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SuperMax looks to raise $100 mn from PE investors

SuperMax looks to raise $100 mn from PE investors
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First Published: Wed, May 19 2010. 11 06 PM IST
Updated: Wed, May 19 2010. 11 06 PM IST
Mumbai: SuperMax Corp., the India-based razor blade manufacturer with global operations, is looking to raise money from private equity investors. SuperMax, which is the world’s second largest razor blade manufacturer, currently holds a market share of 60% (by volume) in double edge blades.
PE firms Kohlberg Kravis and Roberts (KKR) and Bain Capital have shown interest in the deal, according to R.K. Malhotra, chairman, Vidyut Mettalics Pvt. Ltd, the company through which SuperMax manages its Indian operations. “It is very fluid at the moment and premature to talk. We have spoken to these fund houses. In three months the picture will be much clearer,” he added.
In an email response Bain Capital said: “As a policy we do not comment on deals, whether we are interested or not.” An email sent to KKR had not elicited a response till late Wednesday evening.
Malhotra declined comment on the amount the company plans to raise but according to a person familiar with the matter who did not wish to be identified, the company is looking to raise $75- 100 million. The brand, which is present in 140 countries needs money for expansion and acquisitions, said Malhotra.
In an interview to ‘Financial Express’ in March, Rocky Malhotra (son of R.K. Malhotra), chairman, SuperMax had said that the company was looking to grow in India and is eyeing revenues worth Rs1,000 crore from the region. He had said: “We have got a very clear agenda in terms of goals in the next five years. We will stay within the core category but we will expand into grooming aids. We have already gone into shave foam, shave gel, aftershave lotion, aftershave balm. We have already started implementing this in UAE, in Latin America and in a small way in India.”
Gillette India Ltd, a subsidiary of US-based Procter and Gamble Co ., and SuperMax together command around 80% (by value) of the blade market in India.
shraddha.n@livemint.com
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First Published: Wed, May 19 2010. 11 06 PM IST