added approach of these two firms', Lilliput aims to rapidly further scale its operations.

Lilliput has been manufacturing and exporting world class children's wear to the top kidswear brands across UK and US since 1991. Gap, Next, Carter's and Old Navy being a part of the prestigious clientele. Its domestic business includes presence of its brand in leading stores like Shopper's Stop, Lifestyle, Central, Globus, and Pantaloon.

Sanjeev Narula, Founder and MD of Lilliput said, "We are thrilled that Bain Capital & TPG Growth have decided to invest in Lilliput. We have had a wonderful investor in Everstone Capital and our experience encouraged us to continue to partner with two leading global private equity players to realize our aspirations for Lilliput." He added, "Bain Capital & TPG Growth's track record in backing world leaders and value creation speaks for itself and their significant investment is a strong vote of confidence in Lilliput's potential".

Ernst and Young was the sole adviser to Lilliput and Everstone Capital for this transaction. The deal attracted strong interest from several reputed global and Indian private equity funds.

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