Mumbai: The founding shareholders of Classic Stripes Pvt. Ltd (CSPL), a leading manufacturer of automotive graphics, has bought back a controlling stake held by existing private equity investor Navis Capital Partners (NCP).
The Musale family, the promoters of the firm, have received the backing of global financial investor Kohlberg Kravis Roberts & Co. (KKR) in the transaction, said a company statement.
NCP acquired a 51% stake in Classic Stripes in 2011. The latest transaction has enabled NCP to monetize its shareholding and will allow the promoters to take control of the growth strategy of the business, said the statement.
Started in 1987 by Kishore Musale, CSPL has a production capacity of over 15 million automotive graphic sets per annum, company said.
The clients of CSPL includes leading original equipment manufacturers like Hero MotoCorp Ltd, Bajaj Auto Ltd, Yamaha Motor Co. Ltd, Suzuki Motorcycle India Pvt. Ltd, Continental AG, Tata Motors Ltd and Mahindra & Mahindra Ltd.
CSPL is a part of the Astarc Group, which has an asset value of more than $1 billion.
“We are grateful for the support that Navis provided us as a partner. We continue to be very excited about the future of Classic Stripes and are determined to serve our customers in the best possible manner. Our vision for the growth of Classic Stripes is shared by KKR, who have decided to support us in this journey," said Kishore Musale, chairman of Astarc Group.
In 2014, The Economic Times had reported that Navis Capital was at loggerheads with the promoters of Classic Stripes. Kishore Musale quit as managing director of the company owing to “excessive interference and mismanagement" by Navis Capital, an October 2014 report in the newspaper said.